A billionaire property tycoon has declared bankruptcy only a few short months after bragging he had built a £1.9billion fortune.
Robert "Bob" Bull, made it in to The Sunday Times rich list for the first time this year in 88th position. The 46-year-old's £4billion company RoyaleLife, which turned caravan parks into bungalow villages, had 2,000 employees.
He had a £10million mansion that came with its own bowling alley, 12 supercars worth £5million including the world's fastest Porche 911 Turbo, a butler, and a second home in Norway worth £1million. He's also engaged to knock out Norwegian model Sara Nilsen to boot.
However, despite appearances, he did not in fact, have it all.
This is Bull's second bankruptcy declaration, having bounced back from the brink of financial ruin and a £3.5million debt in 2016.
Bull's company RoyaleLife, which turned caravan parks into bungalow villages and had been valued at £4billion
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His company, RoyaleLife, was in the business of turning caravan parks into villages of bungalows and had been valued at £4 billion.
However, according to Bloomberg a county court in Southampton made a bankruptcy order against him as he faces debts of £725 million.
Lawyers making a class action bankruptcy petition against Bull said that his 'previous claims to be very wealthy were wrong'.
Bull owes around £725 million in 22 loans to his creditors and a legal representative for him told the court that he'd been trying to get an individual voluntary arrangement (IVA), basically an agreement with those he owes money to reduce the debt.
Bloomberg reports that Bull is trying to ask creditors to accept 0.25 percent of what he owes them, meaning he'd owe £2 million instead of £725 million.
Ben Channer, a lawyer for the former billionaire now gone bankrupt, said: "It is not a great return to the creditors, but it is a return."
However, Rory Brown, a lawyer for one of the creditors said of the potential arrangement: "We don’t know of any creditors saying ‘Oh yes, 0.25 pence in the pound, that would be marvellous.'"
"Mr. Bull’s previous claims to be very wealthy were wrong."
To get his IVA, Bull would need more than three quarters of creditors to agree to the idea, but a lawyer for another of the lenders has said that over a quarter of them have said they'll vote against it.
This wouldn't be the first time Bob Bull has gone bankrupt, as he told The Times in May that he'd had it happen before in 2016.
Bull had been a new entry on The Sunday Times rich list this year, which ranks the 1,000 richest people in the UK, at number 88 with an estimated fortune of £1.9 billion.
Speaking about his first bankruptcy, he said his dad 'came out of semi-retirement to help me borrow £9.7 million' and that let him turn things around within a year.
Whether he will find some way back from his second bankruptcy is a matter for the future.
LADbible has contacted Bob Bull's representatives for comment.
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