British billionaire forced to sell assets due to £725m cartel debt
Bob Bull blames cartel for £725m debt, forced to liquidate assets
A British billionaire has been compelled to liquidate his assets due to accumulating millions of pounds in debt, which he attributes to being bankrupt by a drug cartel.
Entrepreneur Bob Bull, who was estimated to be worth nearly £2 billion last year and ranked number 88 on the UK rich list, claimed his fortune by transforming static caravans into bungalow villages through his Royal Life business.
Bull, a father of two, amassed his wealth after a bankruptcy in 2016, a period when he claimed he was “too poor to afford a KFC”. His fortune financed a luxurious home near Southampton, Hampshire, and several supercars, all now repossessed as he reportedly faces £725 million in debt.
British billionaire 'bankrupted by drug cartel' forced to sell mansion and supercarshttps://t.co/XmVDqnrqIfhttps://t.co/XmVDqnrqIf
— Edinburgh Live (@EdinburghLive_) October 14, 2024
Originally from Manchester, Bull alleges that a “campaign of hate” by the notorious Kinahan Cartel, with connections to South American cartels, led to his downfall. He stated, “These people have taken me to the limits of my life, and my wife says ‘I’m there for you’… If the judge who heard the bankruptcy knew I was the victim of criminality, I think the bankruptcy would have been thrown out.”
He attempted to refinance his business, valued around £4 billion, but the largest real estate deal in Europe fell apart when the lender withdrew at the last minute. Bull then borrowed £3 million out of desperation from a millionaire connected to the Kinahan Organised Crime Group. This loan, meant to be repaid within four weeks with £3 million monthly interest, spiralled out of control, resulting in demands for £42 million. Bull said he faced intimidation and kidnap threats as reminders of his debt.
Bull’s multi-million-pound property, featuring a bowling alley, is now on the market for £6 million. A Rightmove description notes, “On entering, you are aware that this is no ordinary home, with a vast reception hall featuring a central split flight staircase to the first and second floor.”
On one occasion, Bull’s wife was knocked unconscious before thieves stole the keys to her £450,000 Rolls-Royce. Scotland Yard gathered evidence on the incident, later handed to Hampshire Police, who concluded that Bull was “a victim of a conspiracy to defraud him, to destroy his £4 billion caravan, bungalow, and holiday parks business.”
Documents describe the group as feared for its extreme violence, including murder, against rivals. In Bull’s case, they quickly used the threat of violence and kidnapping to enforce their demands.
In December, court papers revealed Bull’s hope to enter an arrangement to repay his debts at just 0.25 per cent. His lawyer, Ben Channer, commented, “It is not a great return to the creditors, but it is a return.”
Bull’s property on Botley Road, Curdridge, Hampshire, boasts six bedrooms with en-suites and eight bathrooms. The Georgian-style home sits on 9.12 acres of gated grounds and includes a six-car garage, pool with steam room and spa, gym, games room, and a cinema room with seating for eight.
The house description added, “The property has been thoughtfully designed and offers a luxury and versatile home, suited for entertaining on a grand scale and family living alike. The reception hall is vast with a central split flight staircase to the first and second floor. The reception areas are all situated to the rear of the property overlooking the extensive gardens.”
“There are three reception rooms in this area along with a fabulous open plan family/kitchen/breakfast room. This area alone extends to some 3,510 sqft in total with a wine wall, Clive Christian kitchen with an oversized island unit with breakfast bar, and an extensive range of Miele appliances.”
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Frequently Asked Questions
Here are some common questions asked about this news
Why did British billionaire Bob Bull have to liquidate his assets?
He accumulated millions in debt and attributes his financial downfall to a drug cartel.
How much is Bob Bull’s debt?
He reportedly faces £725 million in debt.
Who does Bob Bull blame for his financial troubles?
He blames the Kinahan Cartel for orchestrating a ‘campaign of hate’ against him.
What happened to Bob Bull’s wife during the ordeal?
She was knocked unconscious by thieves who stole the keys to her £450,000 Rolls-Royce.
What features does Bob Bull’s property on Botley Road include?
It includes six bedrooms with en-suites, eight bathrooms, a pool, gym, cinema room, and more.
