A billionaire property tycoon has declared bankruptcy only a few short months after bragging he had built a \u00a31.9billion fortune.<\/p>\n
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 \u00a34billion company RoyaleLife, which turned caravan parks into bungalow villages, had 2,000 employees. <\/p>\n
He had a \u00a310million mansion that came with its own bowling alley, 12 supercars worth \u00a35million including the world's fastest Porche 911 Turbo, a butler, and a second home in Norway worth \u00a31million. He's also engaged to knock out Norwegian model Sara Nilsen to boot. <\/p>\n
However, despite appearances, he did not in fact, have it all.<\/p>\n
This is Bull's second bankruptcy declaration, having bounced back from the brink of financial ruin and a \u00a33.5million debt in 2016.<\/p>\n
Bull's company RoyaleLife, which turned caravan parks into bungalow villages and had been valued at \u00a34billion <\/p>\n
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His company, RoyaleLife, was in the business of turning caravan parks into villages of bungalows and had been valued at \u00a34 billion.<\/p>\n
However, according to Bloomberg a county court in Southampton made a bankruptcy order against him as he faces debts of \u00a3725 million. <\/p>\n
Lawyers making a class action bankruptcy petition against Bull said that his 'previous claims to be very wealthy were wrong'.<\/p>\n
Bull owes around \u00a3725 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.<\/p>\n
Bloomberg reports that Bull is trying to ask creditors to accept 0.25 percent of what he owes them, meaning he'd owe \u00a32 million instead of \u00a3725 million.<\/p>\n
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."<\/p>\n
However, Rory Brown, a lawyer for one of the creditors said of the potential arrangement: "We don\u2019t know of any creditors saying \u2018Oh yes, 0.25 pence in the pound, that would be marvellous.'"<\/p>\n
"Mr. Bull\u2019s previous claims to be very wealthy were wrong."<\/p>\n
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.<\/p>\n
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. <\/p>\n
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 \u00a31.9 billion.<\/p>\n
Speaking about his first bankruptcy, he said his dad 'came out of semi-retirement to help me borrow \u00a39.7 million' and that let him turn things around within a year.<\/p>\n
Whether he will find some way back from his second bankruptcy is a matter for the future.<\/p>\n
LADbible has contacted Bob Bull's representatives for comment.<\/p>\n