EG Rich-List-2010

Rich List 2010
John Caudwell
Caudwell Holdings inside
page 8
6 Rich in the South East
Lord Foster 9 Rich in the West Midlands
Foster Holdings 11 Richest overseas
page 33
16 Number residing in each
region
18 Rich in Yorkshire & the
Humber
21 Richest in Wales
29 Rich by star sign
30 Rich in Ireland
36 Rich in the North West
38 Rich by decade born
43 Rich in the South West
47 Rich in the North East
47 Rich in the Channel Islands
all images: rex features
57 Five youngest
Gerald Ronson & Family
Heron 54 Rich in Scotland
Page 40 59 Rich in the East Midlands
60 Rich in the East of England
Property’s surviving super rich are marching in the right direction again: onwards and 61 Richest women
upwards. Two painful years wiped almost £30bn off their collective wealth, taking the top 250
property titans from a high of £98bn in 2007 to a low of £69bn last year. But, for most, the recovery is
now feeding through. The 2010 Estates Gazette Rich List scrutinised empires worth a total of £72bn –
still way below the peak of the boom but a not insignificant improvement.
Leading the charge are inevitably those with low borrowings and solid assets – witnessed by the
resilience of the big London estates such as Grosvenor, Cadogan and Howard de Walden, all of which
have seen their fortunes rise. But these centuries-old piggy banks are not the only ones in credit. Editor Julia Cahill
Assets acquired far more recently put consummate deal makers like David and Simon Reuben and Managing editor Alison Henry
Richard and Ian Livingstone among the top performers. Authors Philip Beresford,
Not everyone is seeing a recovery of fortune, however. The Irish feature heavily among those who fell Dominic Prince
several notches down the list. And they continue to be hammered. Many of the financial records and Sub-editor Alan Coventry
accounts that we use in the compilation of the list are historical, so events such as the restructuring of Layout Chris Gardner
Ireland’s property debts by “bad bank” NAMA (the National Asset Management Agency) can overtake us. Advertising Jonathan Lister
That said, the list provides an unmatched snapshot of how property’s elite stand in the wake of the
downturn. We hope you find it useful. If you have any comments, please contact our number cruncher For all Estates Gazette services
Dr Philip Beresford directly at philipberesford@aol.com. ring 0845 077 8811
Julia Cahill, deputy editor

Estates Gazette
20 November 2010 www.estatesgazette.com 3

1
estates gazette rich list 2010
sixth duke still

comfortably
number one

Grosvenor Group, the property
giant controlled by the 58-year-old
This was down sharply from its
£594m pretax losses the previous
£6,800m owned by various Grosvenor trusts
set up for the benefit of the family,
Duke of Westminster, is expected year, when it was still making The Duke of which is now headed by the sixth
to make around £55m from its joint provisions for the costly Liverpool Westminster duke, who stood down as chairman
venture development of 197 flats One development. Grosvenor Group of the board in 2007 after 33 years
2009: £6,500m
just behind the Tate Modern on The group has also built up a war in the role, although he remains
(+£300m)
Bankside. chest of nearly £1bn to return to chairman of the trustees.
Its success prompted Grosvenor global property markets such as The net asset value of the
to enter into a second joint venture Shanghai and other Chinese cities. Grosvenor Group fell sharply in
to pay £100m for the two-acre It has, according to chief executive 2009 to under £2.4bn.
Holland Park Comprehensive Mark Preston, “weathered the However, with the private
School site. Some 72 upmarket downturn well”. estates outside the group added,
flats will be built when the pupils He said that the group had been and with the top end of the London
vacate it in three years’ time. around for more than 300 years, housing market now in recovery
Grosvenor, which owns experiencing 20 recessions and mode (as the Tate Modern sales
swathes of Mayfair, Belgravia and more than 250 wars worldwide show), we raise our overall
Knightsbridge, reported pretax during that time. valuation of Westminster slightly
losses in 2009 of £236m. The Grosvenor Group shares are to £6.8bn this year.
4 www.estatesgazette.com 20 November 2010

£5,432m 2010-11. That figure is expected
to grow to £235m by the
David & Simon Reuben following year.
Aldersgate The Reubens have been active
2009: £3,300m (+£2,132m)
in the British property market
David and Simon Reuben are for the last decade after making
hoping to implement long- their fortune in Russia in the
standing plans to float their fast- 1990s, where they were dubbed
growing data-centre company, the “metal tsars” for their role
Global Switch, next year with a in restructuring the aluminium
value of more than £2.75bn. industry there. Their origins
The brothers are in talks with were anything but regal. Born in
banks including Barclays, HSBC, Bombay, they made their way to
Deutsche and Credit Suisse, London, where Simon, now 69,
about listing the business which went into property and David,
has soared in value recently. 72, started trading in scrap
The strong performance has metal. Their foray into Russia,
been spurred by regulatory which ended in 1999, earned
2
requirements that have increased them at least £1.3bn.
the need for companies to Today, their vast interests
retain more data and back-up IT include a 29.5% stake in
facilities as part of their disaster racecourse owner Arena
recovery plans. Leisure, and the joint venture
Global Switch has centres Merchant Square development
in London, Amsterdam, Paris, in Paddington. They have
Frankfurt, Madrid, Sydney and extracted hefty profits from
Singapore, covering almost 3m property investments sold
The sq ft. It lets space to big blue-chip
companies such as IBM, Microsoft,
before the market crash.
Their two main companies,
reubens Shell and BP.

The business, one of the
Aldersgate and Reuben
Brothers, are now valued at
make brothers’ most successful

investments, has less than £80m
more than £5.5bn. Despite the
recent failure of their Sapphire
billions of debt and is on track to generate

underlying earnings of £175m in
Retail Fund, other assets take
the Reubens to £5.432bn.
£2,500m
Earl Cadogan & Family
The Cadogan Group
2009: £2,000m (+£500m)
Earl Cadogan is confident that
the property company which runs
his 93 plush acres in Chelsea has
the “fundamental resilience” to
come through the deep property
3
downturn.
It recently began drawing up
plans for a 100,000 sq ft office
development above shops on
desmond o'neill features
Sloane Street.
The 2009 accounts showed
a rise in net assets from £2.1bn
to £2.3bn, though profits fell
slightly from £40.4m to £38m.
The crowning glory is the new
£150m redevelopment of the
old barracks and sports ground Second Baron Cadogan of Oakley. The Earl and Countess the Cadogan estate. Cautiously,
at Duke of York Square on The present Earl Cadogan, Cadogan, at the launch of with recovery in the air in the
fashionable Kings Road. 73, began his career at merchant the 2009 Derby Festival upmarket London acreage, we
The foundation of the Cadogan bank Schroder Wagg and took on value the business on its net
Estate was laid in 1713 when the the management of the family’s assets figure.
physician Sir Hans Sloane bought property portfolio in 1974. Past dividends, quoted
the Manor of Chelsea. Having inherited the title investments held by the separate
In 1717, Sloane’s younger from his late father in 1997, Cadogan Settled Estates, personal
daughter, Elizabeth, married Cadogan has presided over a hefty property and estates should take
Charles Cadogan, later the investment programme covering Cadogan to £2.5bn.

4
Eddie & Sol Zakay
£1,900m
The Topland business, built
with his brother Eddie, will
remain in the UK. Eddie, 60, is
operations in media, hotels,
property and retailing have had
mixed fortunes in the recession,
to become chairman of the UK we can see much higher net assets
Topland Group businesses and stay in England. of more than £2bn in their four
2009: £1,500m (+£400m)
Sol, 58, will concentrate on main but separate companies led
Topland Group swung from a finding global opportunities. by Ellerman Investments, which
£29m loss to a £5.3m profit in Topland has also spent £289m had £728m net assets in 2008.
the year to May 2009. It should buying supermarkets in Spain, With economic recovery, we
see further improvement this year and has become involved in a raise our valuation of the Barclays
after taking advantage of renewed £1bn housebuilding fund in to £1,800m, which takes account
investor appetite by concluding a India to target the country's of both personal assets and
number of UK property sales. burgeoning middle class and its borrowings in their empire.
The Zakays launched their demand for home ownership. It
business during the 1980s’
property boom before expanding
has £1.2bn in the bank.
6 £1,650m
into the American and Middle
Eastern markets. They made
much of their fortune in the UK
5 £1,800m
Sir David & Sir Frederick
Ian & Richard Livingstone
London & Regional Group
Holdings
in a series of multi-million pound
deals with chains such as Marks & Barclay 2009: £1,400m (+£250m)
Spencer and Tesco. Ellerman Investments The Livingstone brothers have
2009: £1,000m (+£800m)
The Zakays have around 146 been stepping up their activity in
directorships and their total The Barclay brothers are the UK property market over the
portfolio world-wide has been investing in a vineyard on the past 18 months.
valued at around £4bn. In all, island of Sark with the hope of Their London & Regional
after stripping out borrowings, the producing a vintage worthy of the business has recently teamed up
Zakay family should still be worth wine list at their exclusive Ritz with Chelsfield Partners to buy a
£1.9bn in the current climate. Hotel in London. stake in the £1bn redevelopment
Sol has quit Britain after the Their mission is so serious that of Elizabeth House in Waterloo,
introduction of a 50% tax rate they have recruited a leading and the brothers have added to
on high earners. He recently Bordeaux winemaker to take their hotel empire with the £50m
resigned as chairman and chief charge of the project. It is a purchase of the Marriott Marble
executive officer of Topland sign of how much the brothers Arch hotel.
Group and the UK Topland are determined to make their They should be well cushioned
companies to join the group’s extensive assets “sweat.” against the worst effects of the
offshore parent company as a At the same time, their Home recession and credit crunch,
consultant. Delivery Network bought the having taken £619m in dividends
parcels division of DHL to create since 2007 from their Loopsign
a £600m turnover operation company.
Richest in the South East which will be a strong competitor Ian, 48, who began life as an
No Name Wealth (£m) to Royal Mail. optician, purchased and built up
1 The Duke of Westminster 6,800 The oncelow-key Barclays have the David Clulow chain which
2 David & Simon Reuben 5,432 become much more prominent now owns more than 50 opticians
3 Earl Cadogan & Family 2,500 in British business since and is overseen by the Optika
4 Eddie & Sol Zakay 1,900 their £665m purchase of the Clulow Group, which he still chairs.
6 Ian & Richard Livingstone 1,650 Telegraph Group in 2004. Younger brother Richard,
7 Mark Pears & Family 1,600 The twins, 76, started on the 45, was a chartered surveyor for
8 Poju Zabludowicz 1,500 road to wealth in the 1960s Richard Ellis, now CB Richard
9 Baroness Howard de 1,400 London property market. Their Ellis, and the pair formed
Walden & Family first coup came in 1983 when they Sir David Barclay London & Regional in the early
12 Viscount Portman & Family 1,000 bought the Ellerman Lines for 1990s, buying distressed assets
13 Bernard Lewis & Family 920 £48m. They later sold the assets in the midst of the commercial
14 Gerald Hines 800 making over £250m. property crash.
16 Benzion Freshwater & Family 732 They made a £100m profit on The brothers shun publicity
17 Lord Sugar 730 the sale of a separate shipping but their empire stretches
20 Jon Hunt 660 line and another £100m from from Russia in the east to the
23 Richard Caring 600 backing Sir Philip Green in the Turks and Caicos Islands in
23 The Jatania Family 600 break up of Sears in 1999. the west. They own more than
25 Sir Donald Gordon & Family 530 By some adroit deals in 60 hotels with around 10,000
25 Sir Anwar Pervez & Family 580 retailing, they gained the valuable bedrooms, more than half of
29 Chris Lazari 522 Littlewoods mail order business for Cape Town’s V&A Waterfront
31 Leo Noé & Family 500 a total outlay of around £340m. shopping development,
Although the Barclays’ main Sir Frederick Barclay and a string of health clubs

including David Lloyd Leisure.
Loopsign's 2009 profits came
in at £12.1m on £390.3m sales.
Its net assets fell sharply to
£690m. We value it at £750m.
Past dividends and other assets
take the Livingstones to £1.65bn.
7
Mark Pears & Family
£1,600m
William Pears Family Holdings
2009: £1,500m (+£100m)
The Pears family is moving into
banking. The low-key London-
based brothers are backing a new
Home and Savings Bank to the
tune of £50m.
The move comes after they
pulled off a coup in January
2009 by buying the Trillium
8
outsourcing business for £750m
from Land Securities, merging it
with their own Telereal operation.
The price was around £250m
less than LandSec had hoped
to achieve. The deal reflects the
strength of cash-rich groups like
the Pears in a difficult market.
The family empire was started
by the grandfather and father of
the Pears brothers, in 1952. He
had assembled a Hampstead-
based property empire that now
embraces thousands of London
homes, flats, and office blocks.
The three young Pears were
propelled to run the family
empire when their father and ace magnate plays his cards right...
dealmaker, Clive Pears, died in
his early 50s. Mark is managing
director of the main company,
£1,500m Property magnate Poju
Zabludowicz gave two donations
for around £120m. He has a
number of companies including
William Pears Family Holdings, Poju Zabludowicz totalling £100,000 to the Tamares Real Estate Investments
but there are at least 23 separate Tamares Real Conservative Party last autumn to and Ivory Gate. Zabludowicz has
companies which showed around Estate Investments help swell the party’s election war- also moved into private equity
£835m net assets in 2008‑09. (UK) chest. Zabludowicz holds a Finnish with the launch of Synova Capital,
New entry
The family also owns fund passport, but has lived and worked an £80m fund which will invest in
management group Talisman. in London for most of his life. small UK companies.
A portfolio of more than 50 His father Shlomo, a holocaust Equity investments in areas
buildings let to Royal Bank of survivor, built the family business such as card payment technology
Scotland – including the Strand around Soltam, an Israeli defence have also proved lucrative for
HQ of top private bank Coutts contractor that was a major Zabludowicz, who is a major
– was put on the market by the supplier to the Israeli military. modern art collector and on the
Pears family at the beginning of Most of the defence interests have board of several Jewish/Israeli
this year with a £475m price tag. now been off-loaded and the family charities. Zabludowicz campaigns
The value of their entire portfolio has diversified into Las Vegas to improve the portrayal of Israel
has been put at £6bn. property and hotels. in the West and counts Bill Clinton
The Pears are also not short Zabludowicz, 57, has sold many and Shimon Perez among his
of a bob or two, with dividends of his Las Vegas assets but still friends. Though there is little
of £40m in the last four years holds some downtown real estate. evidence of asset wealth in his
and nearly £82m in 1996. With He recently sold a property called British companies, we believe
economic recovery, we nudge the the Princess Arcade on Piccadilly Zabludowicz is worth £1.5bn.
Pears up to £1.6bn.

upwardly mobile tycoon
11
John Whittaker
£1,060m
Peel Holdings
2009: £1,360m (-£300m)
The £600m MediaCity scheme
at Salford Quays in Greater
Manchester is the latest jewel
to be added to John Whittaker’s
crown. The Peel Holdings
development will become the
northern home of the BBC
next year.
The business empire amassed
by Whittaker, who is famous
for developing the Trafford
Centre, covers ports, airports,
9
real estate companies and
John Caudwell’s buying spree bouncer. Eventually he became a energy – including a 28% stake
in the last three months of 2008, successful car dealer but his path in UK Coal.
when he spent £80m on properties to serious money came through Whittaker, 68, nearly became
in London and elsewhere, looks to an early move into the fledgling a Catholic priest but went into
have been well timed. mobile phone industry in 1987. the quarrying business before
£1,400m But he could easily afford to
take such a gamble, having sold
When he sold up, Caudwell
was the biggest independent
moving into property. In the
1980s, he fought a long and
John Caudwell his Caudwell Group in 2006 to player in the European mobile sometimes bitter battle to take
Caudwell Holdings Providence Equity Partners for phone industry. His 85% stake in over the Manchester Ship Canal
New entry
£1.46bn, a far higher price than the business was worth around Company.
had been expected for the Stoke- £1.24bn at the sale price. Two He has not been unscathed
based mobile phone operation. years previously he had sold off by the recent recession. Peel’s
It was in 1970 that Caudwell his Singlepoint customer billing airport business, which owns
took his first job as an engineering operation to Vodafone for £405m. Liverpool John Lennon airport,
apprentice. He’d quit school Caudwell, 58, has retained a saw its losses widen from £4.6m
the year before after a term of financial interest in Phones4u. to £13m in the year to March
A-Levels with a burning desire to He has also paid an undisclosed 2009, for example. However,
get out, on, up and rich. sum to take a 51% shareholding the airport business has recently
While waiting for his Michelin in Caudwell Marine, which has found a strategic partner to help
apprenticeship to start, he swept developed a new propulsion it weather the drop in traffic,
pottery floors, worked at a system for the recreational selling a 65% stake to Vancouver
steel factory and as a night club boating market. Airport Services.
Whittaker’s two main
companies, Peel Holdings (TCL)
9 £1,400m
Baroness Howard de Walden
In the past 15 years, the family
has clocked up more than £266m
dividends. The family trusts
and Peel Holdings (Land and
Property) showed £1.2bn of
assets in 2008-09. Whittaker’s
also own Welbeck Land, which share is worth £660m. His
& Family saw its profits rise sharply from other assets, including personal
Howard de Walden Estates £187,000 to £15.4m in the same property and the quoted stakes,
2009: £1,070m (+£330m)
period. should take him to £1.060bn.
Marylebone landlord Howard With £32.4m net assets,
de Walden Estates jumped at
the opportunity to buy in more
Harley Street property earlier this
it is highly active in property
development round the country
from Guildford to South Wales
12 £1,000m
Viscount Portman & Family
year. It paid the Crown Estate and Manchester, to name but a Viscount Portman
£34m for a block of 14 period few of its developments. Portman Estates
2009: £950m (+£50m)
buildings that had not been With an uptick in central
traded in more than 470 years. London values, we reckon the Viscount Portman’s Burtley
In 2008-09, Howard de business assets of the family Estate consists of 2,000 acres of
Walden Estates made a near are now worth £1.25bn and we farmland and woodland in the
£30m profit. More significantly, add another £150m for past Buckinghamshire countryside.
it showed up-to-date values for dividends and other property Home to an organic herd of 200
its estate for the first time and the assets to the Howard de Walden pedigree South Devon cattle,
net asset figure was £1.248bn. family after tax. it is Portman’s latest venture,

complementing his 3,000 acre
Herefordshire estate. Early
customers for the beef include
13
Bernard Lewis & Family
£920m
and, within four years, all the
Chelsea Girls had been rebranded
as River Island.
Waitrose and the Hyatt Churchill River Island profits fell 15%
Hotel. Portman’s principal Lewis Trust Group in 2009, reflecting the highly
2009: £920m (No change)
property holding – 110 acres competitive retail market. The
of prime London estate – is The Lewis Trust group saw its Lewis family and trusts own
undergoing a huge upgrade. profits fall sharply in 2009 from all the business, which showed
Gareth Clutton, who took the £108m to £60.5m though sales nearly £404m net assets in 2009.
helm of the property company rose from £966m to £1.02bn. We value the company at
two years ago, has been finding The Lewis family, which £420m. Dividends and other
plenty to get his teeth into. The owns the retailing to property property assets should add
estate has been busy forming a and hotels group, is headed by perhaps £500m after tax.
joint venture to bring forward chairman Bernard Lewis, 84,
a mixed-use redevelopment of
Marble Arch House, which sits
at the gateway to the Portman
whose seven decades in retail
began when his parents ran a
fruit shop and aged ten when he
14
Gerald Hines
£800m
Village shopping streets. was left in charge of the till.
As well as the London estate, Years later, after being Hines
2009: £800m (No change)
Portman, 52, owns a clutch of demobbed from the RAF at the
rather obscure assets, including end of the second world war he Celebrated American developer
17,000 acres at Wagga Wagga, tried his hand at the greengrocery Gerald Hines, 84, knows all about
in New South Wales, Australia. trade. His first venture in 1946 big projects, running one of the
Other assets include a share was a corrugated iron and timber largest property operations in the
in commercial properties in shack on a bomb site on north world.
Manhattan and Palm Beach London’s Holloway Road. He For the past 10 years he has
in Florida. There are few signs of paid £5 a week on a weekly been based in Mayfair and is now
family wealth in two companies, tenancy, with no security of active in Britain. Having rejected
called Brickleton Group and tenure. He was 22 years old. the opportunity to build the
Portman Settled Estates, with Next came a knitting wool original Canary Wharf, Hines is
£500,000 net assets between shop, called The Wool Shop, on now completing a £400m office
them. another bomb site in Holloway, scheme over London’s Cannon
With the improvements on the and soon textiles won out over Street rail station.
estate and the central London soft fruits. In 1948, the first Hines’s start in life was far
property market showing signs clothes shop was open. The from silver spoon as the son of a
of revival, we raise the estate numbers grew and the Lewis steelworker and a schoolteacher
valuation to £950m in the Separates chain was born. from Gary, Indiana. He grew
current climate. We add another In the mid-1950s, Lewis started up in the Depression, and his
£50m for family assets including designing his own clothes. By the ambition to make money was
the Herefordshire estate and a mid-1960s, with the Kings Road present from an early age. His
holiday home in Antigua. in Chelsea seen as the centre of first proper job was selling fans
fashion, the chain was renamed and blowers for office buildings
Chelsea Girl. In 1987, the first in Houston. But in 1952, Hines
Rich in the West Midlands River Island store was opened started out in property and
No Name Wealth (£m) became one of the world’s best-
9 John Caudwell 1,400 known property entrepreneurs,
40 Tony Gallagher 425 bringing fine architecture to the
41 Roy Richardson & Family 400 commercial market.
55 Bob Edmiston 320 From London, Hines
93 Sir Euan Anstruther-Gough 160 spearheads expansion across
-Calthorpe & Family Europe and the world. Forbes
111 Peter Horton & Family 135 magazine reckons that Hines has
142 Eric Grove 110 put up more steel and concrete
152 Simon Clarke & Family 100 than any other American
160 The Marquess of Northampton 90 developer.
167 Con Folkes & Family 85 The group manages more
170 Bill Morris & Family 82 than 120m sq ft, around half of
196 Woon Wing Yip & Family 67 which is Hines-owned, and half
198 Rupert Mucklow & Family 66 is on behalf of third parties. In
201 Jim Leavesley & Family 65 2000, a Forbes analysis suggested
209 Paul Bassi 60 that Hines was worth around
225 Fred Pritchard & Family 53 £1bn, and possibly a lot more.
225 Andrew Ruhan & Family 53 Bernard Lewis In the current climate, we keep
him at £800m.

15
Eddie Healey & Family
£750m sugar sweet 17 £730m
Stadium (Holdings)
2009: £750m (No change)
on mayfair Lord Sugar
Amshold Group
British Land sold a 50% stake in properties 2009: £730m (No change)
its Meadowhall shopping centre
near Sheffield for £587.7m to BBC’s Apprentice TV show host Lord Sugar saw
investment company London & profits at his Amshold Group slashed in 2008-
Stamford and an unidentified 09 from £78.9m to £4.7m. The value of its net
partner in February 2009. assets also fell from £272m to £203m.
Meadowhall was valued at Amshold, which holds Sugar’s property
£1.4bn in September 2008, interests, said that it had “long-term faith in
so British Land took a sizeable the property market”. Showing his confidence
hit with the sale. Even so, that Sugar, 62, recently put two of his Mayfair
value reflects what a goldmine properties on the market with a £130m price
Eddie Healey and partner Paul tag, reflecting a return to 2006 prices.
Sykes created. The £1.17bn sale Sugar, knighted in 2000 for services to
of Meadowhall in 1999 netted business, was created a life peer by Gordon
Eddie, 72, around £420m for Brown in 2009. A Hackney tailor’s son, Sugar
his 60% stake (taking account of made headlines with his Amstrad operation,
£470m debt in the sale price). started in 1968, which became a leading
With some of the Meadowhall consumer electronics group in the 1980s
proceeds reinvested, we can see and 1990s. But following the £125m sale of
around £410m of net assets in Amstrad in July 2007, his business activity
the 2008 accounts of four Healey is largely concentrated on property. Sugar
family companies including should have received around £36m for his
Stadium Holdings, which is Amstrad stake. He has at least £400m worth of
slightly up on last year, although property held either via Amshold or overseas.
overall the figures are down from Sugar certainly has not lost his eye for a
£650m net assets in 2007. bargain , snapping up a £35m Spanish hotel
But the jewel in Healey’s in 2009 for just £2.5m. But Mayfair is where
crown is CentrO, Europe’s largest Amshold has been a hefty investor in property.
shopping centre built on 196 In addition he has £150m of cash, and personal
acres of an old steelwork site on assets including property in London, Florida
the Ruhr, Germany. Work started and Spain. We value Sugar at £730m.
in 1996 and it has been granted
permission for an extension.
Some 20m people visit it arrived in London three days safety margin on these figures.
every year and it is still entirely before the second world war as a To the £695m business wealth,
owned by the Healey family. penniless refugee. we add £37m for past dividends
With its success and scarcity In 1957 he took over Daejan to the Freshwater family, taking
value, it should easily be worth which had been created in 1935 it to £732m.
£300m on its own in the current to exploit Dutch East Indies
difficult climate.
In all, Eddie Healey should be
worth perhaps £750m, allowing
plantations. When he died in
1976, he was London’s biggest
private landlord with 20,000
18
Prince Charles
£680m
for any double counting. tenants.
Benzion Freshwater has 292 Duchy of Cornwall
16
2009: £520m (+£160m)
directorships in a complex web of
£732m companies. Aside from the stake
in Daejan, we can see three other
The heir to the throne’s
intervention in plans to build
Benzion Freshwater & Family main companies, Highdorn, a modernist scheme on the
Daejan Holdings Metropolitan Properties and prime Chelsea Barracks site was
2009: £495m (+£237m)
Centremanor, which had described as “unwelcome” by a
Daejan Holdings is now valued £720m net assets between them high court judge earlier this year.
at £376.5m. Chairman and in 2008-09, but allowing for But Prince Charles, 62,
managing director, Benzion double counting on our part has never been shy about his
Freshwater, 62, and his family and any charitable stakes cuts preference for more traditional
have a 79% stake in trusts in the the net assets attributable to the architecture. His own taste is
London-based property group. Freshwaters to perhaps £370m. on view at Poundbury, outside
That stake is now worth £325m. We have ignored a host of Dorchester, which was built
Freshwater’s s father, Osias, minor companies to allow a on Duchy of Cornwall land

20
and tested his ideas about Richest Overseas/
Isle of Man/Monaco
architecture, the environment
and town planning.
£660m No Name Wealth (£m)
The Duchy, created by royal Jon Hunt 21 Peter Green 650
charter in 1337 by Edward III, ex-Foxtons 28 Jim Mellon 530
2009: £660m (No change)
delivers its annual income to 62 Alan Lewis 250
Price Charles in his capacity as Since the collapse of Lehman 79 Alan Murphy 190
Duke of Cornwall but he cannot Brothers, Jon Hunt has invested 152 Andrew Rosenfeld 100
profit from the sale of capital more than £150m in distressed
assets. In 2009-10, it produced a commercial, residential and
surplus of £14.7m.
The Duchy also saw a sharp rise
in its 2009-10 net assets to nearly
agricultural opportunities (the
assets at his Suffolk Estate
now include over 4,000 acres
21
Peter Green
£650m
£664m after the dip in 2008-09. of prime arable land ) which
Its prime properties performed he hopes will show significant Luscar
2009: £500m (+£150m)
particularly well and the overall growth in the future.
value of its commercial portfolio Hunt, 57, is an expert at timing, Peter Green will have been
rose 9% to £141m. having sold the London-based pleased with the sale in June
We value the Duchy on its net Foxtons estate agency at the of the Knightsbridge Estate
asset figure, and Prince Charles height of the boom in early 2007 for £580m, a yield of around
in his capacity as steward at for £375m. Foxtons has had 4%, to Saudi Arabian investor
£680m with personal wealth a torrid time in the property Olayan Group. Green, 75, was
added, even though he cannot downturn but Hunt showed no part of a consortium led by Derek
personally benefit from realising inclination to buy it back even Quinlan which bought the trophy
any assets. for a fraction of the original asset for £532m in 2005.
sale price. In July 2009 Savills valued
19
Peter Jones & Family
£673m
Last year, he bought properties
for his serviced office business
Ocubis. In May 2009 he spent
the estate at £480m, putting
pressure on the loan, so the price
achieved this year will have come
£16m on a Kensington High as a relief. Green had a 20% stake
Emerson Developments Street building, following that through a Cypriot company,
(Holdings) with a £20m Victoria Street Misland.
2009: £556m (+£117m)
building. Green’s father was a
Emerson Developments, the Hunt has clearly come a Manchester draper who later
Rex features
Alderley Edge-based company long way since his days at developed a chain of grocery
was started by Jones, a former Millfield, the private school in shops which were sold in 1965
joiner, who moved into Somerset to which he won a to Tesco. But Green’s life was to
housebuilding in Cheshire way sports scholarship for tennis Prince Charles change completely in 1975 when
back in 1959. and rugby. He left after O-levels he went on a cultural trip to
He was one of the first and tried his hand in the army, China. There he met Mary-Jean
developers to spot the but didn’t see it as a long-term Mitchell, daughter of Sir Harold
development potential of career. Mitchell, reckoned then to be one
south Manchester, buying up He had a stint of part-time of the top 20 richest Britons.
tracts of land cheaply. He never employment, including one job as Mitchell had left Scotland for
looked back and has taken his a car washer in California, but his Bermuda in 1947 disgusted with
development work overseas talent for business came through the way his mining and railway
to Portugal and Florida. But when he joined an independent assets had been nationalised by
Emerson was not immune and estate agency in Woking, Surrey. the Labour government.
in 2008-09 went from a £34.7m He worked there for eight years He concentrated on the family’s
Empics
profit to a £6.1m loss, mainly due before striking out on his own separate mining interests in
to exceptional losses on foreign in property. A formidable estate Jon Hunt Canada and established homes
exchange borrowings of over agent, Hunt also took Foxtons or vast ranches round the globe
£24m. Group turnover fell from into America but the business in Jamaica, Brazil, Canada,
£180m to £130m and net assets folded as the American housing Portugal, Guatemala, Honduras
from £694m to £605m. market collapsed. and Switzerland.
Jones, 75, has another Hunt has also been built up his Green settled with his bride in
company, PE Jones (Properties), own residential and commercial Bermuda, at the £10m family
with around £50m of net assets property portfolio. including his mansion, while her father
in 2008-09. Jones and family London home and Suffolk estate. groomed her to take over the
trusts own all the shares in both. With personal assets added, these business. Green was effectively
With economic recovery starting, are worth £335m. shut out at that period.
we value the businesses on their Adding in his Foxtons But Sir Harold died in 1983,
£657m net assets, and add £16m proceeds, Hunt is now worth and then tragically, Mary-Jean
for other assets and property. around £660m. Peter Jones was diagnosed with breast cancer

in 1988 and died two years later
at 38. Green was effectively left in
charge of the family business with
23
Richard Caring
£600m
“nine figures”. He inherited the
business from his father and built
it up after spending many years in
their two sons. the Far East himself.
In 1996, much of the family’s International Clothing Designs Caring also made a fortune in
(Holdings)/Caprice Holdings

Canadian huge mining property deals in Hong Kong in
2009: £450m (+£150m)
operations, held via Luscar Ltd, the 1980s and 1990s.
were sold in a £300m deal. The The notoriously driven Richard He does sell, occasionally.
Green family invested around Caring has had another busy Previously, he’d bought the
10% of their proceeds in a new year. At Wentworth, the Surrey Belgo, Bierodrome and Strada
Luscar, which itself was taken golf club he bought for £130m in restaurant chains for £57m in
over in 2001 in a £600m deal, 2005, he has completed a nine- Richard Caring September 2005.
netting the Green family perhaps month, £6.5m redesign. Two years later he sold them
£50m. In addition in 1996, the There has been a stream of for £140m.
Green family also made a £60m new restaurant openings, and Clearly, money is no object then
profit from selling its stake in a many more are on the cards: last to Caring. Indeed, with his trophy
small energy company. spring, Caring gazumped Wolsey assets, his £15m North London
Green moved the management owners Chris Corbin and Jeremy home and proceeds from the sale

of his substantial business King to sign for a new restaurant of his stake in fashion designer,
affairs from Bermuda to Dublin on Capital & Counties’ Covent Amanda Wakeley, and remaining
in 2000. Family properties in Garden estate. stakes in other businesses such
Bermuda and London, plus The globe-trotting Caring also as the upmarket Whistles and
assets in Canada and the profits opened a Los Angeles version a £10m stake in the quoted
from his recent London deals put of private members club Soho Carluccios restaurant chain –
Green at £650m. House, in which he owns an 80% Mike Jatania currently the subject of a City
stake, and has branched into takeover bid – Caring is hugely
21
Paul Sykes
£650m
hotels with a project in Shanghai.
Future projects will include
the redevelopment of the former
asset rich.
We raise him to £600m
this year.
US Navy offices on Grosvenor
23
Highstone Group Square, Mayfair, which Caring
2009: £550m (+£100m)
Paul Sykes has left property
bagged as part of a consortium
for £250m in 2007.
£600m
development behind. The He told a newspaper earlier The Jatania Family
67-year-old Yorkshire-based this year: “I think I suffer from Lornamead
2009: £380m (+£220m)
entrepreneur is now busy insecurity. I have to continually
investing in forestry. prove something to myself all Lornamead, the personal care
His Highstone Foundation the time.” operation, had a tough time
charity is supporting rainforest Caring has surely done that in the American market in
conservation and the preservation time and again. His portfolio 2008-09. But the business had a
of wildlife habitats. He has also of restaurants defied the credit record 2009-10, making around
moved into forestry investment in crunch by sharply increasing £50m profit on its world-wide
New Zealand. profits in the year to June 2009. operations.
Sykes, who left his Barnsley Caprice Holdings, which Lornamead is run and
school at 15, started making his runs London favourites The co-owned by four brothers, led
fortune by breaking up old buses Ivy, J Sheekey and Le Caprice by chief executive Mike, 45,
and selling parts to the Far East. in the West End, Daphne’s in with George, 60, Vin, 55, and
Later, he moved into property South Kensington and Scott’s in Danny, 51.
and, working with Eddie Healey, Mayfair, made a profit of £8.4m The family, originally from
turned 1,500 derelict acres next on £39.4m sales. India, came to Britain in 1969 by
to the M1 into the Meadowhall A fashion tycoon originally, way of Uganda.
Centre. They sold Meadowhall in Caring, 62, owns International Lornamead buys unwanted
1999 for £1.2bn. Clothing Designs (Holdings), toiletry or beauty care brands
In 2009 there were £260m net which once dominated the supply from multinationals and, in
assets in Sykes’ Highstone Group of fashion garments from the Far 2005, snapped up the famous
and we reckon he should be worth East to UK retailers. Yardley brand for a reported
around £650m. He spent £6m Retailers now increasingly £60m.
on a high profile campaign to deal with suppliers direct, so the Last year, it sold off part of
preserve the pound and against business is smaller than it was. Yardley for nearly £30m.
loss of sovereignty to Europe. So In 2008-09, profits at the With a large property portfolio
disillusioned is Sykes with the company fell to £227,000 on in the Paddington and Elephant
state of Britain that he may even £65.2m sales. But this is but & Castle areas of London,
follow his forestry investments to a fraction of the total, and the the Jatanias should easily be
live in New Zealand. nearest figure Caring admits to is worth £600m.

25 £580m
27
John Magnier
£540m
Sir Anwar Pervez & Family Coolmore/Sloane Capital
Bestway (Holdings)/Palmbest 2009: £560m (-£20m)
2009: £500m (+£80m) Irish racing tycoon John Magnier
Profits at West London-based has had a rough time of it lately.
Bestway rose in 2008-09 to The Coolmore Stud cash cow that
£80.6m on sales of £2.05bn. he has relied on for so long hit the
It is a triumph for Sir Anwar buffers when Ireland went into
Pervez, Bestway’s founder. economic meltdown.
Pervez, 75, a farmer’s son There have been redundancies
from Rawalpindi, built Bestway at the global operation and,
into a chain of 11 shops and more significantly, prices
then in 1976 he turned to cash charged for the services of his
and carry with his first depot in stallions crashed in Ireland and
West London. the US, which must have had a
It was tough going at first detrimental effect on Magnier’s
but he turned it into a business fortune. His horses on the
empire with interests in banking track have been disappointing
in Pakistan, as well as a major this year, too.
cement business there, plus But Magnier, 62, and his
property, rice milling and cash and business partner JP McManus
carry wholesaling in the UK. have been quietly building a
With the £100m acquisition stake in the troubled pub group
of Batleys, the UK’s oldest cash Mitchells & Butlers.
and carry operation in early 2005, The duo have been steadily
Bestway now has over 50 depots buying shares through their
round the country. Elpida vehicle since late 2007
In the current climate, we and more recently doubled their
value parent company Bestway stake to 17.6%. With the company
(Holdings) at around £750m while worth £1.23bn, that stake is now
Pervez, his family and trusts have worth £220m.
a £360m stake. Pubs are just the latest
A separate property operation, investment area for the low-
Palmbest and other assets should key Magnier. With McManus,
Pervez, the cash add another £220m.

Pervez would be much richer if
Magnier is perhaps best known to
the British public for the £227m
and carry king he did not give large amounts to

charity every year.
stake they held in premiership
football club Manchester United
until May 2005.
When they sold to new United
25
Sir Donald Gordon & Family
£580m
property through Liberty
International. His family stakes
in the two new Capital operations
owner, Malcolm Glazier, the pair
made a hefty £90m profit on
their original investment.
are worth over £450m. South Magnier was also part of a
Capital Shopping Centres/ African share sales and other consortium that bought the
Capital & Counties assets add around £150m. radio assets of Chrysalis Group
2009: £465m (+£115m)
“I’m hoping that I can now for £170m, and he also made
The demerger of quoted property switch the focus I’ve put on a tidy £23m from the sale of a
group Liberty International into business into opera. I want it 13% stake in Devro, the Scottish
two separate groups leaves Sir to be the focus of my life,” says sausage skin maker.
Donald Gordon and his family Gordon of his retirement. With McManus and fellow
with big stakes in the two new If that is the case, then opera Irish tycoon Dermot Desmond
companies, Capital & Counties in this country should be set for a he has a stake in Barchester,
Properties and Capital Shopping golden age. a profitable nursing home
Centres. He recently promised £10m operation (revalued at £1bn in
Gordon, 80, started a South to the Royal Opera House and 2006) the Sandy Lane Hotel
African life insurance operation a further £10m to the Wales in Barbados and Global media.
in the 1950s, finally selling out Millennium Centre. These stakes are worth £339m
of the South African group in As a result, we cut the Gordon after borrowings.
1999. family wealth back by that £20m He shared in a £40m windfall
He also focused on British to £580m. in February 2006, selling an

option on a London office site.
With McManus and Desmond,
he also sold the Next Generation
29
Chris Lazari
£522m 30 £510m
Freddie Linnett & The Murphy
fitness chain for around £132m.
He and MacManus plus Lazari Investments Family
another partner, Aidan Brooks, 2009: £425m (+£97m) Charles Street Buildings
have a large property portfolio Chris Lazari, the Greek (Leicester)
2009: £445m (+£65m)
held in Sloane Capital. Magnier Cypriot‑born property mogul,
also has homes in Spain, Ireland, will shortly have a major new Profits at Charles Street
Barbados and Switzerland where tenant within his London‑based Buildings (Leicester) fell from
he lives for tax purposes. portfolio. Global agent £35.2m to £33.6m in the year
But he is not immune to the CB Richard Ellis will move into to November 2009. Despite the
downturn and, in all, his assets Lazari’s 100,000 sq ft Henrietta severe downturn, net assets at
add up to around £540m. House, W1, following a recent the family-owned property group
refurbishment. rose £27m to nearly £476m.
28
Jim Mellon
£530m
CBRE will be replacing
outgoing tenant Diageo, the
drinks firm.
The company spent £15.5m
acquiring properties in the year.
Freddie Linnett, 60, is a director
The deal is characteristic and leading shareholder in the
Regent Pacific Corporate of Lazari’s skill in upgrading business, which was started by her
Finance buildings and getting good uncles who came to Britain from
2009: £500m (+£30m)
tenants across its base in the Ireland after the second world war.
Millionaire investor Jim Mellon diverse West End. When the uncles died, Linnett
is investing heavily in German Lazari’s portfolio was valued inherited their stakes. She married
property and around 70% of his at £1.33bn in accounts to a top accountant in 1995.
wealth is tied up in some 40,000 March 2010. We value the business on the
apartments there. As a result, profits at Lazari net assets figure. Other assets
Mellon, who started out as a Investments rose in 2009-10 and nearly £88m of dividends
fund manager in Hong Kong in from £26.7m to £41.4m. This from 1995 to 2009 take Linnett
the late 1970s, made his money 55% increase was achieved on the and the Leicester-based Murphy
from a range of investments back of much lower interest rates family to £510m after tax.
including a £55m return on a and a focus on cutting the group’s
firm called Charlemagne Capital
in 2006. He has also invested
heavily in solar power and says it
borrowings sharply by £53m
over the year.
Lazari’s 130 buildings are also
31
Trevor Hemmings
£500m
will be “bigger than the internet filled with 424 blue-chip tenants
within five years.” drawn from the top ranks of Northern Trust Group
2009: £300m (+£200m)
He has stakes of around £20m British business.
in a number of quoted companies, With little new build in the Trevor Hemmings’ Leisure Parcs
including one called Emerging West End, Lazari can look group sold the famous Blackpool
Markets, which invests in metals forward to healthy rent rises in Tower to the local council for
used in solar power technology. the future as demand outstrips around £40m earlier this year.
Mellon, 53, is based in the Isle supply for Grade A space. The council hopes to revive
of Man, where he is one of the In late 2007, Lazari grew the the seaside resort. Hemmings
biggest property owners and, business with the acquisition has been buying too, adding
with 450 staff, one of the largest of Greater London House in a 175,000 sq ft former
employers on the island. He Camden for £165m and the BP/ Castrol facility to his
has two homes there, four other Met building in Percy Street, portfolio. Northern Trust intends
homes round Europe and several W1, for £107m. to let the commercial buildings
properties in Ibiza. Lazari, 64, came to Britain and review regeneration options
With annual earnings of in the early 1970s to work in John Magnier for the rest of the site.
between $5m and $10m, he can the fashion business. However, Hemmings, 75, started out as
afford his own private jet, which in 1978, he diversified into the a brickie’s apprentice locally in
cost $8m. More recently, he has property field and has never Leyland. Later, he built his own
made substantial profits selling looked back. housebuilding firm and sold it for
the euro against the dollar and Cautiously though, in the £1.5m in the early 1970s to the
recently went short again on the current climate for property, late Sir Fred Pontin.
banks. we value the Lazari real estate Hemmings became his right
His Hong Kong- listed interests on the net assets, which hand man in the Pontins leisure
company Regent Pacific is cash hit £452.3m in early 2010. operation. He later took over the
rich with its main investments And we add another £70m to business and sold it in 1989 for a
in China and commodities, his portfolio for personal property hefty profit.
particularly uranium. Mellon is and cash in the bank, taking In 2000, Hemmings bought
now easily worth £530m. Lazari to £522m. Sir Donald Gordon Littlewoods’ pools operation from

the Moores family for £161m. were sold for £378.5m. Noé has companies which were sold to the
His main holding company, a 55.8% stake in British-Israel quoted Saville Gordon property
the Northern Trust Group, had Investments, a mall owner, which group in 1998. Petchey received
£130m net assets in 2009. is in £300m takeover talks. In all, £72m in cash and £15m in
In all, Hemmings is now easily we value Noé, 57, at £500m. shares for his stakes.
worth £500m. Today, we can see more than
31 £500m
31
Jack Petchey
£500m
£37m of stakes he still holds in
quoted companies. With earlier
proceeds and past profits, his
quoted investments have yielded
Leo Noé & Family Trefick around £400m of wealth.
F&C Reit Asset Management 2009: £450m (+£50m)
Timeshare and property
2009: £530m (-£30m) Jack Petchey reckons the recent interests take Petchey to £500m
F&C Reit Asset Management recession was the worst he has in the current improving climate.
managed to hold on to the seen in his 85 years.
lucrative management contract
for the F&C Commercial Property
Trust this year, and elsewhere the
A canny East End investor
and property man, he has taken
hits on several high profile
34
The Duke of Bedford
£490m
business is thriving. investments such as car dealer
On chairman Leo Noé’s watch, Pendragon, office provider Woburn Abbey
2009: £490m (No change)
it launched its first open-ended Workspace, and property
property fund for private and companies Warner Estates and Though we can see just £11m
institutional investors in July. Rugby Estates. At Rugby he took net assets in the 2009 accounts
And the separate Devonshire UK a 25% hit on selling his stake. of three family companies,
Opportunities Fund, launched in But Petchey has plenty to including Woburn Enterprises,
May 2009 to take advantage of play to make up for such losses. the Duke of Bedford surprised
the downturn, is expected to start Last year, he said that he was the property community in April
investing before Christmas after considering an £80m sale of his 2009 by purchasing the suitably
reaching its first close. leisure business to raise cash to scruffy offices of Time Out
Noé, one of the more low reinvest in property while values magazine in Tottenham Court
key property men in Britain, is were low. However, a string Road from Land Securities
known for his shrewd reading of individual sales now seems for £14.1m.
of the market. His expertise was more likely. The 340-year-old Bedford
highlighted in July 2008 when In 2006 and 2007, Petchey Estate in London owns around
his company, REIT, merged with sold around £225m of stakes in 180 buildings in Bloomsbury,
F&C Asset Management. six companies including a pub centred on the square of the same
Noé and business partner Ivor chain, Aston Villa football club name. But this is the first deal to
Smith collected £60m in cash and Reg Vardy, the car dealer. make a splash for years. For the
and loan notes in the deal, which Petchey has no formal Bedford Estate is probably the
created a business with £8.5bn education to pull off his deals. quietest and most conservative of
of real estate under management He first earned money running the inherited London Estates.
from the UK to Israel to India. errands before working after the In 2004, the Duke said he was
But the downturn has caused war as a taxi driver. Using his £39 “very bullish” about Bloomsbury
some problems for Noé – army gratuity, he built a fleet of and said £50m had been reserved
St Katharine Docks, a major taxis. He later expanded into used to buy some modern office blocks
development opportunity cars, property and timeshare. to the west of Bedford Square,
owned jointly with AREA He once bought Watford
Property Partners, breached its football club from Sir Elton
loan‑to‑value banking covenant John, but long ago sold that Number residing per region
this year and negotiations are stake. Based in Chigwell, Petchey Where the money is
ongoing with debt servicer Capita. commutes to his office in Ilford South East 116
We can see around £64m of net daily. He plans to give the bulk Ireland 33
assets in a number of companies of his fortune to charity through North West 17
owned by the Noé family such as the Jack Petchey Foundation, West Midlands 17
Agra and Landmaster Properties, which has given away £65m to Yorkshire & the Humber 14
and the extent of their deals supporting youth projects in Scotland 11
and investments indicate more London and the Home Counties. East Midlands 10
substantial wealth. Petchey has also helped more South West 10

Early in 2006, for example, than 40 schools achieve specialist Overseas 5
Noé sold its Fosse Retail Park for school status, earning himself an Wales 5
£360m, just a year after buying OBE. East of England 4
it for £307m. In 2004, three It will be a sizeable fortune Channel Isles 4
shopping centres in the north, he gives away. He was the sole North East 4
bought in 2002-03 for £294m, shareholder in two Isle of Man The Duke of Bedford

but he has waited for prices to fall
before moving into action.
Recently, he joined a group of
wealthy investors who have put
nearly £20m into buying up
New Zealand property. Nearer
home though, the new £200m
Center Parcs holiday village
on his Woburn estate is under
construction.
It will create 1,500 jobs in
rural Bedfordshire. Planning
permission was granted after a
public inquiry, overruling a local
authority decision.
Bedford is also trying to
spruce up Bloomsbury with
better quality retailers. He is
at least trying to continue the
entrepreneurial activities of
his grandfather and father. He
inherited the title and estate from
his father, the 14th duke, who JP mcmanus races to a fortune
died in 2003.
Harrow and Harvard-
educated Bedford, 48, is well
versed in the management of the
extraordinary 13,000 Woburn
34
JP McManus
£490m
in premiership football club Manchester
United, until they sold out to United owner
Malcolm Glazer in May 2005, netting a £90m
Abbey estate and house. He has profit. He shared a £125m dividend from the
various and successful business Sloane Capital Barchester Healthcare group in 2006 and
2009: £430m (+£60m)
ventures under his control at also shared the £132m proceeds from the sale
Woburn, which were set up by his A former bookie, JP McManus and his business of a fitness chain.
grandfather to pay a £4.5m bill partner, Irish racing tycoon John Magnier, have McManus was active in the property boom
for death duties. been quietly building a stake in the troubled through Sloane Capital, in partnership with
His late father left £39.1m in pub group Mitchells & Butlers. The duo have Magnier and Aidan Brooks, the Limerick
his will, but we assume that much been steadily buying shares through their property developer. Sloane bought a
of the estate had been handed Elpida vehicle since late 2007 and now have a prestige Paris office and retail site in July
over some years ago as part of the stake worth £220m. 2007 for £439m. It was part of a world-wide
family’s tax planning. McManus, based in Geneva, is also one of the expansion drive by Sloane which saw it buy a
Although we can see just top racehorse owners in Ireland, with more Bloomingdale’s store in New York for £35m
£12m net assets in three family than 100 horses in training and a stud in Co and two streets of luxury shops in Los Angeles
companies, including Woburn Kildare. The recent marriage of his daughter for £150m. Sloane also has a castle in Dublin,
Enterprises, the house and cost McManus around £5.5m. But he can easily Unilever House in London and the Hilton
grounds must easily be worth afford the outlay. He is reckoned to have made Hotel at Canary Wharf. It remains particularly
£100m. But it is the art treasures £250m over the years from playing the foreign valuable. With a share of the Sandy Lane
inside, including 24 Canalettos, exchange markets. Hotel in Barbados and an adjacent £21m villa,
that are particularly valuable. With Magnier, he had a £227m stake McManus, 59, is easily worth £490m.
Our art expert puts a £300m
value on the total collection. But
in line with our art policy we
halve that to £150m to allow for
any inheritance tax or the like in
36
Ronald Hobson
£470m
£290m each. In 2004-05, they
divested themselves of further
firms, Consolidated Property
the event of a sale. Investments and later Metrose
Bedford also has his London Consolidated Property Property, for £189m. Hobson,
estate to fall back on. Bedford Investments 89, should have made around
2009: £470m (No change)
Estates owns 170 properties in £97m from those two deals.
and around Bedford Square in Ronald Hobson originally teamed He still has stakes in some
central London. Estates Gazette up with Sir Donald Gosling after small property companies with
put a £200m price tag on these the second world war to build Gosling as a partner. We can see
at the top of the market. car parks on old bomb sites in £2m net assets there. But huge
Allowing for any inheritance London and the rest of Britain. dividends from National Parking
tax following his father’s death, They sold the parent company, before its sale, plus the recent
we stick with a £490m valuation National Parking Corporation, property company sales, keep
for Bedford. in 1998, collecting around Hobson at £470m this year.

37 Bramall’s work was recognised Richest in Yorkshire &

the Humber
£450m when he was awarded the title
Master Entrepreneur in 2004. No Name Wealth (£m)
Terry Bramall & Family His family had a 72% stake 15 Eddie Healey & Family 750
Keepmoat with trusts in the company which 21 Paul Sykes 650
2009: £400m (+£50m)
was sold to the management in a 37 Terry Bramall & Family 450
Terry Bramall has not given up £783m deal backed by the Bank 41 Michael Evans & Family 400
on business despite selling his of Scotland in August 2007. 82 Kevin McCabe & Family 180
Keepmoat operation at the top of However, allowing for tax on 99 Paul Caddick & Family 150
the market in 2007. the sale proceeds and any debt 99 Sir Robert Ogden 150
Bramall is now financing built into sale prices, we cut that 110 Chris Marshall & Family 136
developer 4Urban. Formed back to £430m. 111 John Guthrie & Family 135
in 2007, the company’s aim is As one of the owners of 114 Tony Bramall & Family 132
to form strategic partnerships Doncaster Rovers, Bramall 166 John Brooksbank 89
with financiers and the public has also helped underwrite the 193 Demi Chervak & Family 70
sector. Championship team. Other assets 245 Christopher Ure & Family 45
Projects taken on so far include and past dividends take him to 250 Alistair Pullan & Family 44
a £5m retail redevelopment, around £450m.
5Rise, in Bingley, and a retail and
office complex in Harrogate.
Bramall, 68, made his money
with Doncaster-based Keepmoat,
37
Jack Dellal
£450m
He made his mark in the
early 1970s, selling his Dalton
Barton bank for £58m. Later,
which dates back to 1931, when it he went on to become a major
was established by Bramall’s late Allied Commercial Holdings property player.
2009: £450m (No change)
father and a partner. His most famous coup was
In 1968, after a stint with “Black Jack” Dellal keeps a to make £75m in a six-month
Taylor Woodrow, Bramall very low profile now, aside period in 1987 by buying and
joined what was still a modest from occasional forays into the quickly selling on Bush House in
operation. property market. central London.
The business started to move In July 2007, Dellal showed his Dellal’s main company,
forward in the 1970s when local mettle when his consortium sold Allied Commercial Holdings,
authorities started to refurbish Shell-Mex House in London for saw its losses fall in 2008‑09
their housing stock. £490m, just a month before the from £3.6m to £2.1m on
A lot of other building credit crunch and property crash. £3.4m sales, while its net
companies were not interested, It had been bought for assets also fell slightly to
seeing the work as dirty and £327.5m in 2002. £54.6m.
complicated, but Bramall realised A dealmaker whose prowess is With asset prices continuing
that refurbishment was much only matched by his astonishing to recover this year, we keep
more profitable than new-build, virility, Dellal became a father 87-year‑old Dellal at £450m
and Keepmoat began to carve out again for the ninth time in his in the current uncertain
a niche reputation. late 1970s. economic climate.
tycoon with a love for the sea

37
Sir Donald Gosling
£450m
Gosling, of course, is one half of the duo that
made a fortune from car parks. With partner
Ronald Hobson, he started the National
Parking Corporation in 1948 as post-war
Hildane Properties Britain started to recover. They built it up until
2009: £450m (No change)
1998 when they sold the business, netting
around £290m each at the time.
As an honorary commodore in the Royal Gosling had a 40% stake in a property
Naval Reserve, Sir Donald Gosling will have company, Consolidated Property Investments,
been delighted and honoured in early 2009 to which was sold in 2004 for £77m. More
have been promoted to the rank of honorary recently, Gosling and Hobson sold their
rear admiral on his 80th birthday. Metrose property operation for £112m.
The navy and the sea are consuming So affording Leander is no problem for
passions for Gosling. He is president of naval Gosling, who still has a £1m stake in a small
charity, the White Ensign Association. His property company called Hildane Properties.
yacht, the 245-ft Leander, was named after In all, with £92m net assets and after hefty
HMS Leander in which Gosling served as a charitable donations to the Gosling Foundation,
signalman after the war. he should be worth at least £450m.

40
Tony Gallagher
£425m
It also owns property in the
UK, Luxembourg, Germany,
Poland and the Czech Republic.
41
Roy Richardson & Family
£400m
The death in 2001 of patriarch
Gallagher UK Fred Clarke led to a major Swiftfire

2009: £500m (-£75m) 2009: £350m (+£50m)
refocusing of this secretive family
Midlands developer Tony business with the aim of raising The death of Don Richardson
Gallagher capitalised on renewed asset values. in September 2007 robbed the
investor demand earlier this But for now, we keep the family Midlands of one of its greatest
year, selling several retail parks at a conservative £400m. developers.
off market over a three-month With twin brother Roy, 80,
period for a combined value of
more than £150m.
With these deals in the bag,
41
Michael Evans & Family
£400m
Jack Dellal Don Richardson had made a
name for building shopping
centres, most notably Merry Hill
Gallagher, 59, pulled the £118m, in the Black Country.
6% yield, sale of a retail park near Evans Property But shopping centres from
2009: £350m (+£50m)
Walsall in the West Midlands to afar as Rome or Salzburg by
JP Morgan Asset Management Evans Property Group paid way of Broadstairs, Liverpool
in April. Instead, it will complete £21.3m for a prime slice of real and Nuneaton have been on the
a redevelopment project at estate in Leeds city centre in Richardsons’ menu in recent
the Junction 9 park to provide June 2009. times.
65,000 sq ft of space, which has The purchase of 1 Park Row Born within the shadow of
been let to Next, Mamas & Papas, defied the recession and showed the old Dudley steelworks, the
Boots and TK Maxx. that Evans had the support of twins left school at 14 and started
Gallagher’s vast spread of its bankers at Barclays who trading in ex-Army vehicles with
activity includes extensive provided £13.5m to help fund their father.
residential developments such the purchase. Indeed, right Later, they moved into
as a sustainable new town in in the depths of the economic transport and property.
Bedfordshire called The Wixams. crisis, Barclays jointly arranged a The brothers sold Merry Hill
He has a substantial investment £175m loan facility for Evans to in 1992 for a £50m profit. Since
programme in Europe and has “further enhance its purchasing then, they have been involved in
acquired in excess of three million power and enable it to build on its scores of flagship projects in the
sq ft of retail space in Germany. successful track record”. Midlands.
The recession has inevitably The low-key Evans family, The family has also taken a
slowed things down, but this led by Monaco-based Michael 50% stake in a £600m new
diversity has helped Gallagher Evans, 74, is heavily involved town project which will resurrect
come through in good shape. in development work all over the site of Scotland’s iconic
We can see £288m of net the north of England. The late Ravenscraig steelworks.
assets in the 2008 and 2008-09 father of Michael Evans, refusing Another Scottish development,
accounts of five of Gallagher’s to go into the family’s tailoring in association with construction
main companies, Countywide operation, started Evans of Leeds group Carillion, is a retail park on
Developments, GW305, as a transport firm, but moved the site of the former truck plant
Gallagher UK, Wixams First into housebuilding and property. in Bathgate.
and Ashflame. He was still hard at work in his The Richardsons’ main
Gallagher also has various 90s. The Evans family took the company, Swiftfire, went from
other interests in a substantial company private in 1999 in a deal a £2.3m profit to a £1m loss in
finance/consultancy business which valued it then at £164m. 2008 while the net assets fell
and the financial markets. We Recently, the firm has been slightly to £145.2m.
still value him conservatively reorganising its structure and We value the business on the
at £425m. no accounts have yet been filed net assets.
for the new Evans Property There are also £25m of net
41
Clarke Family
£400m
holding company. It is owned
by companies with the name
Brightsea followed by initials
assets in two more separate
Richardson companies we
can see, including Clubhouse
(for example, Brightsea EP Ltd, Investments, the parent of
C Le Masurier Brightsea FP Ltd). Between Richardson Capital Property
2009: £400m (No change)
them they had a huge £2.2bn Investment Group.
The Clarke family, now the largest net assets in 2008-9. We assume Yet after the acquisition of
private landowners on the island there may be some duplication of the European assets, and taking
of Jersey, have large tracts of St assets here and value the Evans account of other deals and £54m
Helier, retail outlets and pub sites business at the £350m net asset of salaries in recent years, we
across the island. Their business – figure that Barclays attributes reckon the Richardson family,
C Le Masurier – is celebrating its to the group. We add £50m for now led by Roy alone, is easily
175th birthday this year. other assets and past dividends. worth a net £400m.

Britain’s biggest privately-owned

housebuilder. In 2008, Miller
Group had to cut its British
workforce from 2,000 to 1,400
as the housing market slumped
and its figures became a sea of red
ink – compared with a profit of
£81m in 2007.
Chief executive Keith Miller,
61, grandson of founder Sir James
Miller, took over the helm in 1994
and oversaw the company’s rapid
growth before recession hit.
In April 2008, HBOS bought
a stake in Miller in a deal which
valued it at around £500m.
We now value the Miller family
stake at perhaps £350m. Past
dividends (£43m from 1997-
2006) and other assets take the
Miller family to £385m after tax.
46
Kevin & Michael Lagan
£350m
Lagan Holdings
The beautiful game

2009: £250m (+£100m)
The Belfast-based Lagan
Group is active on the world
41
David Sullivan
£400m
his new club even though his other business
ventures are having a tough time. Roldvale, his
main company, made a £528,000 loss in 2009.
stage building roads and airport
facilities in places such as
Jamaica, Bermuda and Puerto
But Sullivan, 61, can’t complain. His Rico, as well as Northern Ireland.
Roldvale dividends and salaries over the past 12 years The Lagan brothers, Michael
2009: £400m (No change)
total £55m. His Sport Newspapers, publisher and Kevin, who rank among
David Sullivan is desperate to relocate West of the lurid tabloids, was sold in August 2007 the top construction tycoons in
Ham United to the 2012 Olympic Stadium for around £50m. Ireland, took over the operation
as part of plans to revive the fortunes of the Property is where Sullivan has been active, established by their father
struggling club now under his chairmanship. though, and he has a £300m-plus portfolio. in 1960. They have steadily
Together with business partner David Gold, We can see part of it in Sullivan’s separate expanded into construction-
Sullivan bought a 50% stake in West Ham at Conegate Holdings, a property company related businesses trading within
the start of the year in a deal valuing the East which saw its net assets rise from £39.5m to five groups: Lagan Holdings,
London club at £105m. £136.8m in 2009. Lagan Cement, Kingscourt
He just can’t leave football alone. The ink had But it was soft porn, and latterly football, that Bricks, Lagan Homes and Lagan
barely dried on his sale of Birmingham City. have brought him to public prominence. He Developments.
Sullivan had 16 years at Birmingham and made owns the biggest chain of licensed sex shops These are involved in road
around £20m from selling his stake, but he in Britain, the 90-strong Private Shops empire. building, property development
ploughed many millions into the Blues over the Sullivan’s property portfolio and other assets and waste management. They
years. He will be expected to do the same with should take him to £400m. also have advanced cement
works and prime quarrying and
asphalt assets.
45
Keith Miller & Family
£385m
warned that mortgage availability
would be crucial to restoring
stability.
We can see around £20m
profit on £400m sales in various
Lagan companies in 2008-09.
Its losses had narrowed from They had £203m net assets
Miller Group £170m in 2008 to £72.4m between them. The valuable
2009: £280m (+£105m)
last year. Transaction volumes quarrying assets were reckoned
A fairly upbeat trading statement for the year were up 35%, to have a potential sale price in
came from Miller Group, the and forward sales of £108m excess of £200m at the height
Edinburgh-based builder, at the represented an increase of of the boom.
start of the year. It said it was 100% year-on-year. But on the current figures, we
seeing a gradual improvement in But it has been a difficult reckon the Lagan assets are worth
the housebuilding market, but journey through the recession for perhaps £350m.

46
Richest in Wales March 2009, determined to turn
£350m No
41
Name
David Sullivan
Wealth (£m)
400
the ship around after the mistakes
of the boom years.
Anthony Lyons 46 Steve Morgan 350 Morgan has seen the share price
St James Capital 67 Sir Stanley & Peter Thomas 225 revive in recent months, taking his
2009: £250m (+£100m) 224 Glyn Watkin Jones & Family 54 stake to around £114m.
Three recent deals have made 243 Brian Moss & Family 46 Morgan sold £240m worth of
Anthony Lyons a lot richer. First, shares when he floated Redrow in
in April, the property entrepreneur the 90s and afterwards when he
sold his home in Hampstead, Falling property values and left the Redrow board in 2000.
north London, for £43m to a the strength of the euro against He also had a £100m stake in
private Russian investor in the sterling forced the company to the De Vere leisure group, which
most expensive Hampstead renegotiate loans with three was the subject of a bidding battle
residential property sale ever. banks. It is a leading developer in the summer of 2006.
Second, working with Brett of industrial estates. Property Morgan also recently shared
Palos (Sir Philip Green’s stepson), man Caspar MacDonald-Hall, the £75m sale proceeds on a
Lyons, 43, bought the O2 retail 59, has a 40% stake in London & Spanish development. After
and leisure centre in north Cambridge as well as a number of allowing for reinvestment of his
London for £92.5m in 2009, other property assets. Redrow money, Morgan is worth
selling it a year later for £120m. He also has half of Proudreed, a perhaps £350m after tax.
Third, in February, Liberty Southampton property investor,
International, the FTSE 100
property company, bought full
ownership of the Earls Court
with £130m net assets in 2009,
so his stake there should exceed
£65m. Then there is a 45.5%
46
David Wilson & Family
£350m
and Olympia complexes in west stake in Ringmerit, which had
London from Lyons and his over £126m net assets in 2009. Davidsons Developments
2009: £275m (+£75m)
partners. It was in July 2007, In all then, there are more than
just a month before the credit £290m net assets attributable David Wilson just can’t leave the
crunch struck, that Lyons and his to MacDonald-Hall, who is building and property business.
partners sold 50% of Earls Court regularly listed by Field magazine His new company, Davidsons
& Olympia to Liberty in a deal as one of the 50 best shots in Developments, made a £1.5m
which then valued it at £380m. Britain. With past dividends, profit on £30.2m sales in
Lyons is also active in pubs and and his proceeds from the recent 2008‑09. It has nearly £77m
restaurants and plans to roll out takeover of the AIM Group, he net assets and should be worth at
more in European capitals. He is should be worth £350m. least £75m.
also director of St James Capital, Davidsons is being relocated in
a property investor with £23m
net assets in 2008-09. It has
netted around £45m profit from
46
Steve Morgan
£350m
premises that were once used for
his old Wilson Bowden company.
Wilson joined his dad’s small
the break-up of The Brewery on Ibstock building business in 1961
Chiswell Street, EC1, which it Redrow Group after graduating from the Leicester
2009: £350m (No change)
bought in 2005. Polytechnic School of Building.
Lyons also owns Anthony Steve Morgan, 57, is the proud Wilson Bowden prospered and was
Lyons Investments, which made owner of Wolverhampton floated on the stock market in 1987.
a healthy£2m profit on £6.8m Wanderers, which is now in its It was always regarded as one of the
sales in 2008-09. With the second season in the Premier top quoted housebuilders by City
recent deals and Earls Court & League. analysts, and in May 2007 Wilson,
Olympia sale, we value Lyons at Morgan paid just £10 to Sir 68, sold the company to rival
£350m this year. Jack Hayward to take over at Barratt Developments in a £2.2bn
Molineux in August 2007, but he deal. It netted £727m for Wilson
46
Caspar MacDonald-Hall
£350m
Keith Miller promised to invest £30m in the
club. Morgan can afford it.
He started out labouring for
and his family trusts in a mix of
£304m cash and Barratt shares.
His remaining Barratt stake
his father’s small civil engineering is now worth £19m as the
London & Cambridge company after a move to a new shares have drifted downwards
Properties school in Liverpool proved recently. The cash element of
2009: £300m (+£50m)
a disaster. He went on to set the deal, £98m of share sales
London & Cambridge Properties, himself up as a subcontractor and dividends over the years
one of Britain’s largest private and founded housebuilder at Wilson Bowden, and the
real estate companies, saw its net Redrow in 1974. £75m for Davidsons, take
assets fall sharply from £579m Morgan floated the company the Wilson family to £350m
to around £420m in 2008-09, 20 years later and then sold most after tax. He will rise higher if
while profits rose slightly from of his stake before leaving in Davidsons proves as successful
£36.5m to £38.8m. Anthony Lyons 2000. He returned as chairman in as Wilson Bowden.

46
Stephen Vernon
£350m dixon and regus stage recovery
Green Property
2009: £280m (+£70m)
Stephen Vernon’s Green Property
operation unveiled a new joint
venture company in June 2010
with €900m of debt and equity to
invest in distressed property assets.
Dublin-based Green has joined
forces with the private equity firm
TPG Capital to target commercial
real estate opportunities in
Britain and Ireland.
Green seems to be defying
the Irish property crash too – in
52
the year to June 2009 its profits
moved up sharply to around £2m Regus, the world’s largest serviced suites, and offers business support
and it showed £420m net assets. office operator, recently signed to people who work from home.
Vernon, 60, went to university an agreement to provide GE’s His stake is now worth £240m.
in London, and his first job after workforce with space across its A former sandwich and later
graduating was in the public portfolio. This was positive news in hamburger salesman, Dixon
sector, with the Greater London
Council. He then moved to St
£330m what has been a tough market for
the firm founded by Mark Dixon.
formed Regus in 1989. It floated
on the stock market in 2000. The
Quintin, a long-established firm Mark Dixon Despite what he has described shares soared initially, making
of chartered surveyors. He joined Regus as the “fragile” nature of the UK Dixon a billionaire on paper. But
2009: £382m
Green in 1993. recovery, Regus has accelerated its his wealth collapsed six years ago
(-£52m)
Nine years later, Green was expansion plans as the recession when the shares went into freefall
taken private via a £700m deal powers a shift towards flexible after hasty over-expansion.
backed financially by Merrill working. It is also expanding Dixon nursed the business back
Lynch and HBOS. Vernon set overseas and now has more than to health. With other assets and
about selling £1bn of assets 1,000 centres in 450 cities. the proceeds of a £61m share sale
to pay down debt and give his Dixon, 51, stresses that Regus before the flotation and another
backers a return on their money. is no longer just a serviced office £35m last year, he is doing fine.
Merrill Lynch cashed in its chips company. It also operates meeting But in this uncertain climate, we
in 2005 as part of a refinancing of rooms and video conferencing value him at £330m after tax.
the company. Vernon’s personal
stake in the business has increased
from 2% to 32%. in April after the Candys and Developments drew up plans
“This is my business now,” said their Qatari partners put sales on for a scheme in London’s Soho
Vernon. “I’m very glad we did the hold for a year due to the global which would comprise a 35-room
buyout. The writing was on the downturn. hotel, a 6,000 sq ft restaurant, three
wall for us (as a public company) Earlier this year, the legal dispute shops, a roof-top bar and seven
and I think predators would between Christian Candy’s CPC flats. His portfolio in Soho and
have emerged.” Group and Qatari Diar over the around Holborn also includes
Green Property still has a strong withdrawal of plans for Chelsea Tin Pan Alley, one of the last
portfolio of assets. Consequently, Barracks was discontinued after a undeveloped sites in central
we value Vernon at £350m. confidential settlement. London.
We stick with last year’s £330m Kirschel, 47, hopes to transform
52
Nicholas and Christian Candy
£330m
valuation for the developer and
interior design duo until the sales
of more luxury homes at One
Tin Pan Alley into a new cultural
quarter for London and spent
£14.5m buying a building next
Hyde Park are completed. to Centre Point to turn into an
Candy & Candy innovative music centre.
54
2009: £330m (No change)
We can see £204m net assets
The Candy brothers – Nick, 37,
and Christian, 36 - are developing
£325m in Consolidated Developments’
2008-09 accounts and other
the spectacular One Hyde Park Laurence Kirschel operations. But these asset values
residential scheme of 86 flats near Consolidated Developments do not take account of Kirschel’s
2009: £300m (+£25m)
Harrods. The Qatari Royal family substantial holdings in Soho. We
are investors in the development. Before the recession, Laurence mark him down to £325m in the
A lavish show flat was unveiled Kirschel’s Consolidated current climate.

55
Harry Hyams
£320m
Hyams made a further £98m
when MEPC itself was taken
over in 2000.
already considerable portfolio.
Townshend, 55, has 20 choice
acres round London’s exclusive
His estate, the net assets in the Holland Park, and 15,000 acres
Walton Investments small Hyams companies, and his in Dorset, where she has her
2009: £300m (+£20m)
art should easily take the low-key main home.
Harry Hyams, one of London’s Hyams to £320m in the current We can see six farming and
top developers in the 1960s and climate. estate companies including
1970s, is still involved in business Cygnet, Addison Developments,
even at the age of 82.
He has stakes in six small
property companies with around
55
Charlotte Townshend
£320m Harry Hyams
and Ilchester Estates, which
together showed £39m net
assets in 2008-09.
£17m of net assets. Hyams is also Ilchester Estates carries out
involved in the £200m revamp of Addison Developments other property developments in
2009: £300m (+£20m)
Newcastle city centre. This is, of Britain and also sold a complex
course, small beer for Hyams, the A new investment operation, of Essex offices and shops for
son of an East End bookmaker. Cygnet Industries, has been £5.14m in 2005.
Best known for the 1970s formed by Charlotte Townshend. With other assets, such as
Centre Point 35-storey tower In 2008-09 it showed nearly property and choice bloodstock,
in central London, his real £20m net assets. we raise our valuation of
coup was to buy a stake in the In July 2008, her Ilchester Townshend by the £20m net
Oldham Estates group in 1959 for Estates company bought the asset figure of Cygnet to £320m.
£50,000. When it was taken over Yeoman Industrial Estate in
in 1988 by the MEPC property
giant, he received £150m.
Bournemouth for £13m. The
estate will add to Townshend’s 58 £296m
55
Charlotte Townshend
Sam Morrison
Corbo
2009: £250m (+£46m)
Sam Morrison recently sold
Newry’s Damolly retail park
to newly-formed REIT Metric
£320m Property Investments for an
initial payment of £28.4m. He
Bob Edmiston also made £48m from selling a
IM Properties Co Antrim retail park.
2009: £300m (+£20m)
Morrison, Northern Ireland’s
edmiston top developer, started by selling

leather jackets from the boot of
steers way his car, progressing to renting

his first retail shop in Ballymena.
to riches He expanded to four retail stores

within a short space of time.
By 1998 he had moved into
Bob Edmiston’s IM Properties once worked for the now defunct property and one of his sons
is determined to make the most Jensen sports car operation, took over as MD of the retail
of its cash-rich position in the Edmiston has built the IM Group business called SVM Textiles. It
current market. into one of Britain’s biggest now has seven clothing stores
The company plans to pursue importers of Far Eastern cars. across Northern Ireland, with
new development opportunities It made a healthy £32.8m four smaller sites having closed
through direct land acquisition, profit on £351.6m sales in 2009 recently, as part of a strategy
joint ventures, and sale-and- and showed net assets of over refocus.
leasebacks. IM’s existing portfolio £391m. We value the company at The stores concentrate on high
includes the 400-acre Birch perhaps £320m. Its IM Properties end designer fashion.
Coppice Business Park where a subsidiary made £23.4m profit on Morrison’s property company,
planning application has recently £43.7m sales in 2009. It, too, has Corbo, showed £296.5m net
been submitted for 2m sq ft of a strong asset base, with nearly assets in 2008-09. He has a
distribution space. £254m there. number of other shopping
Over the summer, IM released Since 1998, Edmiston, 64, has centres, including Fairhill
capital with the sales of a portfolio had nearly £79m in salaries from Shopping Centre in Ballymena
for £23m and its stake in Wolsey IM Group, but has given more than and a large retail warehouse
Place in Woking, Surrey, for £68m. £120m to charity. We value him at development outside Newry.
An accountant by trade, who £320m this year. We value Morrison, 58, at
around £296m.

smurfit stays on course
59
Sir Michael Smurfit & Family
Ballymore
2009: £294m (+£1m)
£295m
Sir Michael Smurfit is having to subsidise losses at the K Club, the Ryder
Cup golfing venue, of which he owns half. Its value has nose-dived to
£25m in the past year. He has built a £7m mansion on the course and
others in Spain and Monaco, the tax-haven where he is resident, and has
postponed plans to replace his £14m 164ft yacht with a bigger one.
Smurfit, 74, has seen the value of his remaining small stake in his
former employer, Smurfit Kappa, rebound to £70m. He received £7.7m
when he left the firm in 2007. But it is outside of his former day job that
Smurfit claims to have made his most money. He has assets of about
£205m. This includes a £40m collection of art, which features works
by Louis Le Brocquy and Yeats. He plans to give some of it to the Irish
National Gallery and the rest to his six children from two marriages.
Smurfit invests widely in growing Irish private companies including
AEP Networks, a Dublin technology firm. He became a director and
shareholder in Ballymore International, one of Europe’s largest urban
regeneration companies, just as the property bubble burst.
In all, he should be worth £295m.
60
Sir John & Peter Beckwith
£270m
equity financier’s eyes water,” the
Financial Times reported in July
2006. Thames River was sold
61
William Ives & Family
£266m
in April 2010 for £54m, netting
Pacific Investments & Red Beckwith some £17m for his Rainham Steel
River Capital stake there. 2009: £282m (-£16m)
2009: £330m (-£60m)
Red River Capital, Beckwith’s The man of steel is now
Sir John Beckwith has teamed company, made a healthy supporting The Iron. Bill Ives,
with ex-Lehman banker Gerald £36.6m profit on £65.5m founder and owner of Rainham
Parkes to invest in property sales in 2008-09, while Pacific Steel, signed a three-year
across Europe. Investments made £11.7m profit sponsorship deal in December
Old Harrovian Beckwith in 2008-09. Both are owned by 2009 with Championship
and his brother Peter made Sir John and his trusts. football club Scunthorpe United,
their first fortune in property, His more low-key brother, aka The Iron.
netting around £80m when Peter, 65, is best known perhaps Ives, 67, a straight-talking
they sold their London and as the father of Tamara Beckwith, Eastender and Conservative
Edinburgh Trust property group the It girl-about-town. He has Party donor, is one of the biggest
to a Swedish group in 1990 just invested in property and theatres. employers in Scunthorpe through
before the then property crash. But the brothers have also his steel stockholding operation.
Sir John, 63, moved into new invested in sports-related Sir John Beckwith But it has not been immune
areas of investment and has two businesses, which they sold on at from the recession and has had to
main investment vehicles, Pacific a profit of at least£50m. cut jobs when the economy fell off
Investments and Red River Further sales of properties a cliff in the autumn of 2008.
Capital. since 2005 have also added Ives started Rainham in 1973
Pacific Investments, set up in several million pounds to the as a new and reusable steel
1994, has controlling stakes in Beckwith coffers. supplier. The company then
everything from warehouses in Adding hotels in France, and diversified and started to target
Asia to property managers in the Sir John’s investment in the builders and builders’ merchants
City of London. Model Frontiers fashion agency, in the 1980s.
Red River Capital invested we cut the value of the Beckwiths The parent company, Rainham
£3m in the Thames River Capital back to £270m as the sale of Red Steel Holdings, made nearly £3m
hedge fund and “his return on River was at a much lower price profit on £113m sales in 2008-09
the deal would make a private than mooted in recent times. Peter Beckwith but, adding in directors’ pay to

the bottom line takes the profit to realignment that would see
around £13m. This year it will be Northern Ireland’s two main
lucky to get into the black. unionist parties, the Ulster
Despite this, Rainham is Unionists and the Democratic
building a huge warehouse Unionists, merge with the
facility and Ives said that the Conservatives. It came to naught
group would start to hire again as but reflected Salisbury’s passion
soon as the economy recovered, for the union and his love of high
although he did not expect to Tory politics.
start doing so for another two But it is, of course, ownership
years. of Hatfield House that still puts
On its figures, Rainham is Salisbury into this list. Completed
worth £120m. It is owned by Ives in 1612, it is a treasure trove of
and his family trusts. hugely valuable paintings. The
Property companies and art is easily worth £125m, but we
other assets easily take Ives to cut that in half to allow for any tax
£266m. demands on any future sales.
lewis interests are Hatfield also has a 3,000‑acre
62 £250m spread far and wide

park and woodland, and a further
vast acreage of farmland. In
62
addition, there is Cranborne
Andreas Panayiotou Manor, the family estate in
Ability Developments generations of city slickers. Dorset from where Salisbury’s
2009: £250m (No change)
Lewis was not born son, Lord Cranborne, sells his
A new hotel opens at West into great wealth. His organic sausages.
London’s Syon Park in November. Welsh grandfather was a Salisbury’s main farming
The £60m development on successful entrepreneur company, Gascoyne Cecil Farms,
the Duke of Northumberland’s but his father gambled made a £129,000 profit on
London acreage has been built away the family’s money. £2.2m turnover in 2008-09
by Andreas Panayiotou’s Ability
Group.
£250m Hartley Investment Trust
showed nearly £37.4m
when it showed £4.9m net assets.
We can see more than
It will be managed by Hilton Alan Lewis net assets in its 2008-09 £500,000 of net assets in smaller
and takes Ability’s hotel portfolio Hartley Investment Trust accounts. companies such as Perlpart
2009: £225m (+£25m)
to seven. His British property Developments. Shrewdly,
Panayiotou, 44, is a former Alan Lewis wrote in his portfolio, principally Salisbury is also developing
boxer of Cypriot parentage chairman’s statement for old industrial sites in the family’s London acreage
famous for selling most of his his Hartley Investment Yorkshire, is worth at least round Leicester Square. The
residential portfolio at the end Trust operation that he £100m. London estate, American land,
of 2006 in anticipation of a regarded the property In addition, he has the two stately homes with their
property crash. crisis as “an opportunity” 4,000 acres of prime surrounding 10,300 acres and the
He plans to develop a number and that his group was development land in art collection keep Salisbury, 64,
of other Hilton hotels in the UK ready to take advantage of Florida, where gas has at £250m.
and Europe, with the intention investment opportunities been discovered, and
of amassing a portfolio of over 40
hotel properties by 2012 .
Ability Group has invested
that arise.
Among Hartley’s
investments is
forestry in Russia.
With other banking,
hi-tech and property assets
65
Lord Iliffe & Family
£240m
more than £300m in hotel Leeds‑based J&J Crombie, in Britain, America and
assets over the past two years and which is best known for its Spain, Lewis, 72, is worth Yattendon Investment Trust
2009: £220m (+£20m)
expects to invest a further £1bn. legendary gents’ woollen perhaps £250m in the
The total value of Panayiotou’s topcoats favoured by current climate. Earlier this year, Edward Iliffe,
portfolio and assets is put at 65, won an appeal to build an
more than £600m. Ability octagonal eco-friendly home on
Developments itself made £3.6m
profit and showed £112m net
assets in 2008.
62
Marquess of Salisbury
£250m
Green Island in Poole Harbour.
The millionaire great-grandson
of newspaper publisher Lord
The accounts of the other Iliffe bought the island for
companies which should Gascoyne Cecil Estates £2.5m. His application was
2009: £250m (No change)
show more net assets remain originally rejected on the grounds
confidential so we have not seen The 7th Marquess of Salisbury that it was too big for the island.
any further figures to take the is where he loves to be – at the Yattendon Investment Trust,
valuation to that £640m. centre of Conservative politics. the Iliffe family company, saw
Until we can see them, we are In January 2010 he hosted a its profits plunge in 2009 from
cautious and value Panayiotou weekend of talks at his Hatfield £24.6m to £1.2m on sales
at £250m. seat aiming for a historic Marquess of Salisbury down sharply too at £97.8m. Its

net assets came in at £240m.

Yattendon had previously sold moran: star of wealth
its Birmingham papers to an
American publisher for £60m in
1987. It still has interests in media
and TV, including more than 40
local newspapers. It also owns
Channel TV, and has property
and marina interests.
With property, estate assets and
past dividends, we value the Iliffe
family at £240m.
66
Sir Stanley & Peter Thomas
£225m
Atlantic Property
Developments
2009: £225m (No change)
Plans for a new £8m golf course
near Cardiff were unveiled
by Sir Stanley Thomas in
September 2009. The 200‑acre
67
championship standard course
will be designed by Welsh Christopher Moran, who made politics and brokered a deal in
golfing legend Ian Woosnam, his fortune in Lloyds and on the February 2007 which made the
a friend of Thomas. stock market in the 1980s and Conservatives more than £30m
Knighted in the 2006 Queen’s 1990s, has made even more in from the sale of their old Smith
Birthday Honours for services to
business and charities in Wales,
£220m property since then. By his own
admission, he is “astronomically
Square headquarters.
For Moran, this activity followed
Thomas can afford it. The family Christopher wealthy”. on from restoration of the 15th
money comes originally from Moran Chesterlodge, Moran’s main century Crosby Hall on the banks
the much more mundane world Chesterlodge holding company, saw its net of the Thames in Chelsea.
2009: £144m
of pies. The Thomas brothers, assets hit £210m in 2008-09, when The private palace was built by
(+£76m)
Stanley, 69, and Peter, 67, built it made a £1.7m profit on turnover City merchant Sir John Crosby in
up a large snack and pie business of £7.9m. We value it at £200m in the 1460s and was later owned by
which they sold to GrandMet in today’s climate. Sir Thomas More.
1988 for £75m. The family then Moran, 62, has been helping Moran bought the freehold in
went on to build the quoted TBI the NHS with designs for a £110m 1988 for just £100,000 and has
group, involved in property and cancer centre to be opened by since spent around £50m on
then airports. University College Hospital in restoration. Moran, who had a
There was a near £106m central London by 2012. controversial career in finance,
payout for the family late in He is also active in Tory should easily be worth £220m.
2004 when TBI, owner of
Luton airport, was taken over
in a £551m deal by the Spanish Manny Davidson Trust bought a Davidson. It showed £440m of
infrastructure company, Abertis. portfolio of Guildford high street net assets in 2005 when it made
The family also has commercial shops for £13.45m in December a £12.4m profit. The Davidson
property investments. A Spanish 2009. family’s 50% stake was worth
development, in which Peter had But he lost his right-hand man £253m when it was taken over
a 40% stake, was sold in 2005 for in the family property empire in entirely by British Land (which
£75m. Another £40m in other February 2009 when Jonathan had the other half already) in the
Thomas ventures take the family Rose left to join the Pears family summer of 2006.
to perhaps £225m. as group property director at Davidson has also owned other
the William Pears Group. Rose choice assets. The takeover of the
67
Manny Davidson & Family
£220m
spent more than 12 years with
the Davidson family, working
with Manny and his son Gerald at
Leopold Joseph merchant bank
in early 2004 netted Davidson
£5m for his stake.
Wolfe and Asda Properties. Other assets such as Fungo,
BL Davidson Manny floated the business in a property company, and Wolfe
2009: £200m (-£20m)
1985, before taking it private in Securities, add £20m, taking
At 79, Manny Davidson is still a £232m deal with British Land the Davidson family to £220m
active in the property market. His in 2001 which saw it renamed BL after tax.

67 into a property business and Rich by star sign
£220m pioneered development on the
fringe of the City.
Note: there are more than 250 in total as some
entries include two, or even three, people from the
Gerard O’Hare He left £119.6m in his same family
O’Hare Developments British will, which excluded Gemini 33
2009: £220m (No change)
assets held in France. Capricorn 30
Dr Gerard O’Hare was awarded a The Rayne family’s London Leo 29
CBE in the December 2009 New Merchant Securities merged with Taurus 28
Year’s Honours List for services to Derwent Valley in 2006 and they Cancer 24
higher education and regeneration. have a stake in Derwent London Sagittarius 23
He is a visiting professor at the which is worth around £195m. Aries 22
University of Ulster. In 2006, the family demerged Libra 20
The entrepreneur left his its investment division into a new Virgo 19
family building firm in his native company called LMS Capital and Pisces 19
Newry in 1997 to work on his own the Rayne family has a stake there Aquarius 18
property developments. now worth £24m. Scorpio 16
A chartered surveyor by trade, Taking into account some hefty
he had previously worked on charitable donations, we value
projects in Northern Ireland the Rayne family at £220m. of this in German property
through the 1990s, including and are now moving into the
Belfast’s Waterfront.
His Parker Green International
company is behind some of the
71 £209m
bioenergy field. They should
easily be worth around £208m.
73
North’s most important retail Alastair & Michael Powell
Cable Properties &
developments and he has further
shopping centres in the South, Investments £200m
including the Quays in Newry. 2009: £205m (+£4m) Martin Ainscough & Family
O’Hare, 52, has also been active Cleveland Cable saw its profits Ainscough Strategic Land
New entry
overseas. He added to his US fall sharply from £27.2m to
interests with two investments £6.1m on sales up from £217m Martin Ainscough, 58, is now
in the New York commuter belt to £190.6m in 2008-09. The devoting more of his time to
valued at more than £125m in net assets rose from £117.8m to extensive charitable works.
July 2007. £122.1m. He and his cousin Bill,
The company also bought a A property operation, Cable founder of Wainhomes, are
shopping mall in Connecticut, Properties & Investments, funding the £6.5m Wigan Boys
the Millford Retail Centre, for showed nearly £72m net assets in and Girls’ Club.
£50m. O’Hare has acquired a the same period. Between them Local football supremo Dave
mixed bag of investment and the two companies showed nearly Whelan is also involved with
development assets in Central £194m net assets. Ainscough.Whelan, owner of
and Eastern Europe. We value the companies Wigan Athletic football club and
With personal property and together at that figure. Alistair, the DW Sports Fitness retail
assets included, he should still be 58, and Michael Powell, 53, and leisure chain, won consent
worth around £220m, despite own all the shares in both. Past for the youth facility in May
the collapse in asset values. dividends and other smaller this year.
companies take them to around Ainscough Crane Hire was
67 £220m
£209m. founded in 1976 by Gerard
Ainscough. The Wigan-based
Robert Rayne & Family
Derwent London
2009: £125m (+£95m)
72
Bert & Maurice Allen
£208m
company was run by his three
sons Martin, James and Brendan,
until its sale for £255m in
October 2007 to its managers.
Quoted property group Derwent Bewley Hotels The Ainscough family had
New entry
has seen its share price rise around 90% of the shares worth
smartly in 2009-10 and it is now Slaney Meats group, a Wexford- around £230m. After tax and
worth just over £1.45bn. based meat processor, owned by allowing for other assets, which
The business is chaired by brothers Bert, 71, and Maurice include various Ainscough
Robert Rayne, the 61-year-old Allen, 68, showed more than companies, such as Ainscough
son of property tycoon Lord £71m net assets in 2008. Investments, the family should be
Rayne, who died in 2003. From its profits the Allens built worth perhaps £200m.
His death robbed London of a property portfolio through They are now investing heavily
one of its shrewdest property which they netted around £190m in property through Ainscough
developers. After war service when they sold their Bewley hotel Strategic Land, which looks for
with the RAF, Lord Rayne turned chain in 2007. sites to hold and develop on a
his family’s tailoring operation The brothers reinvested some Sir Stanley Thomas long-term basis.

73
Richest in Ireland
No Name Wealth (£m)
27 John Magnier 540
£200m 34
46
JP McManus
Kevin & Michael Lagan
490
350
Michael Oglesby & Family 46 Stephen Vernon 350
Bruntwood 58 Sam Morrison 296
2009: £295m (-£95m) 59 Sir Michael Smurfit & Family 295
67 Gerard O’Hare 220
72 Bert & Maurice Allen 208
75 Charles Kenny & Family 198
76 Joseph Brennan & Family 197
89 Francis & Shamus Jennings 166
93 Frank Boyd & Family 160
93 Michael Herbert & Family 160
106 Ken Rohan 147
126 Andrew Creighton 120
manchester tycoon 138
142
Jim McGettigan
Martin Birrane
114
110
Michael Oglesby’s Bruntwood is still actively buying good quality sites. 149 Frank Burke & Family 105
In July, it exchanged contracts to buy the City House development site in 159 Patrick Doherty & Family 93
Leeds city centre for £5m. 160 Patrick Kelly 90
After leaving school at 16, Oglesby was an apprentice plumber to his 160 Lord Rana 90
father, before both realised it wasn’t working and he went to college 167 Edward Lonergan 85
to do a degree in building. In 1970, he moved from Scunthorpe to 172 Noel & Miriam O’Callaghan 80
Manchester, forming Bruntwood five years later. Oglesby, 71, is now one 183 John & Ciara Byrne & Family 78
of the most high-profile property tycoons in the North West. 183 Bill McCabe 78
Bruntwood is easily the busiest developer in Manchester. He owns 195 Mark & Kathleen Kavanagh 69
more than 80 office buildings in Liverpool, Manchester, Leeds and 198 Sean Mulryan 66
Birmingham. The main family operation, Bruntwood , saw its profits 198 Eamonn O’Rourke 66
increase slightly £11.5m to £12.6m on £97.1m sales in the year to 201 James Egan 65
September 2009. Its net assets came in at £146.1m. In the current 209 John Miskelly 60
climate, we value it on the net asset figure. Other assets plus smaller 214 Jerry Conlan 59
but separate Bruntwood operations take the Oglesby family to £200m. 228 Tony Leonard 52
75
Charles Kenny & Family
£198m
With other assets, including
The Crescent, Limerick’s largest
shopping centre, we value the
77
David Mabey & Family
£196m
Kenny family at £198m in today’s
Clancourt difficult economy. Mabey Holdings,
2009: £200m (-£2m) 2009: £200m (-£4m)
The Kenny family own most of
Clancourt Group, owner of office
blocks in Dublin’s Harcourt
76 £197m
Joseph Brennan & Family
Mabey Holdings was started by
the late Bevil Mabey (who died in
April this year) after the second
Street. world war when he bought up
The company is unlimited Joseph Brennan Bakeries spare Bailey bridges from the
2009: £170m (+£27m)
but its main subsidiary showed army.
£247m net assets in its last filed Profits at family-owned The Reading-based firm has 13
accounts for 2005. Joseph Brennan Bakeries, offshoots that specialise in plant
Clancourt started the largest Dublin’s biggest bakery, hire, steel fabrication, property
single speculative development approached £3.6m on sales and construction-related
in Dublin for many years of £45.7m in its last accounts operations.
– a £200m scheme near filed for 2007. One of its subsidiaries, Mabey
St Stephen’s Green. The Brennans also have some Bridge, has unveiled plans
South Dublin-based Charles substantial property assets in for a £38m expansion aimed
Kenny, 75, has been developing London, including the Versace at making it the biggest UK
and managing prime office shop in Bond Street and the manufacturer of wind turbine
buildings in the city since the Hamley building in Regent Street. towers for onshore and offshore
1960s. The group has also been Other assets, such as Century sites. The expansion will create
active in Limerick where it sold Finance, take the Brennan 240 jobs, mostly in Chepstow.
the Parkway Shopping Centre family led by 68-year-old Joseph David Mabey, 49, used to chair
in 2006 for a sum reported at Brennan, to £197m in today’s the family-owned operation. In
£38m. market. Irvine Sellar the year to September 2009 it

went from a £217,000 loss to an consent in May. Nikal, which
£18.2m profit, though sales were showed just £377,000 net assets
down nearly £24m at £153.3m. in 2008, is bankrolled by tycoon
With £206.4m net assets, the Alan Murphy, 62, whose wealth
company should be worth £140m though came from more prosaic
in the current climate. Dividends, sources. He worked for Carnation
which have totalled nearly £68m foods and Gillette before opening
since 1996, and the separate his own supermarket.
Hare Hatch Holdings with nearly He sold up and in 1982,
£28m net assets, would normally after becoming involved in the
take the Mabey family to £200m wholesale paper trade, Murphy
after tax and spending. But its started AM Paper, which turned
Mabey & Johnson subsidiary big reels of tissue into toilet rolls.
was fined £3.5m recently for Fifteen years later, in 1997,
breaching UN sanctions against after AM had grown sharply on
Iraq and systematically bribing the back of £30m investment
foreign officials with so-called in new equipment, Murphy sold
“white man’s handshakes”. part of his stake for £100m,
Accordingly, we cut the Mabey and two years later, the rest
family back to £196m, even for £50m.
though it was the parent company With the property deals and
which owned up to its subsidiary’s personal assets, we reckon this
wrongdoings. fanatical Liverpool supporter
should be worth £190m today.
78
Manfred Gorvy & Family
£195m
79 £190m
Hanover Acceptances Irvine & James Sellar
2009: £170m (+£25m) Sellar Properties
2009: £165m (+£25m)
Manfred Gorvy’s diversified
property outfit, Hanover Construction is well under way
Acceptances, went from a£3.7m at the site of the Shard of Glass,
loss in 2008 to a £26m profit in Europe’s tallest mixed-use
2009, with sales rising sharply by building – designed by architect
£16m to £684m. Renzo Piano – which will soar
81
The business, with £206m 1,016ft above London Bridge
net assets, is owned by a
Luxembourg-based parent called
Station in 2012.
The 87-storey tower is part of more is
better for
Quadriga Holdings SA. It should the £2bn London Bridge quarter
be worth £180m in the current and is the culmination of years
mortstedt
climate. But we assume that the of labour for developer Irvine
Gorvy family, well represented on Sellar, 72. Sellar, who works with
the board, is the ultimate owner his son James, 37, on property
and value the family at £195m
with past dividends.
developments, has a 20% stake in
the tower, which is backed by four
£186m
Qatari banks. Sten Mortstedt & Family
79 We can see around £134m CLS Holdings

2009: £190m (-£4m)
£190m net assets in a dozen Sellar
companies. Not bad for a former
Alan Murphy market trader who became king The Mortstedt family’s stake in CLS Holdings is now worth
Nikal Investments of Carnaby Street fashion before around £145m. Share sales of more than £93m (including
2009: £180m (+£10m)
selling up in 1980 and moving £27m in 2006, £6m in 2008 and £22.5m in a 2009 share
Manchester-based developer Nikal into property. In 1991 his quoted buyback) make the family very well-heeled.
remained under the radar locally property group went bust and CLS – a former investor in the Shard of Glass
last year but has been making he lost £28m. But he has fought development at London Bridge – has been active recently
progress with work at Humber back since then. as a seller in the UK, France and Sweden, while also buying
Quays in Hull, while working Through his Sellar Property other assets in Germany.
up revised plans for the much- Group, he now owns a property The low-key Mortstedt, 70, a Swedish national, has been
delayed Altair in Altrincham. investment portfolio comprising on the board of CLS as chairman since 1994.
As the recession subsides, it is hotels, offices and shopping The shares recovered after the crash but in early 2010
also gearing up for a major new centres. With the tower now they started to drift down again. We value the Mortstedt
scheme in Salford, the £25m very much a reality, we value the family at around £186m.
Soapworks, which won planning Sellars at £190m.

duke looks beyond

his art treasures 82
The Duke of Buccleuch & Family
£180m
Buccleuch Estates
2009: £180m (No change)
Buccleuch Estates, the property holdings of the 10th duke, 56. The
arm of the Buccleuch family, immensely popular 9th duke,
recovered from an £18m loss to a Europe’s largest landowner, left
£7m loss in 2009 with sales down £320m in his will.
sharply at £40.6m and net assets The art treasures and antique
down £10m at £108.3m. furniture were valued in the will
The group has been at £224m. But in practice with our
re-orientating its business, selling treatment of aristocratic art works,
its estate agency and game and we cut that back to take account of
country enterprises operation, any likely tax bill should the new
which included the Spratts game duke want to sell.
food brand. In his case it would be 40%, so we
Meanwwhile, it is building a rural reduce our art valuation accordingly
property management operation to £134m.
and concentrating on commercial While the family’s huge land
property activities, renewable holdings were never very valuable
energy, tourism and sustainable and cost a huge amount in upkeep,
food. This highlights the ambitions diversification into property is
of the Buccleuch Group, which paying dividends. In all, we still
extend beyond the huge land value the new duke at £180m.
82
Kevin McCabe & Family
£180m
He joined the Teesland
property group in 1971 and
nine years later formed the
on the market with a £53m price
tag. It also provides affordable
accommodation for key workers
Scarborough Property Co. He such as NHS staff.
Scarborough sold the bulk of his property The company, founded in 1982
2009: £175m (+£5m)
empire to Valad, an Australian by Stuart Wall, made a loss of
Kevin McCabe’s Scarborough has property group, in June 2007 £24.6m in 2009 but, with net
had a frenetic year. In February, – just before the property crash assets of £209.5m, should be
it bought Modus from the – for £865m, which included worth perhaps £180m in the
administrators for £37m, and in debt. McCabe’s proceeds from the current climate.
April the group went through a original sale should have been the Wall, 59, owns it all.
financial restructuring. £142.7m we can see paid out to
In July, McCabe put the
100,000 sq ft Glasgow HQ of
Bank of Scotland on the market
his family and trusts in a special
dividend from the Scarborough
Group in 2007-08.
85
David Coffer
£175m
at £40m, a 6% yield. In the same Even after that, its new parent
month, planning permission was company, Scarborough Group Coffer Group
2009: £150m (+£25m)
granted for a three-acre former International, showed £88.4m
site in Congleton, Cheshire, net assets in 2008-09. With The final 50% stake in the Earls
acquired through the Modus deal. the dividend and his Chinese Court and Olympia exhibition
McCabe, 62, has significant investments, we value the centre operation held by David
leisure interests in China too, McCabe family at £180m. Kevin McCabe Coffer and Anthony Lyons was
including a controlling stake in sold in early 2010 to property
a Chinese football club called
Chengdu Blades.
His Scarborough Group has a
82
Stuart Wall
£180m
giant Liberty International.
Coffer’s property investments
operation, St James Capital,
substantial stake in the Chinese bought the centre in May 2004 for
property company Top Spring Opal Property Group £245m. With a career spanning
2009: £180m (No change)
Group, which is involved in more than 35 years in the property
developments in 11 major and Manchester-based Opal and leisure sectors, the move was
fast-growing cities across China. Property group is the biggest one of the highlights in his career.
McCabe has the firepower for provider of high-quality student Three years later, the first 50%
this. He trained as a quantity accommodation in Britain. At the stake was sold to Liberty in a
surveyor, and started working for end of July it put two properties, deal that valued the exhibition
Bovis in 1964 at the age of 16. one in Exeter and one in London, David Coffer operation at £380m.

Coffer continues to lead leisure
agent Davis Coffer Lyons and Serial director with In 1967, he set up his own
practice which later became
there are various other Coffer
Group companies with juicy 375 firms to his name Foster & Partners. Now regarded
as one of the world’s top
assets, too. In all, Coffer, 63,
should be worth at least £175m.
£175m architects, he is best known for
projects such as Hong Kong’s
Mark Steinberg new airport, the redesigned
85
Marcol Reichstag in Berlin, the
2009: £175m (No change)
£175m Mark Steinberg, Terrence Cole’s partner, runs Marcol, the
Hearst Tower in New York and
the Gherkin in the City.
Terence Cole London-based property company the pair set up in 1978. Foster had an 85% stake until
Marcol Steinberg, 51, is also a serial director with more than he sold a 40% share to 3i, the
2009: £175m (No change)
375 companies to his name. The largest firm we can see private equity giant, in May 2007.
London property entrepreneurs at Companies House is Compco Holdings, which showed The deal valued the business then
Mark Steinberg and Terence nearly £143m net assets in 2008-09. at around £300m. Foster should
Cole teamed up with a private Steinberg has a 40% stake in its parent. But his have received around £120m and
equity company in late 2009 to other directorships should easily keep him at a very be left with a stake worth £135m
buy Median, Germany’s biggest conservative £175m. at the time.
rehabilitation care provider, Though the company made a
which operates 27 acute clinics £38.5m profit on £152.1m sales
with around 6,000 beds in 19 in 2008-09. With past salaries
locations across the country. and property assets he should
It was a typically astute move be worth £170m after tax. We
by the pair who run Marcol, knock off the £2m he recently
a London-based company donated to Yale University’s
set up in 1978 to acquire real School of Architecture to fund a
estate throughout the UK and professorship in his name.
Europe. It comprises at least 40
companies that develop and own
property across Europe.
Steinberg and Tory party donor
89
Francis & Shamus Jennings
£166m
Cole, 78, have grown a large
portfolio with investments in the Cusp
2009: £146m (+£20m)
care home, residential, industrial,
retail and office sectors. One of Northern Ireland’s leading
The group also includes companies, the Rotary Group,
85
Industrial Securities, which was taken over by Australian firm
specialises in business parks, Hastie Group in a deal worth
warehouses and distribution almost £100m in February
space. 2008. But Ballyrogan Holdings
The pair have been shrewd in (Rotary’s holding company at
their dealings and sold off large the time of the sale) is still owned
parts of their portfolios while by the Jennings family. Shamus
retaining some assets to work Jennings, 56, is now chairman.
up in value. Earth and is hoping for better Ballyrogan made a £1m profit
With 360 directorships listed at luck on the Moon. and showed nearly £43m net
Companies House, Cole’s holdings It is part of a group hoping to assets in the year to September
are diverse. The largest company win a contract from the European 2009. The Jennings family also
we can see is Compco Holdings, Space Agency to test materials for owns the Cusp property group,
which showed nearly £143m building settlements on the lunar which recently spent £75m on
net assets in 2008‑09. Cole has surface. The mission, to develop a buying a retail park at Kendal
a 40% stake in its parent. But “more permanent presence on the as part of a wave of spending by
his other assets take him to a Moon”, is part of the Aurora space Ulster investors on the mainland.
conservative £175m. programme. Cusp, a successful developer,
Born in Stockport in 1935, is working on the £100m St
88
Lord Foster
£168m
young Norman Foster performed
well at school but left at 16 to
work in the Manchester City
Anne’s Square development in
Belfast. Cusp reckons its property
portfolio is worth £500m. It
Treasurer’s office. showed £95.2m net assets in
Foster Holdings He did his national service in 2009, and we value it at £80m
2009: £170m (-£2m)
the RAF and when demobbed in the current depressed climate.
Architectural group Foster & in 1961 went to the University After tax on the Rotary proceeds
Partners has been hit hard by the of Manchester’s School of and past dividends, the Jennings
global slump in construction on Architecture & City Planning. Lord Foster family should be worth £166m.

90
Henry Moser & Family
£165m
undisclosed sum, but reckoned
to be up to £120m. Widdowson
kept a 22% stake in the company,
It had to sell off assets and
change its strategy to conserve
cash during the severe property
which processes about 700,000 downturn. But there was some
Jerrold Holdings tonnes of scrap metal and made relief in March this year when it

2009: £165m (No change)
£11.8m profit on a turnover of secured food retailer, Morrisons,
Co-founded by low-key Henry £189m in 2009. as a tenant for its Galleries
Moser in 1973, Jerrold Holdings Widdowson has diversified into development.
specialises in secured lending to property through Kenninghall The estate dates back to
both residential and commercial Holdings, with around £15.7m 1717 but it was in 1985 that
customers. Moser, 61, left school of net assets in 2009. He owns a Anstruther-Gough-Calthorpe
at 16 and worked on stalls as a private dock on the Thames and Sir Euan Anstruther- inherited his title from his late
Gough-Calthorpe
market trader. another waste company, Total grandfather and the estate was
Jerrold Holdings saw its profits Waste Management. He has part of his inheritance. The estate
rise slightly from £68.7m to £69m also accumulated a war chest for would now be worth perhaps
on sales of nearly £149.5m in the property investments. £80m. His trusts made around
year to June 2009. Barclays Private Essex-based Widdowson should £40m profit in 1999 by selling
Equity invested £113.5m for a easily be worth £165m in the off 300 acres in Hampshire for
30% stake in September 2006. current climate. development.
Cautiously, we value the Anstruther-Gough-Calthorpe,
business at £200m in the current
climate. That values the Moser
family stake at £140m. Past
92
Eliasz Englander & Family
£162m
44, also has interests in America
and property in Europe. We still
value him at £160m.
dividends should add £25m.
93
Citywise
2009: £160m (+£2m)
Richest in the North West Englander, 78, has 138
£160m
No Name Wealth (£m) directorships and a complex web John Berkley & Family
11 John Whittaker 1,060 of companies. Through Citywise, The Berkeley Leisure Group
2009: £150m (+£10m)
19 Peter Jones & Family 673 the Englander family owns
31 Trevor Hemmings 500 Holborn Links with over £131m John Berkley chairs the Berkeley
73 Martin Ainscough & Family 200 net assets in 2008, when it made Leisure Group, a largely family-
73 Michael Oglesby & Family 200 an £8.4m profit . owned mobile home operator
82 Stuart Wall 180 The family also has several and property developer based in
90 Henry Moser & Family 165 other separate, smaller Yeovil.
93 Brian Scowcroft & Family 160 companies with net assets In 2008, its profits fell sharply
117 John Hindle & Family 130 totalling at least £100m. from £18m to £5.2m on sales
123 John Seddon & Family 126 In all, and allowing for of £15.9m (the 2007 figure had
140 Peter Dawson & Family 112 overlapping stakes, the Englander been inflated by the sale of an
142 William Ainscough & Family 110 family is easily worth £162m. asset).
172 Melvyn & Delia Grodner 80 The company has £56.8m
186
201
215
David Russell
Philip Davies & Family
John Finlan & Family
75
65
58
93 £160m
Sir Euan Anstruther-Gough-
worth of freehold properties but
states in its 2008 annual report
that they are worth around
245 James Spencer & Family 45 £100m more than the book
Calthorpe & Family value.
Calthorpe Estates The shares are largely owned by
90
2009: £160m (No change)
Berkley, 76, and his family, who
£165m Calthorpe Holdings plunged into
a £12.85m loss in 2008-09 when
take little out of the business. We
value them at £160m.
Gary Widdowson its net assets also fell sharply from
93
Kenninghall Holdings £21.6m to £6.5m.
2009: £160m (+£5m)
Gary Widdowson spent £25m
The company has been involved
in an ambitious development
£160m
on a 2,000 acre Norfolk estate in programme in the Calthorpe Frank Boyd & Family
September 2008. He can afford estate, which covers 1,550 acres of Killultagh Estates
2009: £115m (+£45m)
it. His father founded GD Metal leafy Edgbaston.
Recycling, with one depot in This includes the award- William Ewart Properties is one
north London. winning £40m Calthorpe of the largest property companies
But it was Gary, 52, who House, the £110m Edgbaston in Northern Ireland. In March
became the scrap metal king of Galleries development and a 2010, the company appointed
London. In February 2006, he £100m University Science Park Franc Warwick to find a buyer
sold the renamed Metal & Waste plan for the former BBC site at for its Victoria Place, Fulham
Recycling to Barclays for an Pebble Mill. Broadway and Hammersmith

Broadway shopping centres in Founded by Herbert in 1981, Scowcroft, a qualified
London, with a £300m price tag. Herbel prospered through The chartered accountant, went
Victoria Place, at Victoria Troubles as few rival fast food into industrial sites as he had
railway station, has been sold to chains dared venture into Belfast the capital to acquire the land
Network Rail for £95m. and other Northern Ireland cheaply.
William Ewart’s net assets towns. In all, with the success of
though fell from £282m to The business has also opened in Kingmoor Park, the earlier
£238.1m in 2008, when it made the Irish Republic and Scotland. Swinton proceeds and personal
a £3.8m profit after an £8m loss Herbel made a £4.1m loss on assets, we value the Scowcroft
the previous year. £64.7m sales in 2008, when it family, which includes his
The company was formed in had net assets of nearly £80m, low‑key sister, Janet Lefton, 52,
2002 when Frank Boyd and and we still value the business at at around £160m.
Andrew Creighton paid £90m £60m.
for the Northern Ireland and
British properties of a southern
property group called Dunloe
Herbert, 53, has also branched
out into property development
in Belfast and Scotland in a big
98
John Lynch & Family
£152m
Ewart. They each own 50%. way. His Lebreh operation had
Boyd, 56, started out as £111.2m net assets in its 2008 John Lynch (Builders)
2009: £152m (No change)
an electrician and owned an accounts. It should be worth
electrical contracting business £110m. John Lynch, 61, chairs the
in Belfast. In all, Herbert and his family family‑owned John Lynch
He began his career as a are easily worth £160m in the (Builders), an Ayr-based
property developer and investor current climate. property-to-construction group
in student housing before which has been built up over the
moving on to acquiring nursing
home sites and office market
opportunities.
93
Brian Scowcroft & Family
£160m
past 39 years.
The group had £11m net
assets in December 2008.
One of his other companies, But under Lynch’s shrewd
Killultagh Estates, is owned Alard Properties management, significant
2009: £160m (No change)
by his trusts, and has land holdings of around 280
developed into one of the Brian Scowcroft’s business acres of development land in
leading property companies interests seem to be faring pretty Scotland built up over the years
in Northern Ireland. well. He has over 100 tenants are currently worth around
It showed its financial muscle occupying around 1.5m sq feet of £100m.
in September 2005 when new or refurbished buildings at Other assets such as farms,
it snapped up the Fareham his Kingmoor Park on the site of investments and properties
Shopping Centre in Hampshire an old RAF base. take the Lynch family to around
for £110m. Even so, the net assets of £152m in the current economic
Killultagh Estates had £51.4m the Kingmoor Park Properties climate.
net assets in its 2008-09 operation fell £14m in
accounts. We can see another
£12m of net assets in other Boyd
companies.
2008‑09 to around £20m.
He has ploughed around £7m
of his own money into the
99
Paul Caddick & Family
£150m
In all, while we can see £182m 400‑acre Kingmoor site and,
of net assets attributable to Boyd with it, helped create more than Caddick Group
2009: £90m (+£60m)
and his family, we cautiously 1,300 jobs.
value the family at £160m in the It is the flagship in Scowcroft’s Paul Caddick founded
current climate. business park portfolio, which Yorkshire‑based Caddick
includes sites in Stockport and Group in 1979 and it has
93 £160m
Michael Herbert & Family
Leigh, as well as an operation in
Wrexham.
Before his property work,
evolved into a high-quality
property‑to‑construction
operation.
Scowcroft, 54, was boss of The group was involved in
Lebreh Swinton Insurance. the planned 1m sq ft Trinity
2009: £145m (+£15m)
It was founded in the front Leeds shopping destination
Herbert, voted Northern Ireland’s room of his father’s Manchester but, in November 2009, its 25%
top property man in 2006, is also house in 1957 and became one stake was sold to its partner,
a restaurant tycoon. of the largest car insurance Land Securities.
Herbel Restaurants, based companies in Britain. Caddick had bought the stake
in Belfast, holds the largest In 1988, the family started in 2007 for £75m.
Kentucky Fried Chicken franchise selling stakes in the firm to Sun Caddick is expanding fast
in Europe and also acts as a Alliance. By the early 1990s, in retirement homes through
franchise for Haagan-Dazs ice the Scowcroft family had made its Oakbridge Retirement
cream. around £150m from the sale. Brian Scowcroft Villages joint venture, which

plans to build three retirement

villages in the UK each year.
The group also shares
99
David Gabbay & Family
£150m
ownership of the Headingley
Carnegie Stadium home of Leeds O&H Capital
2009: £250m (-£100m)
Rhinos and Leeds Carnegie
(formerly Leeds Tykes) rugby Gabbay and partner Eli
teams and Yorkshire County Shahmoon have had a tough time
Cricket Club. recently but still have substantial
But the lack of England test assets in their O&H property
matches at Headingley until operation.
2012 is likely to hit its finances O&H Holdings saw its net
hard. assets fall sharply from £478m to
In the year to August 2009, £255.5m in 2008-09.
Caddick Group made a £2.8m The parent company has been
loss on £64.6m sales while net reorganised but we assume that
assets came in at £42.5m. the Gabbay and Shahmoon
The Caddick family – led by families own half. In the current
60-year-old Paul Caddick – and climate, we value the business on
trusts own more than 90% of the net assets. In all, we reckon
the shares. Gabbay, 66, and his family must
Other private assets and sale be worth around £150m with
proceeds take the Caddick family past salaries (more than £30m
a model mogul
to around £150m. from 2001-08).
99 £150m 99 £150m
Charles Clowes
Clowes Developments
2009: £130m (+£20m)
99
Nick Leslau
£150m
Eli Shahmoon & Family
O&H Capital
2009: £250m (-£100m)
East Midlands entrepreneur Prestbury Investments Eli Shahmoon, 43, is the
2009: £130m (+£20m)
Charles Clowes bought Wilson partner of David Gabbay
Bowden Developments’ Nick Leslau managed to float his Max Property Group in the London‑based
290‑acre industrial and on the stock market in May 2009 valued at £220m. It was property‑to‑construction group,
distribution portfolio for the the first flotation in London of the year and raised £20m O&H Holdings, which showed
knock-down price of £46m more than planned. around £255.5m net assets in its
in late 2008. Max intends to exploit the weakness in the UK property 2008-09 accounts.
Clowes Developments, market by picking up bargains. The company is now worth O&H capitalised on renewed
established more than 40 years £224m, valuing Leslau’s stake at £20.4m. demand from the institutions
ago, has an impressive record of The son of a jeweller, Leslau grew up in a modest at the end of last year with the
commercial, retail and residential three‑bedroom house in Cricklewood, north London. sale of an office block on Conduit
development. In his 20s, he was a part-time model and appeared as an Street, W1, to Threadneedle for
These include industrial extra in pop videos. £24.1m – a 6.38% yield.
parks, industrial land in Corby, After training as a chartered surveyor, he teamed up The Shahmoon family
Birmingham, Wednesfield, Castle with Nigel Wray to build Burford Group into a £1 billion owns half of the business.
Donnington and the Dove Valley business. Past salaries, dividends and
Park in Derbyshire. In 1997, he started his Prestbury operation, which other assets should take the
Its investment properties he co-owns with Wray. Leslau correctly anticipated the Shahmoons to £150m.
include three in central London – property slump, and the pair sold off properties well before
in Harley Street, Eaton Place and the start of the credit crunch.
Edgware Road. Leslau redeployed the money elsewhere in budget Rich by decade born
Clowes owns all the shares hotels, private healthcare and theme parks, all of which Note: there are more than 250 in total as some
in the company which made hold up well in recessions. entries include two, or even three, people from
£1.9m profit on £11.4m sales in These assets have been secured on long leases with the same family
2008‑09. regular upward rent reviews. 1920s 11
It has nearly £59m net assets Prestbury Investment Holdings had £65m net assets 1930s 65
but reports in the property press in 2009, and Leslau has a near 52% stake. In the current 1940s 83
suggest that Clowes is looking to climate, we value it at £100m. 1950s 77
sell up for £300m. The profits from past deals, his Max stake, hefty 1960s 38
We cannot accept that dividends of more than £40m since 2000, and his personal 1970s 4
valuation and, in the current property assets, easily take Leslau, 51, to £150m, even in 1980s 1
climate, we settle for £150m for today’s still difficult market. 1990s 1
70-year-old Clowes.

horses are his pride
99
Sir Robert Ogden
Ogden Group,
£150m
2009: £115m (+£35m)
Sir Robert Ogden received a crushing blow in 2009 when his race for horseflesh (he was a big purchaser at the Tattersalls,
horse Exotic Dancer died at Aintree, but he has another stable star Newmarket, bloodstock auctions in late 2009).
in the shape of Voy Por Ustedes. Ogden now runs a number of companies from his
Ogden, a long time racehorse owner, made his fortune Yorkshire base, including Condor Aviation, Ogden Properties
through coal. But his long association with the industry ended and Nevison Properties, with more than £68m net assets
in 2006 when he sold his coal washing and processing business between them in 2008. But with many other private interests
– A Ogden & Sons – for £24.5m. He has a number of property and the fine collection of horses, the 74-year-old Ogden is
businesses and assets which underwrite Ogden’s passion easily worth £150m.
105
Nick Capstick-Dale
£148m
Since then, through his main
company, UK Real Estate,
based in London, he has been
We can see another £3m net
assets attributable to Rohan in
other smaller companies.
assembling an impressive In all, with other assets and
UK Real Estate long‑term portfolio, now with recent dividends, he should be
2009: £122m (+£26m)
around £150m net assets. worth £147m in the current
Property investor Nick Capstick-Dale has very low climate.
Capstick‑Dale made a smart borrowings and has been able to
move by investing early in the
area surrounding London’s
Kings Cross. He spent nearly
buy sites in the downturn at huge
discounts. 107 £145m
106
£4m in June 2006 buying Graham Harris
London & City Group Holdings
The Lighthouse building at
the junction of Gray’s Inn Road
£147m 2009: £117m (+£28m)
in London. Ken Rohan Graham Harris owns London
It is the first building that Airspace Investments & City Group Holdings, a
2009: £165m (-£18m)
anyone leaving King’s Cross sees London‑based property operation,
and work finally started on the Profits at Irish property company where he is also a director.
site in the summer of 2010 with a Airspace Investments fell sharply The company specialises in the
completely new building behind in 2008 from £26.3m to £7.1m fast-moving and ever-changing
the old facade. when it showed £125m net London lettings market and the
It follows on from Capstick- assets. In May 2009, owner Ken super-prime market in France in
Dale’s new Covent Garden-style Rohan, a 66-year-old veteran Paris and around the Alps.
leisure-to-retail complex which property man from Wicklow, gave In 2008-09, London &
he built in the heart of the area. each of his three children a 14.8% City made £689,000 profit
With the Eurostar trains now stake in the company. on £48.6m sales, but its
using the St Pancras international Rohan is involved in the net assets jumped from
terminal and a huge regeneration industrial sector, concentrating £138.8m to £143.3m.
underway, he is in the right area on the north side of Dublin as The company reports strong
at the right time. well as a range of other interests demand for its French assets
Capstick-Dale, 48, learnt about in Ireland, Britain and Barbados. and its London commercial
property working for an estate Rohan also has a strong UK properties and expects that its
agency for four years. In 1986, he property portfolio. rental income will grow to £50m
started trading in property and, He worked in the London Stock over the next three years. It has
in 1989, three months before the Exchange before returning to no funding problems, despite the
property crash, he sold all his Ireland to join the Rohan Group, banking crisis.
properties. which was set up in the 1960s by We value the business on the
A year later he was buying his brother, John. Ken Rohan net asset figure. With other
back some of his assets at a 40% became managing director of the assets, Harris, 63, should easily
discount. group in the 1970s. Nick Capstick-Dale be worth £145m.

£74.4m. His sons are very much

ronson flying high with heron in the driving seat at Churchill
Retirement, which has recently
been valued at about £120m.
With the earlier sale proceeds
and other assets, we value the
McCarthy family at £140m.
110
Chris Marshall & Family
£136m
Marshall Holdings
2009: £130m (+£6m)
Profits fell in 2008 from £16.3m
to £5m on sales down from
£114.8m to £107.2m at Chris
107
Marshall’s Leeds-based company,
Marshall Holdings.
Credited with being the most
successful speculative developer
in the region, Marshall, 71, runs
the company started by his great
grandfather in 1901 in a very
low‑key manner.
£145m Then he became embroiled in the 1986
Guinness scandal. Ronson served six months
Not that he needs publicity
for when he does a deal the rest
Gerald Ronson & Family of a 12-month sentence in Ford Open Prison of the market sits up and takes
Heron after being convicted of secret share buying notice. Marshall reckons that
2009: £180m (-£35m)
agreements in connection with Guinness’s with a solid balance sheet and
Gerald Ronson’s £500m Heron Tower in the £2.8bn bid for the Distillers drinks company. a good relationship with the
City has now reached its full 46 storeys, and in At the same time, Heron nearly went banks, Marshall Holdings is well
July secured its first tenant. bankrupt, a victim of the early 1990s property positioned to take advantage of
Ronson, 71, put in £44m of his own money, downturn. But Ronson emerged from prison any upturn.
and the Oman government backed him in and rebuilt the operation – something he Despite the economic climate,
late 2006 to finance what he calls a “six-star” makes much of in his 2009 autobiography. Marshall Holdings’ net assets
scheme. After seven years in construction, the Heron International, the parent company, rose from £153.7m to just under
794 ft structure will be ready in 2011. Even so, made a £22m profit and showed £434.5m £160m in 2008, demonstrating
Ronson is cautious in his plans. net assets in 2008. Ronson earned a £12.9m its resilience. It is easily worth
Next to the tower he is developing the salary in 2007. Outside Heron, Ronson has the £130m.
24-storey Heron Plaza. But he is now looking Snax 24 petrol retailing business which made We add £6m for past dividends
to turn that into a 5-star hotel development £1.9m profit on £197.2m sales in 2008, when to the Marshall family.
rather than yet more offices. This is why it showed nearly £43m net assets. With strong
Ronson is regarded in property circles with
awe for his ability to do a deal, spot a bargain or
make a turn.
cash reserves, it is easily worth £60m.
Ronson revealed recently that over the
past 25 to 30 years he has given away £35m to
111 £135m
Anthony Brotherton-Ratcliffe
In the 1970s and 1980s Ronson built his charities. On the back of this huge generosity
Heron property empire and a £600m fortune. we clip him back to £145m. & Family
Croudace Holdings and
Maybrook
109
2009: £125m (+£10m)
make a £4.5m profit, is run by
£140m brothers Spencer and Clinton
McCarthy, 46.
Croudace Homes recovered in
2009, moving from a £28.4m
Clinton McCarthy & Family They learnt all about the loss into a £1.5m profit. The
Churchill Retirement Living retirement home market from Caterham-based company has
2009: £115m (+£25m)
their father, John McCarthy. He more than £77.3m net assets.
Specialist house builder Churchill set up McCarthy & Stone, which The planned £100m sale of the
Retirement Living predicts a was floated on the stock market business had been abandoned in
shortfall of 62,500 retirement in 1982. May 2008.
homes by 2020. As a result, it is He grew the business but left The potential buyer, Hyde
defying the downturn by buying in 2004 after backing a first Housing Association, wanted
60 new sites. The Hampshire- rebuffed bid for the operation by to cut its price in the light of the
based operation, which in the his sons. McCarthy stood down credit crunch and subsequent
year to May 2010 is expected to as chairman and sold his stake for collapse in the housing market.

family big in midlands Other assets, such as White
Rose Finance (£5m net assets)
111
should take the Guthrie family to
perhaps £135m after tax.
114
Tony Bramall & Family
£132m
Bramall Properties
£135m 2009: £92m (+£40m)
Peter Horton & Family Tony Bramall spent £18.5m in
Hortons’ Estates February 2009 acquiring a Leeds
2009: £160m (-£25m)
office block using his own money
and no debt. It was seen as a cash-
rich buyer taking advantage of
falling property prices.
Horton Estates made £6.3m Horton as chairman in 2008. Bramall’s money comes from
profit on £15.3m sales in the year The family‑owned company the car trade. After training as
to September 2009, but the net remains one of the Midland’s an accountant and working in a
assets fell sharply from £149.8m largest property investment and Sheffield estate agency, he began
to £116.2m. development companies with a his life-long association with the
However, in the period from portfolio across the retail, leisure, car trade in 1963 when he joined
1996-2009, the family had £36m office and industrial sectors. his father’s Sheffield-based car
of dividends before tax. We value the company at dealer, later taking over the reins.
Peter Horton, 41, now £115m, slightly below the net The company was floated in
leads the Horton family on the asset figure, adding more than 1978, and nine years later Bramall
board of Hortons’ Estates as £20m for past dividends and agreed his first takeover by Avis,
deputy chairman, following other assets after tax to the collecting £45m for the family
the retirement of Michael Horton family. stake.
But retirement did not beckon
then and in 1990 Bramall put
Croudace Homes is but 1993‑2005, take the family to £1.5m into his second car
one part of the property-to- around £135m after tax. venture, called CD Bramall.
housebuilding operation run by In January 2004, he sold the
the Brotherton-Ratcliffe family.
Croudace was actually founded
in 1946 by Oliver Croudace
111
John Guthrie & Family
£135m
Harrogate-based operation to
the much larger Pendragon in a
£230m takeover, netting £76m
and initially involved in minor for his stake.
contracting works. Broadland Properties He raised eyebrows in the
2009: £120m (+£15m)
Jack Brotherton-Ratcliffe, car trade in April 2006 with
who served in the RAF with A chartered surveyor by training, his third foray by paying £56m
distinction during the second John Guthrie chairs Broadland to acquire a stake in Lookers,
world war, arrived as a partner Properties, the Scarborough Britain’s second biggest quoted
and bought out the business property operation. car dealership.
entirely in 1950. He died in The business, which was The move effectively scuppered
2009, aged 90. started in 1950, saw its profits fall rival Pendragon’s £245m bid
But the business still remains to just £2.2m on £27.8m sales in for Lookers, which Bramall had
in family hands and is now run by the year to September 2009. But opposed. That stake is now worth
his son Anthony, 60. we value Broadland at £120m, £46m.
Aside from Croudace Homes slightly below its £127m net Bramall, 74, also had another
Group, the family also own assets. car dealership, Bramall & Jones,
Croudace Properties Group and Guthrie was the biggest that was sold for around £24m in
Maybrook Properties, which are winner from the May 2005 sale March 2010. Bramall’s proceeds
faring well. of the Merchant Retail business should have been £18m.
Between them, the two made to Hong Kong billionaire, Li We can also see another £34m
around £8.3m profit in 2008 Ka-Shing, for £222m cash. of net assets in the 2009 accounts
when they showed over £89m Guthrie, 74, picked up 10% of of Bramall Properties and
net assets. the company “many years ago” Winterquay, two property and
In the light of the failed sale, when the shares were trading at farming ventures.
we value the three businesses just 9p. The takeover price valued In all, the Bramall family is
at around £120m. each share at 197p, so Guthrie easily worth around £132m
Other assets, including made a profit of around £22.3m after tax and reinvestment of
£35m of dividends from on the deal. sale proceeds.

pearl’s strategy pays ofF
115

David Pearl
Structadene

£131m
2009: £147m (-£16m)

David Pearl left school at 15 and spent four years packing cardigans into
boxes to earn his living. He switched to property on the advice of an estate
agent friend and, after two days, decided he liked the business.
Last year, his Structadene business saw its profits rise from £4.5m to
£23.6m thanks to a strategy of selling off assets. He became a frequent
seller at auction and intends to reduce the size of the portfolio by as much as
a third over the next five years to reduce Structadene’s £838m of debt.
The company’s net assets came in at £127m, down again on the
previous year. We value Structadene on the net asset figure. Pearl, 65,
owns it all.
We add £4m for his stakes in smaller companies such as the Good Vibes
gym chain and his past salaries.
115
Julia Davey
£131m
as Number One, at an advanced
stage, we value Davey, 53, at
around £131m.
£390m. The brothers have more
than 80 companies, the biggest
being Boultbee Construction with
£126m net assets in 2008. when
117
Angel Group it made a big loss of over £43m.
2009: £131m (No change)
Julia Davey was an estate
£130m Smaller companies add another
£5m net assets.
agent before she branched out Steve & Clive Boultbee The banking crisis in late
into the renovation and sale Brooks 2008 forced the Boultbee Brooks
of apartments. After 10 years Boultbee to replace £80m of facilities
2009: £200m (-£70m)
of hard work, she built the previously provided by the failed
Angel Group, a London-based Steve and Clive Boultbee Brooks Lehman Brothers. Cautiously, we
property operation, which has sold off three Swedish shopping value the pair at £130m, allowing
started to move into government centres in June 2010 for £125m. for any debt in the business.
accommodation contracts and, The funds will be reinvested in
in parallel, the acquisition of
properties and developments.
Currently, the Angel Group
central and northern Europe.
The brothers – Steve, 49, a
mechanical engineer and intrepid
117
Cyril Dennis & Family
£130m
is involved in major projects in polar explorer, and Clive, 47, a
London and other developments chartered surveyor – grew up on Rumford Investments
2009: £130m (No change)
in Eastern Europe, Cyprus, and a farm in Staffordshire, though
Israel. It is also building up a their father was a stockbroker. In March 2009, Dennis spent
chain of smart boutique hotels They sold their cars in 1987 for more than £23m acquiring the
and top level wedding venues. £5,000 to take on the property 403-bedroom Le Méridien Beach
The group made a £2.9m world. They started by buying Plaza hotel in Monte Carlo.
profit on £31.5m sales in and redeveloping industrial space In nearby Antibes, he is
2008‑09. in Shoreditch, on the fringes converting the former Le
It has £64.3m net assets and, of the City. In the 1990s, they Provençal Hotel into 60
with other companies such as the developed office and industrial apartments after it had been left
£7m Angelic Interiors, Davey’s space in the Midlands. After empty by its previous owner for
business assets should be worth narrowly surviving the property 34 years.
more than £80m. crash, they turned to retail. Dennis, 66, has a good pedigree
We add another £51m for her It is in the Nordic region that in shrewd property deals. He sold
property and personal assets. their company, Boultbee, has a 3.3 acre site on the Isle of Dogs
With a planning application done really well in recent years. In for £47m in September 2006.
for a landmark 42-storey tower 2008, it sold Helsinki’s Kamppi Nine years previously, he bought
in London Docklands, known shopping centre for around the site for just £2m.

Dennis has also secured dealer father, who founded acreage in Lincolnshire,
approval for a development at Coldunell in 1959. Somerset, London’s Park Lane
Peruvian Wharf in the London Dunsdon is renowned as one and the United States.
Docklands at the fourth attempt. of the shrewdest operators in Sutton will also play a crucial
He has owned the site, which the property auctions market. role in Grimsby Town Football
was recently touted as a possible He began his career attending Club’s plans for a new £15m
location for the UK’s first giant auctions at the Fur Trade House stadium as it will be built on land
casino, since 1999. A £67m in the City of London, the he currently owns.
development in Liverpool was also birthplace of modern auctions, We value the estate on its
completed in 2006 by Dennis. before it moved to the Connaught £123.6 net assets. adding £5m
He began his development Rooms in Bloomsbury in the for past dividends and other
work as the half owner of an early 1970s. assets. In 2008-09, the company
Essex housebuilder, which he We value the company below gave the Conservative Party
sold in 1987. After a spell advising its net assets at £100m in today’s £2,800.
the Berisford Group, he built up climate, adding £30m for
his own property business with a
portfolio spread across the UK.
other assets.
122 £127m
In 1994, Dennis sold 75% of the
portfolio to Legal & General for
£116m, netting a profit of £50m
117
John Hindle & Family
£130m
Mathias & Miriam Kraus
Pall Mall Investments (London)
2009: £100m (+£27m)
in the process.
Today, we can see around 50 Brookhouse Properties Mathias and Miriam Kraus, both
2009: £90m (+£40m)
small companies, including 68, own Pall Mall Investments
Rumford Investments, held by Brookhouse, a Sale-based (London), a North London-based
the Dennis family and trusts. industrial and residential property group, which made a
They have around £50m net developer, has worked on £908,000 profit in 2008-09,
assets. With the developments in schemes from London Docklands and has net assets which fell from
the pipeline and the profit from to Glasgow. £155.4m to £125.6m.
the Isle of Dogs sale, we keep the It is run by veteran property But with the property
Dennis family at £130m. man John Hindle, 76, and has downturn easing, we value the
been in business since 1932. business on the net asset figure.
The company reports that it We add £1.4m for past dividends
Richest in the South West has a £240m property portfolio, to the Kraus family.
No Name Wealth (£m) net assets of £139m and a rent
18
55
55
Prince Charles
Harry Hyams
Charlotte Townshend
680
320
320
roll of £14m. But this is difficult
to firm up as the parent company,
Brookhouse Group, is owned by a
123
John Seddon & Family
£126m
93 John Berkley & Family 160 Luxembourg-based trust.
109 Clinton McCarthy & Family 140 Nevertheless, it made a £4.3m Seddon Group
2009: £85m (+£41m)
117 Steve & Clive Boultbee Brooks130 profit and showed nearly £82m
121 Sir Richard Sutton & Family 129 net assets in 2009. Seddon Property Services landed
140 Jonathan Hitchins & Family 112 We assume it is owned by the a £19.5m maintenance contract
193 Nicholas Porter 70 Hindle family and, taking into for a social housing provider in
219 Dan McCauley 56 account other company assets, we February 2010.
228 Mark Kay 52 value the family on the £130m This explains why the company
net asset figure given on the is on a roll, doubling its turnover
company website. and taking on 400 more staff
117 since 2004.

PÄl Hansen
John Dunsdon & Family

Coldunell
£130m
121 £129m
Sir Richard Sutton & Family
Steve Boultbee Brooks
It is part of the Cheshire-
based Seddon Group which
was founded in 1897 by two
Lancashire bricklayers.
2009: £130m (No change) Sir Richard Sutton’s Settled The modern Seddon Group
Esher-based property company Estates was created in 1957 and it is
2009: £115m (+£14m)
Coldunell saw its profits slump now run by the third and fourth
in 2008-09 from £5.8m to Profits at 73-year-old Sir Richard generations of the family.
£2.8m on sales of £10.7m. Sutton’s Settled Estates rose It is also involved in property
Its net assets also fell from sharply in 2008-09 from £2.8m development and golf club
£125.2m to £112.2m. to £3.6m and sales were up management, while Inspired
The business is run by John slightly at £13.2m. Developments is the group’s
Dunsdon, 58, and owned by his Sutton inherited the title from regeneration division.
PÄl Hansen
family and trusts. Dunsdon had his father in 1981 and runs the The first non-family member
a surveying background but property-to-farming group. now chairs the company but John
learned more from his property The Suttons have valuable Clive Boultbee Brooks Seddon, 75, is here as the senior

property
family member representing the His main operation is Sorbon
family and trusts which own the Investments, which made a
Tycoon
company. £3.6m profit on £13.1m sales in
In 2009, the Seddon Group 2008. It has £60.8m net assets.
with art
made an £8m profit on £253m But other Shanly companies,
sales. We value the company on including Sorbon Homes, add
its £85m net assets figure. around £79m further net assets
The Seddon family also own
Seddon Properties, which showed
in 2008.
We value the businesses
at heart
£41.5m net assets and turned in slightly below the total net asset
£2.2m profit on £2.8m sales in figure at £110m, and add £12m
2009. for Shanly’s past salaries and
With other assets, the wider other assets.
Seddon family should easily be
worth £126m.
126 £120m
124
Michael & Robert Slowe
£125m
Andrew Creighton
William Ewart Properties
2009: £90m (+£30m)
J Leon A former plumber, Andrew
2009: £95m (+£30m)
Creighton has become one of
Cousins Michael, 75, and Robert Northern Ireland’s leading
Slowe, 73, are directors of J developers, with a 50% stake in
Leon, a family-owned property
investment and holding company.
Based in London, the company
William Ewart Properties.
With partner Frank
Boyd, a former electrician,
126
David Roberts
£120m
and family are very low key. In Creighton came to prominence
2009-10, the firm made a £4.3m in 2002 through one of the Edinburgh House Estates
2009: £105m (+£15m)
profit on £6.7m sales and showed biggest property deals in
record net assets of £177m. Belfast’s history. David Roberts sold the majority of his UK portfolio in 2004
With low borrowings and The pair spent £90m and headed to Germany. Aside from property, Roberts
a strong balance sheet, the buying out the Northern is best known as the man behind the philanthropic David
company is easily worth £120m Ireland property holdings of Roberts Art Foundation in London.
in today’s market. Dublin‑based Dunloe Ewart, A former chief executive of Bourne End Properties,
We add £5m for dividends gaining around 12 properties, he now runs Edinburgh House Estates which, despite its
and other assets to the wider including Lanyon Place, the name, is a London-based property operation. Its parent,
Slowe family. Howden Sirocco site, Windsor Edinburgh House Estates (Holdings), made a £1.3m profit
House, and three London-based on turnover of £52.9m in 2008, when its net assets fell
125
Michael Shanly
£122m
properties, along with an area
around Cathedral Way which
has been touted as a new retail
from £165m to £141.2m. Roberts has a near 78% stake
worth £110m in the current climate. His art collection
and other assets, such as a stake in Bawtry Properties,
extension. should take Roberts, 54, to £120m easily.
Michael Shanly This formed the basis of
2009: £82m (+£40m)
William Ewart which, in 2008,
In January 2010, the Michael
Shanly Charitable Trust stepped
in to ensure that an outdoor
showed £232.4m net assets and
a £3.8m profit.
The company began marketing
126
Fawn & India Rose James &
£120m
activities centre costing £3m its three London shopping
could be developed in Marlow, centres for £300m earlier this Family
the Thames-side town. year and has sold one – next to Soho Estates
2009: £120m (No change)
The charity also helped the Victoria Station – to Network
local Age Concern charity with a Rail for £95m. Fawn James inherited the bulk
new kitchen. We can see other companies of the property fortune owned by
The Thames Valley and owned by Creighton, including her grandfather, Paul Raymond,
Buckinghamshire is fertile Hazelhaw Properties with who started out on his path
territory for Shanly, 64, who £1.8m net assets in 2009, to riches through top-shelf
founded the upmarket Michael and Dorgan Properties with magazines and Soho clip joints.
Shanly housebuilding operation £1.1m net assets. In all, more Raymond’s property business
in 1970. than £125m of net assets are grew as he moved into upmarket
He chairs and owns at least attributable to him. Kensington and Notting Hill,
13 significant but separate But cautiously, we value but he never failed to buy up any
building or development Creighton, 49, at £120m in building in Soho that came on the
companies. today’s climate. market.

Soho Estates Holdings, the
main Raymond company,
made £16m profit on £26.3m
veteran
still in the
130
Jeff Smith
£119m
sales in 2008. It has £372.8m
Proudreed
net assets.
In addition, there are £27.3m deal mix 2009: £65m (+£54m)
net assets in the magazine Smith’s main wealth is in a
business, Paul Raymond property company, Proudreed,
Publications. which he owns jointly with
Raymond was always Caspar Macdonald-Hall.
determined that Fawn and India The firm made £12.8m profit
Rose James, the daughters of on £31.8m sales in 2009 and
his late daughter Debbie, would has more than £130m net assets.
inherit his estate. His will left Smith’s stake there should be
£75m to his granddaughters. worth £65m.
But with the huge asset base in We add £5m for other assets
Soho, most commentators think such as his Hampshire stud farm
there is a lot more tucked away for and string of racehorses.
the family. Smith also had a £24m stake
Cautiously, however, we still in AIM engineering, which
value the granddaughters and makes aircraft seats and safety
family at £120m until we can systems. Profits soared to £15.1m
see more. in 2009. AIM was subject to a
Fawn, 24, having finished a
degree in social anthropology at
St Andrews University, became
130
Elliott Bernerd
£119m
management buy-out in June
2010. In all, 64-year-old Smith is
worth £119m.
a director of the Raymond
132
companies in 2007, but India Chelsfield
2009: £219m (-£100m)
Rose is still too young to join
the business. Chelsfield Partners, the property company of Elliott
£118m
Bernerd and another property veteran, Sir Stuart Lipton, Bill Gredley & Family
126 lost £101.3m in 2008. Chelsfield, with a raft of heavyweight Unex Corporation
2009: £95m (+£23m)
£120m backers, also disclosed that at 31 December 2008 it was in
breach of certain financial covenants on £155.7m of loans. Bill Gredley is well liked by the
Gerard Versteegh & Family But the slight improvement in the property world pensioners in his neck of Suffolk.
Gerard Versteegh Holdings since the accounts were audited in September 2009 has Every Christmas for the past
2009: £120m (No change)
eased the pressure and the loans do not need to be repaid seven years, he has treated 700
Gerard Versteegh has been immediately. It was the heavyweight backing of Qatar pensioners to a three-course
involved in the London property which enabled Elliott Bernerd, 65, to beat off competition lunch. He also takes several
market since his mid-20s. to land the American embassy site in London’s Grosvenor hundred to Great Yarmouth on
The 50-year-old low-key Square in early 2009. When the Americans leave for a new an annual summer day.
Swede started managing embassy south of the river, the old site will be redeveloped But it is racing where he has
properties for Scandinavian in a £500m scheme. made his name in the wider
companies in the UK through In March, Chelsfield teamed up with London & Regional world. His silks – yellow, black
his London-based property to buy a 50% stake in Elizabeth House in SE1 for £85m, and yellow striped sleeves,
consultancy, Commercial Estates and in June it worked with Olayan Group to buy £580m white cap – are among the most
Management. of Knightbridge assets. Bernerd, who has been fighting familiar on the turf, and were
Today, we can see some cancer, previously ran another Chelsfield operation, which carried to victoryin both the Oaks
asset‑rich companies where he founded in 1986, floated on the stock market in 1993 and and St Leger by his famous horse
he is a director, led by Gestrix, then took private in May 2004, pocketing £45m from selling User Friendly.
which showed £191m net assets part of his stake. He reinvested the rest, worth around Gredley, 77, is also a shrewd
in 2006. £56m, in the company. Five months later, Bernerd sold the property developer. His Unex
Gestrix showed only modified business, turning his £56m into £82m. He kept the rights to Group operation showed a
accounts in 2007, but £12.7m the name Chelsfield and naturally started again. £10.6m loss in 2008-09 when its
profit. It also shows only modified Bernerd also has the separate Chelsfield Investments net assets fell from £116.9m to
accounts now, but its parent had International, which is involved in large projects in Italy £102.7m. We value the company,
£4m assets in 2009. and Gibraltar. In December 2005, he also took a one-third owned by Gredley and his family
Another dissolved Versteegh stake in a £400m European property fund and acquired a trusts, on the net assets.
company – Anglo Scandanavian minority stake in 47 cinemas in Poland. Gredley’s racing interests,
Estates – showed more than But in the current climate and after the hefty losses a £13m dividend in 2002-03
£95m net assets in 2006. at Chelsfield Partners, we cut Bernerd back to £120m, and smaller companies we can
In the current climate, we lopping off a further £1m for his generous donation to see with net assets of £2m, take
keep the Versteegh family at the Saving Faces charity. him and his family to around
around £120m. £118m after tax.

132
Anthony Khalastchi & Family
£118m
We value the businesses at the
net asset figure, adding £15m for
other Khalastchi family assets.
residential property in the 1960s,
selling his last properties in 1988
for £30m. We have not seen
any accounts recently but after
132
Flodrive Holdings that deal, the net assets rose to
2009: £105m (+£13m)
Property investor Tony
£118m nearly £85m.
Kirch has been involved in a
Khalastchi sold two DIY store David Kirch bewildering array of investments
sites in February 2010 for a Channel Hotels & Properties and takeovers, ranging from
2009: £118m (No change)
combined total of £17.88m. leisure to health care. But even
In October 2009, he sold eight Jersey-based property investor with recent deal-making and
properties at auction – most of David Kirch has often shown a asset sales, 74-year-old Kirch
which were in London – at prices good sense of timing. Early in 2008 cannot be immune from the steep
he says he could not have fetched he sold a portfolio of properties to fall in asset values. As a result, we
two years ago. “In all my years Irish investors for £48m. keep him at £120m.
in property I have never seen In 2006 he was reputed to
anything like this,” he said.
“The last few weeks have been
crazy. I can get more than my
have made £2m in two months
dealing in the shares of UK Coal.
It shows that as a pensioner
132
Stuart Monk & Family
£118m
money back on the well-let, himself, Kirch has not retired
well‑located London properties from what he likes best – Jomast
2009: £99m (+£19m)
that I bought at auction at the investing in companies.
height of the market.” We did see £16.5m-worth of Stockton-based Jomast saw its
And in July it was revealed that stakes in quoted companies held profits come in at £3.9m on
Khalastchi, 49, was bidding to by his company, Channel Hotels £13m sales in 2008-09 when its
buy Joseph Ackerman’s £90m & Properties, but these are no net assets rose from £116.5m to
New York portfolio of banks and longer recorded, which may mean £121.1m.
offices. His family’s two property a sale. But that is just the tip of The company, run by Stuart
groups, Flodrive and Strandpark the Kirch fortune. Monk, 61, a leading local developer,
Properties, showed £103.4m net In 2004, he took over Property recently submitted a planning
assets in their 2008-09 accounts. Acquisition & Management, an application to Stockton Council
In December 2003, Khalastchi, investment trust with a £200m to bring back the famous Globe
along with the low-key Pears property portfolio, in a £69.5m Theatre as a top live performance
family, bought the 252-strong deal. Such moves are typical for and entertainment venue with an
Punch Pubs’ portfolio for £57m. the shrewd Kirch, who has a nose audience capacity of 2,500.
In October 2004, they sold 38 of for an undervalued asset. It is already working hard
the pubs, netting £15.2m. He made his fortune in London to transform the waterfront
136
£115m
Sir Tom Farmer
Morston Assets
2009: £110m (+£5m)
Sir Tom Farmer recently made £8.5m by selling a stake in

KBC Holdings, a managed office business. He is best known
in Scotland for owning 90% of Hibs, the Edinburgh football
team, but it is tyres that made Farmer his first fortune. He
founded the Kwik Fit chain of garages in 1971, later selling
the company to Ford in 1999 for £1bn.
Farmer netted £78m for his stake. Yet he was savvy
enough to retain the freeholds on many Kwik Fit
properties, generating £1m a year in rents. Farmer has
not neglected business and recently sold choice Edinburgh
properties for £2.4m.
He cast a slide rule over UK Coal, before abandoning
plans for a bid. Meanwhile, his development activities
continue apace. In February 2009, he bought a Newcastle
business park for a cut-price £20.25m.
We can see half a dozen small property companies
controlled by Farmer or his trusts with around £17.5m of
net assets. In the current climate, Farmer, 70, should now
riches built on rubber be worth £115m after tax.

at Hartlepool Marina after a Richest in the North East £70m in today’s difficult climate.
£100m development was given No Name Wealth (£m) Gadsden, as owner, took little
the green light in June 2008. 71 Alastair & Michael Powell 209 out of the company in either
Planning permission has been 132 Stuart Monk & Family 118 dividends or salaries. He has past
granted on plans submitted 191 Jeremy Middleton 72 stakes or current ones in quoted
by Jomast to redevelop a 208 William Rankin & Family 61 companies worth around £4m,
4.65 hectare site at Jackson including a £3.5m holding in
Dock. Trincomalee Wharf Michelmersh Brick, a quoted
will include a luxury four-star flats. McGettigan owns the brick maker he chairs.
hotel, restaurants, shops, office Bonnington Group in London There are another £41m of net
accommodation and waterside and property interests via his assets in Three Rivers Property
apartments. McGettigan company in Dublin. Investments and Church Cottage
The prestigious 470,000 sq He sold The Parliament Hotel Investments. With his racing
ft scheme will link the marina in Dublin for around £16m and interests added, Gadsden, 65,
with the town centre and is seen the Bonnington Hotel in London should be worth at least £113m in
by many as the final piece of the for £74m. this difficult market.
jigsaw for Hartlepool Marina. McGettigan started his career
Jomast is also focusing on
the Newcastle office market
with plans for a 30,000 sq ft
as a first-class waiter on the
Queen Elizabeth. His business
empire began when he returned
140
Peter Dawson & Family
£112m
development to the north of the from London with wife Patsy in
city centre. We value Jomast 1964 and purchased a pub on Consolidated Property
slightly below the reported net Dublin’s Queen Street. From Wilmslow
2009: £78m (+£34m)
assets at £115m. Monk and his that one pub he has built the
family trusts own it all. We add McGettigan Group, which Property developer Peter Dawson
another £3m for other assets and includes Olten Investments and runs Consolidated Property
stakes in separate companies, Regan Developments, and the Wilmslow , an Alderley Edge
including Bandoffice. £112m Regency Hotel Group. developer. Consolidated saw its
In 2005, McGettigan trumped net assets rise from £49.6m to
136 £115m
Heinrich Feldman & Family
retail giants Tesco among others
to purchase the art deco former
Gillette headquarters in west
£50.9m in 2008-09.
We value the business, owned
by Dawson and his family trusts,
London. The Bonnington Group on the net asset figure. Dawson
Inremco 26 went from a £21m profit to a is also a director of the separate
2009: £105m (+£10m)
£5.8m loss in 2009 and showed Gemsupa, which showed £58.5m
Feldman is a low-key London £21.4m net assets. net assets in the same period.
property owner and trader with In all, McGettigan, 73, should It is worth its net assets and is
more than 50 directorships to be worth £114m after tax in owned by the Jensal Settlement.
his name. His main holding today’s difficult market. Dawson, 58, was the settler and
company is Inremco 26, which trustee of this trust. As a result,
was incorporated in 1983. It
made a £2.7m profit on £17.2m
sales in 2008-09 when its net
139
Eric Gadsden
£113m
we assume that the Dawson
family is the ultimate beneficiary.
Taking into account other assets,
assets were £107m. We can also we value the family at £112m.
see Feldman stakes in a host of WE Black
140
2009: £113m (No change)
smaller property firms worth
more than £9m.
With other assets, we reckon
Eric Gadsden’s Chesham-based
company, WE Black, went
£112m
Feldman, 75, is easily worth from a £16m profit in 2007 to Jonathan Hitchins & Family
£115m in today’s climate. a £4.5m loss on £15.9m sales Robert Hitchins
2009: £90m (+£22m)
in 2008. The developer still
138
Jim McGettigan
£114m
has a rock‑solid balance sheet,
though its net assets fell £5m
to £90.5m. It should be worth
A new Cheltenham Office Park
creating 1,000 jobs is planned by
the Robert Hitchins Group. The
Cheltenham-based developer
McGettigan is building business parks, new
2009: £195m (-£81m) Rich in the Channel Isles villages and other developments
Jim McGettigan, the veteran No Name Wealth (£m) in Wales and the South West.
Donegal hotelier, opened an 5 Sir David & Sir Frederick 1,800 But it is not immune from
£80m hotel in Dubai in May. Barclay the downturn and, in 2008-09,
The Bonnington Jumeirah 41 Clarke Family 400 profits at the Robert Hitchins
Lakes Towers hotel and 132 David Kirch 118 Group fell from £8.2m to £1.4m
apartment complex has more 232 Malcolm Hall 50 on sales which were also down
than 200 bedrooms and 250 £12m at £26.4m.

142
Robert Bourne & Sally Green
£110m
Happybadge Projects
2009: £110m (No change)
Property entrepreneur Robert Bourne made his first fortune with the
Local London property group, which was floated on the stock market
in 1986 worth £6m.
Three years later, it was sold for £110m in a takeover. The Bourne
family made £16m.
Since then Bourne, 60, has built up and sold stakes in companies
such as Ex-Lands and Clubhaus.
He was a bidder for the London Dome and now owns Happybadge
Projects. Its net assets came in at £61.6m in 2009, when it made a
£1.4m profit.
Bourne has a £10m flat in Mayfair which he bought as an
investment in 2002. His Bourne Capital investment operation also
sold a luxury Park Lane block for £100m in 2006.
His wife, Sally Green, 56, is chief executive of Old Vic Productions
Happy with and co-producer of Billy Elliot The Musical.
We value Happybadge at £63m and add £47m for other Bourne and
their lot Green assets.
Started more than 45 years private in 1999. Within two back into the sport as a team for
ago by the late Robert Hitchins, years, he had sold the company, the first time since 1997.
who bought up large tracts of netting £44m for his stake. His It was after that year’s
Gloucestershire very cheaply family owned most of Langtree disastrous campaign that Birrane
after the second world war, the Group with nearly £71m of net bought Lola from the receiver.
company has developed more assets in 2008-09. Lola Group made an £821,000
than 14,000 houses and over It now owns and manages loss on £21.4m sales in 2008-09
1,500,000 sq ft of commercial 4m sq ft of commercial from its activities making chassis
property. property accommodating more for racing cars.
It has nearly £87m net assets than 800 tenants. The portfolio The company is developing
and a strong balance sheet but, in produces a rental income of new markets and diversifying
the current climate, we value it at around £15m a year. into different industries.
that level. But his housing ambitions It now supplies drone aircraft,
We add another £25m after have not ended. Ainscough, 62, space vehicle parts, antennae,
tax to the Hitchins family for bought the old Wain Homes radar and communication
other assets, including a £40m south western operation and the systems, aircraft parts, and
dividend paid out in 2003-04. renamed Wain Group, which structures for powerboats and
operates in the South West. It sailing yachts.
142
William Ainscough & Family
£110m
made a £5.3m loss on £61m
sales in 2008-09.
Wain Group has £29m assets
As a result, Lola now has
a strong order book and the
financial performance is
and is worth that sum. improving.
Langtree Group With a private jet, a yacht An Irish property magnate
2009: £120m (-£10m)
and a flotilla of classic cars, from Co Mayo, Birrane started
Bill Ainscough’s Langtree Ainscough and his family is dealing in property in the 1960s
Group recently invited tenders worth at least £110m. through his Peer Group.
for its £40m stadium project In 2008-09, its net assets fell
with St Helens Rugby League
Club and Tesco, due for
completion in early 2011. In
142
Martin Birrane
£110m
sharply from £97.9m to £70.5m,
and we value Peer at £90m in
this climate.
1973, he founded the Wainhomes Birrane, 75, also owns the
housebuilding business. Peer Group Mondello Park racing track
2009: £109m (+£1m)
After merging with two other in Co Kildare which, after
builders in 1989, he floated Martin Birrane is keen to get significant investment, hosts
the enlarged group five years his Lola racing car operation on international race meetings.
later. Fed up with stock market the grid for Formula One. He With other interests, including
indifference to the company, was beaten to a slot for the 2010 Lola, Birrane should be worth
Ainscough took Wainhomes season but is looking to get Lola at least £110m.

142
Robin Clark & Family
£110m
and distribution centres. In the
current market, Catesby should
be worth £30m. With other
Grade I Listed Apethorpe
Hall in Northamptonshire for
£3.1m.
stakes, cash and assets, Grove, 80, He was gazumped by the
Taylor Clark is worth around £110m today. government in the shape of the
2009: £86m (+£24m)
culture department.
Taylor Clark, the London-based
property, farming, hotels and
investment group, turned in a
142
Jack Morris & Family
£110m
The Karimzadeh family owns
all of Eskar, which showed
nearly £286m net assets in
loss of £11.5m on £13.6m sales 2008-09. We still value Eskar at
in 2008-09. Business Design Centre £100m, adding £7m for other
2009: £95m (+£15m)
The effects of the economic assets to the Karimzadeh family.
crisis would have been much In 2008-09, the Business Design
worse on the group but for
its strong cash reserves and
the defensive nature of its
Centre Group made a record
£7.7m profit on £19.9m sales. Its
net assets fell to £95.5m and we
149
Frank Burke & Family
£105m
investments. value the business on that figure.
The business is largely owned Jack Morris’s late father, Sam, BDL
2009: £105m (No change)
by the Clark family led by Robin was originally an “oyster-opener”
Clark, the 72-year-old son of in a City fish restaurant, but later Cabretta Holdings, a London-
a prominent 1960s property built his business, City Industrial, based construction company,
developer. into a leading shopfitting group made £1.4m profit on £46.4m
We value it on its its £153.4m in Britain and worldwide. sales in 2009.
net assets. Sam Morris’s shrewd move It has £10.1m of net assets and
The Underwood Trust, a came in 1981 when he rescued is the parent for the BDL Group,
charity, has a 19.5% stake, which the old Royal Agricultural Hall run by 62-year-old Irishman
leaves the Clark family’s stake in Islington and turned the huge Frank Burke.
worth around £110m. derelict “Aggie” into the Business Burke’s family also owns
Design Centre at a cost of £12m. Farmglade, a property company
142
Eric Grove
£110m
The Morris family also owned
Earls Court and Olympia which
they sold in 2004, making
with around £21m net assets
in 2009. In this climate, we cut
Burke back to £105m.
around £25m from the sale after
150
Catesby debt had been stripped out.
2009: £108m (+£2m)
Eric Grove’s Catesby Property
In all, after allowing for tax on
that deal, the wider Morris family
£104m
Group is developing Firstpoint should be worth £110m. Albert Hay & Family
– a £200m business and retail Capital & City
148
2009: £92m (+£12m)
park near the M18 in Doncaster.
Catesby specialises in such
brownfield sites and had around
£107m Chartered surveyor, Albert
Hay, 63, and his family own
£15m of net assets in 2007 when Simon Karimzadeh & Family the Mayfair Property Group,
it turned in a useful £9m profit Eskar International Capital & City PLC, plus 57.5%
2009: £107m (No change)
on £40.4m of sales. The company of its sister group Capital & City
is also developing a £29m In October 2006, Simon Properties.
student housing-led mixed use Karimzadeh snapped up a Earlier this year, Capital & City
scheme in Camden Lock, NW1. £1.13bn European property found a keen buyer for a block on
The son of a West Midlands portfolio sold by a Swiss hedge Charlotte Street.
blacksmith, Grove started fund. Karimzadeh’s late father The building, which includes
Canberra, a Midlands started Eskar International, three restaurants, was sold
housebuilder in 1968, a London-based property to Standard Life Investments
specialising in high-quality trading-to-processing group, in March for £19.1m, a 5.6%
houses. He sold the business to more than 40 years ago. yield.
Alfred McAlpine in 1988 mainly Its activities spanned leather Capital & City also had three
for McAlpine shares, which in tanneries in the Middle and other West End buildings on the
turn netted him £40m. Far East, and dried fruit and market.
He has become a serious nut processing plants, as well Three of the Hay family’s
property developer with retail as trade in iron and steel in the companies had £92.4m net
parks in the Midlands, residential 1970s and 1980s. assets in 2009. The family
developments in Jersey and a Since then, it has focused on stake is worth £64m in the
stake in a property investment property. current climate. Other assets
operation. Karimzadeh, 48, was in the and property investments add
Recently, he has sold well news in the property pages in another £40m, taking the Hay
over 1.2m sq ft of warehousing 2004 over his efforts to buy family to around £104m.

151
Stan Clarke, who died in 2004. He
£103m left £138.9m in his will. His son
Simon, 45, sits on the St Modwen
Rashid & Aziz Tayub board looking after the Clarke
Crown Crest family interests. The family stake
New entry
is now worth £59m.
The Tayub family owns the Crown The family also owned a stake
Crest distribution and property in Northern Racing, the biggest
Ritblat
operation based in Leicester. It racecourse owner after the Jockey
was started in 1977 by Rashid Club. It was sold in May 2007 to
snaps up
Tayub after the family came to the Reuben brothers for £65.9m.
Leicester from Malawi, East Past sale proceeds and other
distressed
Africa. It is now run by his brother, assets add £35m, taking the
Aziz, the managing director. family to £100m.
The three separate Tayub
assets
152
companies we can see, led by
Crown Crest Group, made a total
of nearly £17m profit on £257.6m
£100m
sales in 2008-09. With nearly Andrew Rosenfeld
£72m net assets, they are worth Minerva
2009: £100m (No change)
perhaps £100m in today’s climate.
Collectively, we value the family, Andrew Rosenfeld, the former
led by Aziz, 55, and Rashid, 62, chief executive of the quoted
at £103m with past salaries and property group Minerva, keeps a
other assets, as the Tayubs take low profile from his Geneva base
little out of the businesses. where he has set up Air Capital
152 £100m
152
Sir John Ritblat & Family
£100m
– AIR are his initials – funded
initially by his own £100m
fortune. The fund is investing in
distressed property.
Anton Bilton & Family British Land Rosenfeld, 48, has devoted
Raven 2009: £90m (+£10m)
much of his time to charitable
2009: £90m (+£10m) The Ritblat family’s Delancey property operation has been works. We value him on the
Raven Russia, the property group snapping up distressed assets of late. Banks are handing £100m he has for investments.
co-founded by deputy chairman over huge swathes of property to Delancey to manage,
156
Anton Bilton, floated on AIM drawing on Sir John Ritblat’s expertise in the property
market.
in 2005 after raising £153m.
In August, it moved to the main He was chairman of British Land from 1970 to 2006,
£95m
market to raise its profile. when he retired. But Ritblat’s retirement lasted just two Sir David Garrard
It has a completed portfolio of weeks and he resurfaced in early January 2007 when Minerva
2009: £95m (No change)
around 11m sq ft of warehouses in he joined forces with younger son Jamie, to spearhead a
Russia, which were valued at the £2.6bn property investment fund. Sir David Garrard, the son of an
end of last year at $879m. Raven Ritblat, 75, sold most of his stake in British Land for upholsterer from Stamford Hill,
Russia’s market value is now £57m just before he retired, but retained a £10m stake. went into property after leaving
around £266m. In June 2009, Delancey made a £9.3m profit on £24m sales in 2008-09. school at 16. In 1955 he joined an
the company swallowed its former The Ritblats should easily be worth £100m. estate agency and never looked
parent company, Raven Mount. back.
Bilton, 46, had an £11m stake He rose to prominence in the
152
in Raven Mount, while his Raven late 1980s at a company called
Russia stake is now worth around
£30m. Property is in Bilton’s
£100m Land Investors, which was sold
to the Berger family for around
blood. He is the grandson of the Simon Clarke & Family £180m.
late Percy Bilton, whose own St Modwen With Andrew Rosenfeld he
2009: £120m (-£20m)
quoted property group was taken launched Minerva, which floated
over by rival Slough Estates in Property group St Modwen, on the stock market in 1996. It
November 1998 for £270m. which has started work for the became a stock market star with
The Bilton family’s 29.4% proposed £750m development of big developments in the City and
stake was held via Glenhazel the old Rover site in Birmingham, Croydon.
Investment Trust and was worth suffered a £101.6m loss in the year In March 2005, Garrard, 71,
£79.4m. With the wider family to November 2009 as it cut the stood down as chairman and left
wealth added to Anton Bilton’s value of its properties. the business. His family trusts
own assets, including a stake in St Modwen has developed sold £37m worth of shares at the
Chelsea’s KX Gym, the Bilton a reputation as a regeneration time. Other assets take him to
family is worth £100m. specialist. It was co-founded by Sir around £95m.

156
Tony Pidgley
£95m 160
John Hitchcox
£90m
was renting washing machines.
He later moved into white goods
retailing and sold his business for
£21m in 1985. Five years later,
Berkeley Yoo Horney took a stake in St James
New entry New entry
Beach Hotels. In 1993, he made
Housebuilder Berkeley is riding The son of an architect who also another £27m when it was sold.
the recession in pretty good kept a smallholding in Sussex, In addition, Horney has
shape. But in spite of a strong John Hitchcox is now a leading £2m-worth of share stakes in
balance sheet, cost-cutting property entrepreneur. quoted property companies,
and a return to buying land for He began buying, renovating including China Real Estate and
future sales, the Cobham-based and selling homes in the UK in Nordic Land. We value him at
operation has not been immune the early 1980s. He co-founded around £90m.
from what chairman Tony Pidgley Manhattan Loft Corporation in
describes as the “most turbulent
market ever”. It is valued at just
over £1.1bn, less than half its
the 1990s, selling out to partner
Harry Handelsman. He then
formed a development and design
160
Patrick Kelly
£90m
value in mid-2007. group called Yoo with designer
Pidgley, 63, made his reputation Phillipe Stark in 1999. Kelland Homes
New entry
in the early 1990s when he sold his Hitchcox, 49, owns about
land bank at the top of the market, two‑thirds of the company, which Patrick Kelly and fellow Irish
and cherry-picked the best sites is working on about £3bn of developer Sean Mulryan own
back for a fraction of their price. developments in locations ranging a group called Markland
The former Barnado’s boy has from New York and Sydney to Holdings which owns property
a stake in Berkeley now worth Buenos Aires and Hong Kong. in Ireland, the UK , the US , the
£57m. He sold £21m worth of Before the recession the Czech Republic , Hungary and
shares in 2009. But previous business was worth around Germany. It had more than £91m
salaries, dividends and his share £170m but its value fell and in net assets in 2008.
of bonuses take him to £95m. 2008, with its design business Kelly, 68, also owns half of
alone valued at £64m. That is Dublin housebuilder Kelland
156
around half the overall business Homes, which showed more than
£95m which should be worth in total
around £120m. Hitchcox also
£52m net assets in 2008. Other
interests include Rockbriar,
Dick Watson & Family has £9.5m of personal property another housebuilder, and a stake
Keepmoat assets and a stake in a London in Choice Hotels, Ireland’s largest
2009: £85m (+£10m)
estate agency. In all, we reckon hotel group. Despite the turmoil
Regeneration specialist Keepmoat Hitchcox is worth £90m. of the Irish housing market,
was sold in 2007 to a management Kelly’s wide assets base should
team in a £783m deal. Scots‑born
Dick Watson, 68, who was a
160 £90m
give him a £90m valuation.
director, had an 18.26% stake.

Allowing for any tax on the sale
proceeds, we value Watson’s stake
Ray Horney
Real Estate Opportunities
2009: £80m (+£10m)
160
The Marquess of
£90m
at £90m. Past dividends take the
Watson family to £95m. Real Estate Opportunities is Northampton
planning to spin off its Battersea The Canonbury Academy
159
New entry
power station site in London
£93m and float it as a separate listed
business.
The Marquess of Northampton’s
Tandridge and Chesham Estates
Patrick Doherty & Family The idea behind the proposed in Surrey are under offer for
Harcourt Developments move is to attract more investors Anton Bilton £25m. The sale will be a handy
2009: £200m (-£107m)
to the Battersea project by not windfall for Northampton, who
Donegal developer Patrick having the asset directly linked lives quietly these days at Castle
Doherty’s most high-profile work with REO’s distressed Irish Ashby in Northamptonshire, one
is the £700m redevelopment of property portfolio. of his two main Midland estates
the Harland & Wolff shipyard, REO bought the iconic 30-acre which span 25,000 acres.
where the Titanic was built. site for €595m at the end of 2006 His London estate around
Doherty has given most of and, last year, lodged the largest Canonbury has several buildings
Harcourt to his children. In 2008, ever multi-purpose planning including the old Tower Theatre
it lost £20.9m, but it has nearly application for retail, leisure, and the Canonbury Academy,
£128m net assets. Doherty, 68, business and residential use in which showed £1.8m net assets
also has hotel, transport and London’s history. in 2008-09. With the likely
property assets in the Caribbean. REO is chaired by 74-year-old £25m sale proceeds, we value
He is worth around £93m. Ray Horney, whose early career Andrew Rosenfeld Northampton, 64, at £90m.

160
caravan parks, marinas, farms He also has £3.5m of assets in
£90m and a golf course. We can see
£27.3m of net assets in the 2009
two other property companies,
Lochinver and Deramore (L). We
Lord Rana & Family accounts of Blackshaw Holdings, value Lonergan, 60, at £85m.
Andras House one of Brooksbank’s main
167
New entry companies, and a further £9.5m
Rana’s Andras House property-
to-hotels group is benefiting from
of net assets in other companies,
including ADW Properties. In
£85m
the current peace settlement in all, his business assets are worth Sir John Mactaggart & Family
Northern Ireland. £81m. We add £8m to 54-year- Mactaggart Heritable
old Brooksbank for other assets. 2009: £70m (+£15m)
The group, owned by the Rana
family, made £1.7m profit on Duke of Roxburghe Mactaggart Heritable, the
167
£15m sales in 2008-09. Its net Glasgow-based property group,
assets came in at just under £80m.
We value the business at around
£85m saw its net assets fall slightly in
2009 to £78.5m. But it reduced
£70m in the current climate. Con Folkes & Family its losses sharply from £6.3m to
We add another £20m for Folkes £0.6m.
private assets, property and other Mactaggart Heritable owns a
businesses such as the Ashoka Folkes Holdings, one of the string of high-priced commercial
Restaurant and Belfast Plaza. largest private property groups in properties, mostly in London and
the Midlands, recovered in 2009, New York.
160
turning a £12.5m loss into a We value the business at £75m
£90m £3.7m profit on £28m sales.
The family-owned operation
in the current climate, adding
£10m for past dividends to the
The Duke of Roxburghe can trace its roots back to 1697 as Sir John Mactaggart MacTaggart family.
Sunlaws Development a blacksmith making swords and
170
2009: £80m (+£10m) chain mail.
The Duke of Roxburghe, 56, has
been faced with frustrating delays
It is run by Con Folkes, 57, who
in 1981 became the then youngest
£82m
to a wind farm scheme on his chairman of a quoted company. It Bill Morris & Family
land and local protests against was taken private in 2002. With Morris & Co (Shrewsbury)
£53.3m net assets, it should be 2009: £65m (+£17m)
the project, which has yet to win
planning consent. worth £55m. We add £30m for Five generations of Morris family
One paper reckoned that other assets to the Folkes family. members have developed a
Roxburghe could make around business with interests in property,
167
£14m from the project over the supermarkets and care homes.
next 25 years. It is a sign of how
active the duke, who is fighting
£85m Bill Morris, 72, the current
boss, runs an operation which
throat cancer, has become on the Edward Lonergan made £692,000 profit on
business front. Deramore £23.9m sales in 2008-09. It has
2009: £65m (+£20m)
His company, Roxburghe nearly £83m of net assets.
Estates, is planning a joint venture Edward Lonergan’s Deramore We value the business at £80m
to turn his Roxburghe Hotel into a saw its profits fall from £20.7m in this climate. The Morris family
5-star resort. The five-year project to £9.7m in 2008-09, but with take little out of the company and
will require £20m investment. net assets of more than £88m, we value them at £82m.
Aside from his land and racing Deramore would easily be worth
171
interests are valuable fishing rights. £80m in today’s market.
Sunlaws Development Co had
£772,000 net assets in 2008-09.
£81m
Roxburghe also has stakes Richest in Scotland John Chamberlain & Family
in golf, property and racing No Name Wealth (£m) Chamberlain
2009: £78m (+£3m)
companies. In all, with land values 45 Keith Miller & Family 385
increasing, we raise him to £90m. 82 The Duke of Buccleuch 180 Headed by John Chamberlain,
& Family 66, the Chamberlain Group has
166
98 John Lynch& Family 152 a diverse property portfolio. The
£89m 136
156
Sir Tom Farmer
Dick Watson& Family
115
95
family owns 99% of the shares in
the business, which had £72.1m
John Brooksbank 160 The Duke of Roxburghe 90 net assets at the end of 2009.
Blackshaw 167 Sir John Mactaggart & Family 85 There is another £1.3m for
2009: £72m (+£17m)
171 Shaf Rasul 80 the separate Home Counties
Brooksbank’s current property 186 John Muir & Family 75 Investments operation. With
portfolio consists of residential 232 David Stevenson& Family 50 personal assets of £8m added,
houses, retail commercial and 245 Ben Brodie 45 the Chamberlain family is worth
industrial property, hotels, pubs, around £81m.

172
in 1987. He bought that stake more than £80m of net assets.
£80m back in the 1992 recession for a
much lower figure.
The Goulds and trusts own all
the Regis Group and we value the
Kip Bertram & Family Until late in 2004, he owned brothers at £80m.
Rysa Lodge Residential all of Bride Hall, but sold a 25%
172
Properties stake to the quoted Warner
2009: £70m (+£10m)
Kip Bertram started Bertram
Estates for an undisclosed sum.
Bride Hall is active in building a
£80m
Books in a disused Norwich new Lichfield retail park. Melvyn & Delia Grodner
chicken shed. It became the Bride Hall Holdings and other Atmore
Desmond firms have more than 2009: £80m (No change)
UK’s largest independent book
wholesaler. In 1999, the business £12m net assets between them. Melvyn, 66, and Delia Grodner,
merged with Cypher, a public We value Desmond at £80m. 57, own Atmore Properties, which
library supplier, in a £54m deal. made a £3.9m profit on £12m
172
The move effectively valued the sales in 2008-09. But its net assets
Bertram family stake at £35m.
Kip Bertram, 66, is no longer
£80m fell from £67.6m to £54.5m.
We value the Liverpool-based
in the book trade, having moved Peter Gadsby business on the net assets.
into property development, Ark Capital But we can see three small but
2009: £65m (+£15m)
particularly in London. separate businesses with a further
As a result, the family’s asset Gadsby, a Midlands developer, £16m of net assets in 2008-09.
wealth is now around £80m. is best known for leading a With other property and past
rescue consortium which took salaries, the Grodners are easily
172
over Derby County Football worth £80m after tax.
£80m Club in 2006, investing
Bakir Cola & Family

Cola Holdings
£28m in securing its future.
However, he made his fortune in
housebuilding originally.
172
Bruce Jarvis & Family
£80m
Gadsby, 62, sold his 77%
In 2009, Iraqi-born Bakir Cola stake in Birch, the Derby-based Ravensale
property and construction group, 2009: £70m (+£10m)
spent £30m buying a building
adjacent to his Westbury Hotel in to Edinburgh-based Miller Group Bruce Jarvis’s main company is
London’s upmarket Mayfair. in 2000 for a reported £35m. Ravensale which, in 2008-09,
Property experts reckon that He now has various property showed £26.6m net assets.
Cola bought Washington House interests worth at least £35m. Jarvis’s Pearcroft operation is
to extend the 5-star Westbury, the His main holding company, also a shareholder in European
only hotel that fronts onto Bond Ark Capital, showed £6.5m net Land & Property, which is the
Street. assets in 2008-09, with cash company behind Paddington
It reopened in 2008 after a balances in excess of £20m. Basin. The business showed
£25m refurbishment. Cola, 68, Other investments and private £15.1m net assets in its 2008
bought the 246-room hotel in 1999 property take Gadsby to £80m. accounts. In all, Jarvis, 62, should
for around £90m. He also has the be worth £80m.
172
550-room Kensington Close Hotel.
Cola runs and owns Cola
Holdings, which made £3.7m
profit on £43.5m turnover in the Nicholas & Peter Gould
Regis
£80m
172
Noel & Miriam O’Callaghan
£80m
year to September 2009. It has
£28.8m net assets. Cola took a New entry Gold Table
New entry
£48m dividend in 2006. Brothers Nicholas, 52, and
Proceeds from the £50m sale Peter Gould, 51, run a number Noel, 60, and Miriam
of the Harrington Hall hotel to of property companies based in O’Callaghan, 51, have a sizeable
Spanish hotel giant NH Hotels Southend under the umbrella of property portfolio in Ireland.
should take Cola to £80m. the Regis Group, which has been We can see five companies led
investing in residential property by Brodnax, which made £4.8m
172
for more than 50 years. profit on £17.4m sales in 2001,
£80m Its portfolio consisted entirely
of properties that were subject to
its last filed accounts before it
became an unlimited company.
Danny Desmond regulated tenancies until the early In all, these companies had
Bride Hall 1980s, when Regis successfully around £27m of net assets.
2009: £78m (+£2m) diversified into property The low-key O’Callaghans are
Danny Desmond, 70, started the development. now active in Prague housing
Bride Hall property group in 1984 Regis made a £3.2m loss developments. With property
and sold 50% of the company to on £7.2m turnover in the five and hotels added, they are easily
Great Portland Estates for £10m months to March 2009. But it has Peter Gadsby worth around £80m.

172
The Duke of Richmond &
£80m
172 £80m
Gordon & Family Shaf Rasul
Goodwood Estates E-Net
New entry New entry
The entrepreneurial Earl of In 1999, Shaf Rasul created
March, heir to the Duke of the Edinburgh-based E-net
Richmond & Gordon, has done Computers, which has become
wonders at the 12,000-acre Europe’s biggest distributor of
Goodwood estate in West Sussex. optical storage products.
In 2008, the Goodwood Estate The company has £12m of
Co pushed up profits from £2m net assets and is easily worth
to more than £3.4m on £48.9m around £30m.
sales. It has net assets of around In addition, 40-year-old
£44.6m. But with land prices Rasul is making his mark on the
rising, and taking into account an Scottish property front with his
incomparable art collection, the industrial estate venture called
family wealth should total £80m. E-Net Park.
Recently, he sold his letting
172
Charles Yeates
£80m
business Excelet and paid £3m
for the former Martin & Frost
furniture store in Edinburgh,
which he intends to turn into
WS Yeates hi-tech apartments.
2009: £70m (+£10m)
We can see a further £6m of net
Loughborough-based WS Yeates
is involved in property and fine rasul makes his assets in other Rasul companies,
but his private property
art. In 2009, the company showed
£26.3m net assets. Yeates, 74, has mark in scotland investments take him to £80m
comfortably.
overseas property assets and art.
We value him at £80m.
183 £78m
Partners’ private equity operation
invested in Capital D, the
residential property investment
185
John Marston & Family
£76m
company that buys and renovates
John & Ciara Byrne & Family upmarket Dublin houses. Marston Properties
Carlisle Trust While Capital D went into a 2009: £75m (+£1m)
New entry
loss of €13.5m last year because Marston Properties Holdings
Ninety-year-old John Byrne has of slumping property prices, made £1.2m profit on £4.3m
been building up his Dublin- McCabe should not be too badly sales in 2008-09.
based property empire since the affected. It has £56m net assets but we
1960s. He is a leading supplier of He made significant profits in value it at £50m in today’s difficult
office space to the public sector Germany when his LNC property economic climate. That values the
and his rental income here is company bought an abandoned family stake at around £37m.
holding up well. waterfront leisure complex in the Marston Hotels also paid out
Last year, his companies earned German City of Bremen for around a £12.1m dividend in 2001 and
more than €5.7m on nine leases £40m in 2004. It has since been £5m in 2002 before being sold,
he has with the state. His interests converted into a shopping, leisure netting the family £50m. Allowing
are held mainly through the and hotel complex worth in the for tax on sale proceeds, we value
Carlisle Trust. But the value of its region of £180m. the Marston family at £76m.
investment properties has fallen In 2007, McCabe’s stake in a Co
significantly, down 38% to €91m
in 2008. Other assets should take
the Byrne family to £78m.
Kildare waste company, Advanced
Environmental Solutions, tripled
in value to £11.5m when it was
186
Debbie Dove
£75m
taken over in a £46m deal.
183 McCabe, 53, made £47m Spey & Dove

New entry
£78m from judicious sales of stakes in
SmartForce. LNC grew out of A former north London local estate
Bill McCabe McCabe’s €117m purchase of a agent, Debbie Dove, 49, started
LNC Property mixed property portfolio from out by taking a holiday job there in
2009: £87m (-£9m)
Scottish Life in 1999. He is now the late 1970s. Within three years
Bill McCabe’s Oyster Capital worth around £78m. she was branch manager and she

eventually bought the business. Five youngest risen slightly in the first half of
Dove later built up her own luxury Age Name Wealth (£m) the year, to £8.6m.
property portfolio in the area and 19 India-Rose James 120 Controlled by the Hellers since
offered interior design services. 24 Fawn James 120 the early 1970s, it sold the former
Her portfolio has been valued at 36 Christian Candy 330 King’s Road antiques market
up to £80m. Cautiously, we settle 37 James Sellar 190 Antiquarius for £17.82m, a
for £75m. Dove is the former wife 37 Nicholas Candy 330 5.74% yield, earlier this year to
of top divorce lawyer, Raymond freeholder Cadogan. The Heller’s
“Jaws” Tooth. stake in the firm is worth £21m.
and the Sinclair family’s stake The Heller family also have
186
John Muir & Family
£75m
is worth around £70m. We add
another £5m for stakes in smaller
private companies such as Ossian
a majority stake in the quoted
Bisichi Mining which, together
with other holdings and property
Investors and Sinclair Estates. interests, takes them to around
Muir Group £72m.
190
2009: £50m (+£25m)
The latest 2008-09 accounts for
property-to-housebuilding Muir
Group, show a drop in profit from Michael Slade
Helical Bar
£73m
191
Jeremy Middleton
£72m
£10.3m to £1.1m, with sales
down £16m at £76.3m. Yet the 2009: £72m (+£1m) Homeserve
New entry
group, run by 74-year-old John Michael Slade, 64, has always
Muir, has a solid balance sheet and been good at calling the market. Homeserve, the quoted
£64m net assets. We value Muir So it was interesting to hear his household repair services group,
Group at £45m, adding another Helical Bar operation say in has seen its shares soar in 2010.
£20m for the net assets of the August that it was seeing further The Walsall-based company
separate company, Muir Holdings. evidence that the recovery in was co-founded by Jeremy
Past salaries and dividends take property values was stalling. Middleton, 50, in 1993.
Muir and his family to £75m. The company, which had been It is now worth more than
out spending earlier in the year, £1.5bn. Middleton retains a
186
David Russell
£75m
said it would look to buy only
properties offering “exceptional
growth or income potential”.
£57m stake.
He has other assets,
including a property company –
With this in mind, Helical is Cortonwood 1 – with £3.6m net
Property Alliance working on plans for a major assets. In all, he is worth £72m.
City development, after buying
The Russell empire includes
developments in Manchester,
Oxford, Chorley and Blackburn.
up 1 Mitre Square, EC3, and an
adjoining site in June.
Slade’s stake in Helical Bar
193
Demi Chervak & Family
£70m
His Property Alliance operation has not been immune from the
has an investment portfolio valued market crash, but it has recovered High Point
2009: £52m (+£18m)
at £240m. After borrowings are and is now worth £44m.
stripped out, it showed £54.5m He also made a £1.3m gain High Point saw its net assets rise
net assets in its 2008-09 accounts. from exercising share options in from £35.2m to £41.3m in the
With other assets, such as the sale 2004, £4m in 2005 and £4.4m year to July 2009. Chervak, 56,
of the Pinnacle office building in in 2006. A special dividend for and his family own it all.
2005 for £16m, Russell, 54, is Helical Bar shareholders totalling We value the business on the
worth £75m. £107m in late 2004 resulted in a net assets, adding £27m for the
further £12m going to Slade. net assets of another five Chervak
186
Duncan Sinclair & Family
£75m
Past salaries, stakes in other
venturesand his own property
assets, should easily take Slade to
Michael Slade
companies.
With other assets, the Chervak
family should easily be worth
around £73m after tax. around £70m.
Mountview Estates
191 193
2009: £76m (-£1m)
Despite the poor financial
climate, London-based
£72m £70m
residential investor Mountview Michael Heller & Family Nicholas Porter
Estates doubled its pretax profit London & Associated Unite
to £29.3m in 2009. It has seen Properties New entry
2009: £67m (+£5m)
its share price steady in 2010 and Nick Porter, founder of Unite,
it is now worth nearly £155m. Listed retail specialist London left the board in May 2010 and is
The company is chaired by & Associated Properties said in now building his Capital Values
accountant Duncan Sinclair, 63, August that its rental income had Duke of Richmond Group. It is working on the huge

Kings Cross Central project

in London to develop student
homes.
£27.9m net assets. The family
also has a property portfolio
held in the separate W Wing
201
Philip Davies & Family
£65m
Porter, 41, retains a £1m stake Yip & Brothers Property &
in Unite, but since 2004, he Investments, with nearly £21m Philip J Davies
New entry
has sold at least £70m worth of net assets in 2009.
shares. With other assets, he is The two firms should be worth Philip Davies left the merchant
worth around £70m. £55m. Minority stakes in smaller navy in 1945 to join his family
operations add £12m to the Yip clothing business. After five years
195 £69m
family. he branched out on his own. By
1970, he realised that making
Mark & Kathleen Kavanagh
Hardwicke
198
Rupert Mucklow & Family
£66m
clothing was not as profitable as
property investment and built a
portfolio mainly in the North.
Davies, 89, has a private
Mark Kavanagh’s Hardwicke A&J Mucklow company, Philip J Davies, which
2009: £60m (+£6m)
was one of the early developers saw net assets hit £21.5m in
involved in Dublin’s International Midlands-based property 2009-10 when it made an
Financial Services Centre. outfit Mucklow suffered in the £713,000 profit. His private
Kavanagh, 65, and his wife property downturn. Its shares property partnerships take his
Kathleen, 49, have two main fell sharply in 2008-09, but they total assets to £65m.
companies – Hardwicke and have recovered recently and the
Kopian, with £53.5m of net
assets between them in their
2005-06 accounts – the last
Mucklow family stake is now
worth £64m. Past salaries and
dividends add £2m.
201
James Egan
£65m
published.
198
The former Wicklow-based Broomford Holdings
2009: £48m (+£17m)
couple now live in Switzerland.
We value them at £69m.
£66m Irishman James Egan owns and
Sean Mulryan runs London-based property
196
Ballymore Properties operation Broomford Holdings.
2009: £280m (-£214m)
£67m Mulryan has been hit hard by the
It showed £49.2m net assets in
its 2008-09 accounts. We can
Roger Wickens & Family Irish property crash. Ballymore see another £16.4m net assets in
Store Property International Developments the 2008-09 accounts of three
2009: £89m (-£22m)
made a £61m loss in 2008. separate Broomford companies.
In 2008-09, Store Property’s Mulryan owns 51%. Egan bought Noel Edmonds’
profits fell from £4.2m to £3.6m His other assets include West Country home. It was
on sales of £10.8m, but its net a 49.5% stake in Markland reported to have been sold for
assets fell sharply in value from Holdings, with £91.2m net assets around £10m. We value Egan,
£100.3m to £55m. in 2008. Mulryan also has a 69, at around £65m.
With a solid balance sheet, the half-share in a Kildare shopping
Sussex-based company should be
worth the net asset figure.
We add £9m to the Wickens
centre.
A sports fanatic, he has 60
racehorses and a 230-acre stud.
201
Jim Leavesley & Family
£65m
family for past dividends and the But an extensive UK portfolio
£2.8m net assets of the separate helps keep Mulryan, 56, in this Evans Property Holdings
2009: £66m (-£1m)
Kingmere. list at £66m.
The Leavesley family wealth comes
196
Woon Wing Yip & Family
£67m 198
Eamonn O’Rourke
£66m
mainly from property, particularly
the Midlands group, St Modwen.
The recent stock market turmoil
has hit the shares and the family
W. Wing Yip Properties ORM stake is now worth £32m.
2009: £72m (-£5m) New entry
But Leavesley, 70, has also
Wing Yip stores, complete with Dublin-based O’Rourke built up been involved in another large
Chinese cookery schools, are Cash & Carry Kitchens in Cork. property group, Evans Property
more like community centres Its parent, ORM, made a £5.2m Holdings. The family’s stake
than traditional cash-and-carry profit on £19.3m sales in 2008. should be worth £20m in today’s
outlets. It has £45m net assets. market.
It works. In the year to O’Rourke, 62, has some With other assets, such as a pig
September 2009, W Wing Yip property firms, including AFA operation and a small property
Brothers Trading made £5.2m Investments. In all, he is easily firm, the Leavesley family should
profit on £97.1m sales. It has worth £66m. Rupert Mucklow be worth £65m.

201
Rich in the East Midlands afterwards was able to report that
£65m No
30
Name
Freddie Linnett & the
Wealth (£m)
510
his Real Estate Investors business
had swung back into the black.
Andrew & Sharon Turner Murphy Family Bassi, 48, is chief executive
Central Trust 46 David Wilson & Family 350 of the AIM-listed firm, where
2009: £65m (No change) 99 Charles Clowes 150 he holds a 16.8% stake worth
Early this year, Central Trust 151 Rashid & Aziz Tayub 103 £5.2m. The company posted a
secured an extra £90m of 172 Peter Gadsby 80 pretax profit of £4.3m for 2009,
funding from RBS and National 172 Charles Yeates 80 up from a loss of £15.7m the
Bank of Australia to re-enter the 205 Cavan Pickering & Family 62 previous year. Bassi also chairs
secured lending market. 222 Douglas Woolf & Family 55 property firm Bond Wolfe.
But the Norwich-based financial 228 George Akins & Family 52 Woon Wing Yip We can see £18m of net assets
broker was hit hard by the financial 232 Robert Jolly & Family 50 in various Bond Wolfe firms
crisis in 2008-09. It made a attributable to Bassi. Personal
£12.5m loss on £49.5m sales in assets push Bassi to £60m.
2009 but it still has £87.6m net 2008-09, but reported £27.6m
assets. Andrew Turner, 52, set up of net assets. Cavan Pickering,
209
Midland Regional Newspapers

Central Trust in 1987 and built it
into one of the largest independent
74, built and ran three hotels
in Nottingham, including the
£60m
finance brokers offering loans Welbeck, sold in 2002 for £6.5m. David Gradel & Family
to UK homeowners. It is easily Other assets take the wider UK Estates
New entry
worth £65m. Other assets take Pickering family to £62m.
Turner and his wife Sharon, 53, UK Estates had nearly £49m of
also a director, to £65m.
205 £62m Paul Bassi
net assets in its 2008-09 accounts,
down £1m. However, the Gradel
205
Giles Mackay
£62m
Simon & Paul Upward
Ocobase
2009: £57m (+£5m)
family has significant wealth
outside UK Estates, including
large property portfolios in
Glasgow, Leeds and Birmingham,
Hometrack Croydon based Ocobase saw its and is valued at £60m today.
New entry
2008-09 profits fall from £5.2m
A barrister turned property
entrepreneur, Mackay bought
Ford UK’s residential assets
to £3.1m on turnover of £5.3m.
Its net assets, though, were down
just £1m at £66.8m. With low
209
Alan & Edward Lee
£60m
for £60m in 1993 and later borrowings, it is worth £55m. We
set up PXS, the largest add another £7m for other assets. Princeton Investments
New entry
independent player in the
part-exchange market. Mackay
started Hometrack.com which
established a property index
208
William Rankin & Family
£61m
Earlier this year, receivers were
called in on a series of regional
office investments in which the
based on information on sales Lee family were involved with
in specific post codes. He had an Hanro HBOS during the boom but, in the
2009: £96m (-£35m)
86% stake in the parent company. same month, the Lees’ Princeton
In 2008-09, Hometrack made William Rankin, 79, chairs Investments purchased a £12m
a £1.8m loss on £9.9m sales. It Newcastle developer Hanro. block in Soho for redevelopment.
is easily worth £20m. We can In 2008, Hanro’s profits fell The brothers’ father, Arnold,
see another £22.2m of net assets from £3.8m to £847,000. The built up Imry and sold out for
owned by Mackay in two other company revalued its properties, £20m just before the 1987 crash.
firms. Mackay, 48, is worth £62m. resulting in a sharp fall in the net Princeton showed a £113,000
asset figure from £103m to nearly profit on £350,000 sales in
205
Cavan Pickering & Family
£62m
£65m. We value the business at
£55m,and add another £6m to
the wider Rankin family for other
2009. They still have a valuable
portfolio and are very active so we
stick with our £60m valuation.
assets and past dividends.
209
Pickering Properties
209
2009: £50m (+£12m)
£60m
The family-owned Pickering
Properties operation got a good
£60m John Miskelly
price when it sold a City office Paul Bassi MTS
block for £19m – a 5% yield – this Bond Wolfe New entry
New entry
summer to Invista Real Estate Downpatrick has received a major
Investment Management. Paul Bassi has been having a boost with the announcement of
The company made £3.5m pretty good year: he was made plans for a new, £14m deluxe hotel
profit on £9m turnover in a CBE in January and soon by entrepreneur John Miskelly.

He also owns pubs, a nursing

home operation and Miskelly
Construction. We can see £2.5m
£17.4m in 2008-09. Its net assets
came in at £53.4m. Most of the
shares in Morbaine are held in trust
219
Dan McCauley
£56m
net assets in the 2009 accounts of but we assume the Finlan family
various companies but Miskelly, 47, owns them. Boss John Finlan, Rotolok
New entry
is worth perhaps £60m today. 69, is here representing the wider
Finlan clan. We value the company With a 25.4% stake, McCauley
209 £60m
on the net assets. Other assets take
the family to £58m.
is the biggest shareholder in
property outfit Sutton Harbour. He
also owns Rotolok where profits
215
Raymond Mould came in at £3.9m on turnover of
London & Stamford
2009: £60m (No change) £58m Dan McCauley £21.8m in 2008-09.
With £23m net assets, it is
Property company London & John Nike & Family worth around £36m. McCauley
Stamford became a real estate Nike Land Securities also owns Drake’s Island in
New entry
investment trust recently to take Plymouth. Other assets take
advantage of tax savings. Nike Land Securities, run and McCauley, 74, to around £56m.
The Guernsey-based investor, owned by John Nike, made a
led by industry veterans Raymond
Mould and Patrick Vaughan, will
pay £55m to buy its founder out of
£3.6m loss on turnover of £65m
in 2008-09, but still has nearly
£24m of net assets. Nike, 75,
219
David Metter
£56m
its management contract. It floated owns all the business with his
on the stock market in 2007 valued family and trusts. Innisfree Group
New entry
at £248m. It is now worth £567m Nike has sold tracts of land
as investors back Mould’s ability to to Dell and Hewlett-Packard, Raymond Mould Metter, 58, has a 72% stake in
find bargains at rock bottom prices. raising more than £40m. With Innisfree, which made a £6.9m
Mould collected £53m from other assets, he is worth £58m. profit on a £15.9m turnover
the takeovers of Arlington and, in 2008-09. Even in today’s
later, Pillar Property, his earlier
property ventures. He has a
near £9m stake in London &
215
Amanda Yates & Family
£58m
climate, it should easily be worth
£75m, valuing Metter’s stake at
around £54m. Past salaries and
Stamford. We reckon Mould, 69, dividends take him to £56m.
is worth £60m after tax. Yates Property
219
2009: £50m (+£8m)
214
Gerry Conlan
£59m
Amanda Yates, 61, is a director
of Yates Property Holdings. The
firm’s 2008-09 accounts show Robin Tomkins & Family
Grainger Trust
£56m
net assets of nearly £58m. It is
Quando owned by the Yates family, who New entry
2009: £98m (-£39m)
we value on this figure. In 2006, Robin Tomkins, 84,
Jerry Conlan sold 400 acres in sold off the Triangle shopping
Naas for ¤340m in 2006 and
invested his share in a healthcare
business. He was among the
218
Solomon Potel & Family
£57m
complex at Frinton on Sea, Essex.
It was sold by Tomkins Frincon
Securities, which showed £2.2m
group of investors who bought a net assets in 2008-09.
10% stake in ailing Anglo Irish Fairholme Estates Tomkins started as an estate
2009: £52m (+£5m)
Bank in 2008, borrowing 75% of agent in Essex but built up a
the purchase price from the bank Fairholme Estates, a property profitable property business
itself. The bank was nationalised developer and building contractor, which was taken over by Grainger
a few months later. Conlan, 45, is owned by Solomon Potel, 77. In Trust for £61m in October 1994.
has bought properties in Boston, the year to August 2009, it made With the 2006 sale and the net
Wicklow and Dublin. But with £3m profit on £4.4m turnover. assets in Frincon, we value the
values down he is worth £59m. It has more than £55m net assets Tomkins family at £56m.
and we value the business on this
215
John Finlan & Family
£58m
figure. Other assets take the family
to £57m.
Rich in East of England

222 £55m
Elizabeth Abbott & Family
Morbaine Properties No Name Wealth (£m)
Abbott Bros
New entry 2009: £45m (+£10m)
132 Bill Gredley & Family 118
The Finlan family owns Morbaine 172 Kip Bertram & Family 80 Abbott Bros Holdings, a property
Properties, a private group based in 201 Andrew & Sharon Turner 65 investment company, made a
Widnes. Started in 1963, Morbaine 219 Robin Tomkins & Family 56 £1.9m profit and had £44.2m net
made a £588,000 profit on sales of assets in 2008-09. In late 2009, it

was wound up when it was stated of its portfolio in 2006 at the top Richest women
that the company’s assets were of the market and concentrated No Name Wealth (£m)
£45.9m and its liabilities just on development. 9 Baroness Howard de Walden 1,400
£773,000. The company assets Mountcharm’s net assets 30 Freddie Linnett 510
are worth £45.2m. Past dividends exceeded £39.1m at the end of 55 Charlotte Townshend 320
and other assets should take the 2008. Other smaller company 115 Julia Davey 131
Abbott family to £55m. assets add £4m. In May 2006, 122 Miriam Kraus 127
Cooper bought a building in Tel 126 Fawn & India Rose James 120
222
Douglas Woolf & Family
£55m
Aviv. He sold it two years later for
around double the price. We value
the Cooper family at £53m.
172
172
183
Delia Grodner
Miriam O’Callaghan
Ciara Byrne
80
80
78
186 Debbie Dove 75
225
Romulus 201 Sharon Turner 65
2009: £60m (-£5m)
Romulus Holdings, a Leicester-
£53m 215
222
Amanda Yates
Elizabeth Abbott
58
55
based property group, is owned Fred Pritchard & Family 232 Linda Ashley 50
by Douglas Woolf, 73, and his Pritchard 232 Janet Knight 50
2009: £48m (+£5m)
family trusts. It showed £49.9m 242 Anne Scrutton 47
net assets in 2008-09 when Pritchard, 67, owns Hednesford-
it made £897,000 profit on based Pritchard Holdings, a
£10.9m turnover. The company property group with £50m of which in 2008 made £4.6m profit
should easily be worth £50m in net assets in 2009, when it made on £85.2m sales. With £132.5m
this climate. We add £5m, taking a £1m loss on £7.1m sales. It net assets, it is a £200m company.
the Woolf family to £55m. is worth its net assets. Smaller We reckon that Ruhan has at least
property operations add another a £30m stake there. Other stakes
224 £54m
£3m to Pritchard’s wealth. in Coltham Developments and
Stockdale Properties add £3m of
Glyn Watkin Jones & Family
Watkin Jones 225 £53m
net assets to Ruhan’s wealth. In all,
he should easily be worth £53m.
228
New entry Andrew Ruhan & Family
Bridgehouse Capital
Construction and development
group Watkin Jones saw turnover New entry £52m
fall slightly in the year to Developers of Birmingham’s George Akins & Family
September 2009 from £113m to £500m, 2m sq ft mixed-use Arena SJC 14
New entry
£95.9m. Profits were down from Central are seeking a planning
£15.3m to £12.3m. extension until 2020 as the The Akins family sold its betting
The group is heavily involved market has been in the doldrums. shops in 2003 for £14m to
in the growing student housing Andrew Ruhan’s Bridgehouse concentrate on casino, nightclub
market. In January, it bought a site Capital is one of the scheme’s and property operations. Its main
in Hoxton, one of London’s largest partners. Ruhan is also busy Nottingham-based firms, SJC 14
student housing development elsewhere in property. In 2008, and SJC 15, had more than £37m
sites, from Goldcrest Land for his Bridgehouse operation sold net assets in their 2009 accounts.
£10.9m. And in April it sold three hotels to Hand Picked With other assets, the family is
two student housing blocks in Hotels for £30m. worth around £52m.
Liverpool and Loughborough to Ruhan, 48, has always been a
Gatehouse Bank for £29.2m.
The Watkin Jones family
also has a small company called
pioneer in the property field. In
1998, he put all his money into
buying the former Financial Times
228
Richard Higgins & Family
£52m
Heritage Holdings (North Wales) printworks in London’s Docklands.
which made an £8.5m profit on He turned the building into one of Higgins
New entry
the sale of a property in 2005. We the UK’s first telehouses through
value them at £54m. his company, Global Switch. London’s role in staging the 2012
In early 2000, Elliott Bernerd’s Olympic Games is a boon for the
225
Melvyn Cooper & Family
£53m
Chelsfield and a Canadian
investor paid nearly £88m to
take a 66% stake, leaving Ruhan
Higgins Group. East London’s
redevelopment in preparation for
the games has proved a fillip for
with a third of the equity. In the family-owned construction
Mountcharm 2002, he sold his remaining stake and property group.
New entry
in Global for an undisclosed sum. The company has also benefited
Mel Cooper and his family own Since then Ruhan has been from demand for new housing
and run Mountcharm, a Barnet- buying hi-tech businesses in the along the M11 corridor and in
property investment company. US, including Navisite. He also the Thames Gateway. The Essex-
Cooper, 69, shrewdly sold 90% chairs Global Marine Systems, Fred Pritchard based operation saw its profits

come in at £1m on £224.8m sales

in 2008-09. We value it on its
£50m net assets, adding £2m for
including Watford-based Current
Design and, with her divorce
settlement, is worth at least £50m.
232
Jerry & Janet Knight
£50m
other assets to the Higgins family.
232
Lexadon
228
£50m
£52m David Dangoor & Family
Lexadon, a London-based property
operation, was active in Clapham
Mark Kay Monopro and Brixton in the 1980s, buying
ROK New entry
up and converting homes bought
2009: £48m (+£4m) David Dangoor, 61, is managing at auction from Lambeth council.
Mark Kay, who founded director of Monopro, a property In 2000, Lexadon started work
Rockeagle, was a prominent company based in London. The on bigger developments. It
South West developer. In 2001, Dangoor family has at least 73% retained many of the properties
he sold the business to the local of the shares. In the year to June and its net assets came in at
EBC construction firm in a 2009, Monopro made a £1.4m £26.7m in 2008‑09. Other assets
£14.7m deal and it was renamed profit on nearly £3.6m sales. take the Knights to £50m.
ROK Property Solutions. With nearly £56.3m net assets, it
Kay joined the board but left
in 2005 when he sold his stake
for £14.3m. He sued for unpaid
is worth that sum. That makes the
family stake worth £48m. But a
number of other companies add
232
Roger Raymond & Family
£50m
bonuses and ROK agreed to pay perhaps £4m, taking the Dangoor
£1.25m, a figure we add to our family to £50m. NEEB
calculations. Kay also has around
£30.9m of net assets in firms
such as Eagle One Investment
Holdings in 2008-09. With other
232
Malcolm Hall
£50m
Roger Raymond, 56, runs the
family-owned NEEB Holdings,
based in Colchester. Founded in
assets, Kay, 50, is a £52m man. 1959, NEEB, the parent company,
Nobel showed over £26.3m net assets
228
New entry
in its 2008-09 accounts, but its
£52m Malcolm Hall is a property
developer based in Jersey. His
assets could be worth around
£30m as they are in the accounts
Tony Leonard main company, Nobel Property at cost. Other assets, including a
Clarendon Developments, showed £12m family property partnership, take
New entry
net assets in its 2008-09 the Raymond family to £50m.
Irish developer Tony Leonard, accounts. But we can see at least
58, owns half of Clarendon
Properties, a fast-growing Dublin
property group. In early 2007,
another £3.7m of net assets in
further companies such as MSJ
Properties and Steelux Holdings.
232
John & Stephen Rosefield
£50m
Clarendon and other investors Aside from his £3m Jersey
made a £48m profit on the sale mansion, Hall, 74, also has homes Endeavour
2009: £60m (-£10m)
of 16 shops in London’s Covent in London and Florida. His total
Garden area, bought three years wealth was put at around £50m John, 66, and Stephen Rosefield,
earlier for £79m. in late 2005 during a widely 57, are directors of Endeavour,
But Clarendon, which also reported court case involving Hall a London property group. The
owns the Powerscourt centre in and his stepdaughter over money. Rosefield family and family trusts
Dublin, is increasingly focusing We value him at that figure. own Endeavour, which made
on the US. It has £95.8m net £1.5m profit on £6.9m sales
assets in 2007-08. Leonard’s
sale proceeds and 50% stake in
Clarendon are worth £52m in all.
232
Robert Jolly & Family
£50m
in 2008-09. Its net assets fell
to £32.2m. But its subsidiary,
Estates & Agency Holdings, shows
£69.1m net assets, so we value
232
Limes the Rosefield family at £50m.
2009: £46m (+£4m)
£50m
Linda Ashley
Current Design
New entry
Lincoln-based Limes
Developments is owned by Robert
Jolly, 73, and his family. In 2009
232
David Stevenson & Family
£50m
it made £3.1m profit on £4.2m
Swedish-born Ashley, 44, is sales, but its net assets rose from Ashleybank Investments
the ex-wife of Mike Ashley, the £42.8m to £43.6m. The Jolly
sportswear billionaire who also family also owns the separate Stevenson, 68, transformed
owns Newcastle United. Limes Estates with £6.4m net his father’s dye company in the
A property developer, she has assets. In the current economic Scottish Borders into Edinburgh
stakes in several small businesses, climate, we value them at £50m. Malcolm Hall Woollen Mill, a clothes retailer.

In 1997, Grampian Holdings
took over EWM, paying £69m,
netting the Stevenson family
243
John Elkington
£46m
involved in property development
through Bothwell Bridge Estates
with £343,000 net assets in
around £33m. In 2005, the 2008-09. We value him at £45m.
Stevenson family made another Penhurst
245
2009: £48m (-£2m)
£6m when its former stablemate,
the Malcolm Group, was taken
private. The family put its wealth
John Elkington, 47, owns Kent-
based Penhurst Properties. It has
£45m
into Ashleybank Investments, net assets of £27m in 2010. Other Charles Lousada & Family
which invests in residential. assets and past dividends and share Lousada
New entry
Ashleybank had around buy-backs in the past five years
£41.2m of net assets in 2008-09. take Elkington to around £46m. John Elkington Charles Lousada, 72, founded
With other assets, the Stevenson his property company, Lousada,
family is worth around £50m.
243 £46m
in 1969. It made a £1.4m profit
in the year to September 2009.
240
Peter Rich & Family
£48m
Brian Moss & Family
GAT
New entry
With £44.4m net assets it is
worth that sum. Other assets add
£1m to the Lousada family.
245
Rich Investments Brian Moss runs Gat Holdings,
New entry
Assets at property company, Rich
a South Wales-based property
group. It made £1.6m profit on
£45m
Investments, came in at £51.1m £3.4m sales in 2008-09 when its James Spencer & Family
in 2008-09. It is owned by Peter net assets rose slightly to £30.7m. Spencer Commercial Property
New entry
Rich, 56, and family trusts. We It should easily be worth £30m.
value the company under the The business is owned by the Moss Spencer Commercial is a property
net asset figure at £46m, adding family and trusts. Moss, 74, also group based on Merseyside. Run
£2m to the Rich family for founded Nuaire Holdings, which by chairman James Spencer, 76,
property, taking it to £48m. sold for £38m in 2004. The Moss it made a £744,000 profit on
family is worth around £46m. £14.1m sales in 2008-09. But the
240
Richard Ross & Family
£48m
245 £45m
company has £45m of net assets.
Cautiously, we value the business
and the Spencer family at £45m.
245
Regentsmead James Barham
2009: £48m (No change) Bayfordbury Estates
Richard Ross chairs New entry £45m
Regentsmead, a property and James Barham stepped down as Christopher Ure & Family
financial group created in 1934 chairman of Bayfordbury Holdings ATC Properties
2009: £47m (-£2m)
by his entrepreneurial immigrant in 2004 after selling the business
father and run by Ross, 68, for to Fairview. Analysts reckoned the ATC Properties is owned by
more than 20 years. We have sale price would be around £60m, Christopher Ure, 48, and his family
discounted net assets to £48m which accorded with Bayfordbury’s trusts. It had £40.5m net assets in
on profits of £2m in 2008-9, and 2003‑04 net assets of £55m. its 2008-09 accounts when it made
value the Ross family at that level. Hertford-based Barham, 73, £2m profit on £4.8m sales and we
now concentrates on his other value the business at £40m. Past
242 £47m
companies, Bayfordbury Estates
and PAJ Properties, with nearly
£1.1m net assets between them in
dividends and other assets should
take the Ures to £45m easily.
250
Charles & Anne Scrutton 2009. With other assets and past
Scrutton
New entry
dividends, Barham is easily worth
£45m after tax.
£44m
Founded in 1962, Scrutton Estates Alistair Pullan & Family
245
is a property company based in the J Pullan
New entry
east end of London. It is owned
and run by Charles, 65, and Anne
£45m Alistair Pullan, 51, runs
Scrutton, 62. In 2008-09, the Ben Brodie J Pullan & Sons, a Leeds-based
business made over £1.6m profit Carrick Capital property‑to construction group.
on £2.2m sales. But its net asset In 2009, it made £3.2m profit
figure rose to £44.5m. Ben Brodie founded Carrick Care and had £41.2m of net assets.
In the current climate, it is Homes in 1986. Brodie owned It is worth that sum. The family
worth the net asset figure. Other it all until its sale to Bupa, the also own Horus, with £1.8m net
assets should take the Scruttons healthcare giant, in 2004 for more assets. Dividends take the Pullan
to around £47m. than £40m. Brodie, 58, is now family to £44m.

Alphabetical index New entrants are shown in brown

Name 2010 Wealth in Wealth in Change Name 2010 Wealth in Wealth in Change
rank 2010 (£m) 2009 (£m) (£m) rank 2010 (£m) 2009 (£m) (£m)
Abbott, Elizabeth & Family 222 55 45 10 Elkington, John 243 46 48 -2
Ainscough, Martin & Family 72 200 — — Englander, Eliasz & Family 91 162 160 2
Ainscough, William & Family 141 110 120 -10 Evans, Michael & Family 41 400 350 50
Akins, George & Family 228 52 — — Farmer, Sir Tom 135 115 110 5
Allen, Bert & Maurice 71 208 — — Feldman, Heinrich & Family 135 115 105 10
Anstruther-Gough-Calthorpe, 92 160 160 0 Finlan, John & Family 215 58 — —
Sir Euan & Family Folkes, Con & Family 166 85 85 0
Ashley, Linda 232 50 — — Foster, Lord 87 168 170 -2
Barclay, Sir David & Sir Frederick 5 1,800 1,000 800 Freshwater, Benzion & Family 16 732 495 237
Barham, James 245 45 — — Gabbay, David & Family 98 150 250 -100
Bassi, Paul 209 60 — — Gadsby, Peter 171 80 65 15
Beckwith, Sir John & Peter 59 270 330 -60 Gadsden, Eric 138 113 113 0
Bedford, The Duke of 34 490 490 0 Gallagher, Tony 40 425 500 -75
Berkley, John & Family 92 160 150 10 Garrard, Sir David 155 95 95 0
Bernerd, Elliott 129 119 219 -100 Gordon, Sir Donald & Family 25 580 465 115
Bertram, Kip & Family 171 80 70 10 Gorvy, Manfred & Family 77 195 170 25
Bilton, Anton & Family 151 100 90 10 Gosling, Sir Donald 37 450 450 0
Birrane, Martin 141 110 109 1 Gould, Nicholas & Peter 171 80 — —
Boultbee Brooks, Steve & Clive 116 130 200 -70 Gradel, David & Family 209 60 — —
Bourne & Green, Robert & Sally 141 110 110 0 Gredley, Bill & Family 131 118 95 23
Boyd, Frank & Family 92 160 115 45 Green, Peter 21 650 500 150
Bramall, Terry & Family 37 450 400 50 Grodner, Melvyn & Delia 171 80 80 0
Bramall, Tony & Family 113 132 92 40 Grove, Eric 141 110 108 2
Brennan, Joseph & Family 75 197 170 27 Guthrie, John & Family 110 135 120 15
Brodie, Ben 245 45 45 0 Hall, Malcolm 232 50 — —
Brooksbank, John 165 89 72 17 Harris, Graham 106 145 117 28
Brotherton-Ratcliffe, 110 135 125 10 Hay, Albert & Family 149 104 92 12
Anthony & Family Healey, Eddie & Family 15 750 750 0
Buccleuch, The Duke of & Family 81 180 180 0 Heller, Michael & Family 190 72 67 5
Burke, Frank & Family 148 105 105 0 Hemmings, Trevor 31 500 300 200
Byrne, John & Ciara & Family 182 78 — — Herbert, Michael & Family 92 160 145 15
Caddick, Paul & Family 98 150 90 60 Higgins, Richard & Family 228 52 — —
Cadogan, Earl & Family 3 2,500 2,000 500 Hindle, John & Family 116 130 90 40
Candy, Nicholas & Christian 52 330 330 49 Hines, Gerald 14 800 800 0
Capstick-Dale, Nick 104 148 122 26 Hitchcox, John 159 90 — —
Caring, Richard 23 600 450 150 Hitchins, Jonathan & Family 139 112 90 22
Caudwell, John 9 1,400 — — Hobson, Ronald 36 470 470 0
Chamberlain, John & Family 170 81 78 3 Horney, Ray 159 90 80 10
Charles, Prince 18 680 520 160 Horton, Peter & Family 110 135 160 -25
Chervak, Demi & Family 192 70 52 18 Howard de Walden, 9 1,400 1,070 330
Clark, Robin & Family 141 110 86 24 Baroness & Family
Clarke Family 41 400 400 0 Hunt, Jon 20 660 660 0
Clarke, Simon & Family 151 100 120 -20 Hyams, Harry 54 320 300 20
Clowes, Charles 98 150 130 20 Iliffe, Lord & Family 64 240 220 20
Coffer, David 84 175 150 25 Ives, William & Family 60 266 282 -16
Cola, Bakir & Family 171 80 80 0 James, Fawn & India Rose 125 120 120 0
Cole, Terence 84 175 175 0 & Family
Conlan, Gerry 214 59 98 -39 Jarvis, Bruce & Family 171 80 70 10
Cooper, Melvyn & Family 225 53 — — Jatania, The Family 23 600 380 220
Creighton, Andrew 125 120 90 30 Jennings, Francis & Shamus 88 166 146 20
Dangoor, David & Family 232 50 — — Jolly, Robert & Family 232 50 46 4
Davey, Julia 114 131 131 0 Jones, Peter & Family 19 673 556 117
Davidson, Manny & Family 66 220 200 20 Karimzadeh, Simon & Family 147 107 107 0
Davies, Philip & Family 201 65 — — Kavanagh, Mark & Kathleen 195 69 69 0
Dawson, Peter & Family 139 112 78 34 Kay, Mark 228 52 48 4
Dellal, Jack 37 450 450 0 Kelly, Patrick 159 90 — —
Dennis, Cyril & Family 116 130 130 0 Kenny, Charles & Family 74 198 200 -2
Desmond, Danny 171 80 78 2 Khalastchi, Anthony & Family 131 118 105 13
Dixon, Mark 52 330 382 -52 Kirch, David 131 118 118 0
Doherty, Patrick & Family 158 93 200 -107 Kirschel, Laurence 53 325 300 25
Dove, Debbie 185 75 — — Knight, Jerry & Janet 232 50 50 0
Dunsdon, John & Family 116 130 130 0 Kraus, Mathias & Miriam 121 127 100 27
Edmiston, Bob 54 320 300 20 Lagan, Kevin & Michael 46 350 250 100
Egan, James 201 65 48 17 Lazari, Chris 29 522 425 97

Alphabetical index New entrants are shown in brown
Name 2010 Wealth in Wealth in Change Name 2010 Wealth in Wealth in Change
rank 2010 (£m) 2009 (£m) (£m) rank 2010 (£m) 2009 (£m) (£m)
Leavesley, Jim & Family 201 65 66 -1 Pritchard, Fred & Family 225 53 48 5
Lee, Alan Edward & 209 60 — — Pullan, Alistair & Family 250 44 — —
Leonard, Tony 228 52 — — Rana, Lord & Family 159 90 — —
Leslau, Nick 98 150 130 20 Rankin, William & Family 208 61 96 -35
Lewis, Alan 61 250 225 25 Rasul, Shaf 171 80 — —
Lewis, Bernard & Family 13 920 920 0 Raymond, Roger & Family 232 50 50 0
Linnett, Freddie & The Murphy 30 510 445 65 Rayne, Robert & Family 66 220 125 95
Family Reuben, David & Simon 2 5,432 3,300 2,132
Livingstone, Ian & Richard 6 1,650 1,400 250 Rich, Peter & Family 240 48 — —
Lonergan, Edward 166 85 65 20 Richardson, Roy & Family 41 400 350 50
Lousada, Charles & Family 245 45 — — Richmond, The Duke of & 171 80 — —
Lynch, John & Family 97 152 152 0 Gordon & Family
Lyons, Anthony 46 350 250 100 Ritblat, Sir John & Family 151 100 90 10
Mabey, David & Family 76 196 200 -4 Roberts, David 125 120 105 15
MacDonald-Hall, Caspar 46 350 300 50 Rohan, Ken 105 147 165 -18
Mackay, Giles 205 62 — — Ronson, Gerald & Family 106 145 180 -35
Mactaggart, Sir John & Family 166 85 70 15 Rosefield, John & Stephen 232 50 60 -10
Magnier, John 27 540 560 -20 Rosenfeld, Andrew 151 100 100 0
Marshall, Chris & Family 109 136 130 6 Ross, Richard & Family 240 48 48 0
Marston, John & Family 184 76 75 1 Roxburghe, The Duke of 159 90 80 10
McCabe, Bill 182 78 87 -9 Ruhan, Andrew & Family 225 53 — —
McCabe, Kevin & Family 81 180 175 5 Russell, David 185 75 75 0
McCarthy, Clinton & Family 108 140 115 25 Salisbury, Marquess of 61 250 250 0
McCauley, Dan 219 56 — — Scowcroft, Brian & Family 92 160 160 0
McGettigan, Jim 137 114 195 -81 Scrutton, Charles & Anne 242 47 — —
McManus, JP 34 490 430 60 Seddon, John & Family 122 126 85 41
Mellon, Jim 28 530 500 30 Sellar, Irvine & James 78 190 165 25
Metter, David 219 56 — — Shahmoon, Eli & Family 98 150 250 -100
Middleton, Jeremy 190 72 — — Shanly, Michael 124 122 82 40
Miller, Keith & Family 45 385 280 105 Sinclair, Duncan & Family 185 75 76 -1
Miskelly, John 209 60 — — Slade, Michael 189 73 72 1
Monk, Stuart & Family 131 118 99 19 Slowe, Michael & Robert 123 125 95 30
Moran, Christopher 66 220 144 76 Smith, Jeff 129 119 65 54
Morgan, Steve 46 350 350 0 Smurfit, Sir Michael & Family 58 295 294 1
Morris, Bill & Family 169 82 65 17 Spencer, James & Family 245 45 — —
Morris, Jack & Family 141 110 95 15 Steinberg, Mark 84 175 175 0
Morrison, Sam 57 296 250 46 Stevenson, David & Family 232 50 50 0
Mortstedt, Sten & Family 80 186 190 -4 Sugar, Lord 17 730 730 0
Moser, Henry & Family 89 165 165 0 Sullivan, David 41 400 400 0
Moss, Brian & Family 243 46 — — Sutton, Sir Richard & Family 120 129 115 14
Mould, Raymond 209 60 60 0 Sykes, Paul 21 650 550 100
Mucklow, Rupert & Family 198 66 60 6 Tayub, Rashid & Aziz 150 103 — —
Muir, John & Family 185 75 50 25 Thomas, Sir Stanley & Peter 65 225 225 0
Mulryan, Sean 198 66 280 -214 Tomkins, Robin & Family 219 56 — —
Murphy, Alan 78 190 180 10 Townshend, Charlotte 54 320 300 20
Nike, John & Family 215 58 — — Turner, Andrew & Sharon 201 65 65 0
Noé, Leo & Family 31 500 530 -30 Upward, Simon & Paul 205 62 57 5
Northampton, The Marquess of 159 90 — — Ure, Christopher & Family 245 45 47 -2
O'Callaghan, Noel & Miriam 171 80 — — Vernon, Stephen 46 350 280 70
Ogden, Sir Robert 98 150 115 35 Versteegh, Gerard & Family 125 120 120 0
Oglesby, Michael & Family 72 200 295 -95 Wall, Stuart 81 180 180 0
O'Hare, Gerard 66 220 220 0 Watkin Jones, Glyn & Family 224 54 — —
O'Rourke, Eamonn 198 66 — — Watson, Dick & Family 155 95 85 10
Panayiotou, Andreas 61 250 250 0 Westminster, The Duke of 1 6,800 6,500 300
Pearl, David 114 131 147 -16 Whittaker, John 11 1,060 1,360 -300
Pears, Mark & Family 7 1,600 1,500 100 Wickens, Roger & Family 196 67 89 -22
Pervez, Sir Anwar & Family 25 580 500 80 Widdowson, Gary 89 165 160 5
Petchey, Jack 31 500 450 50 Wilson, David & Family 46 350 275 75
Pickering, Cavan & Family 205 62 50 12 Wing, Woon Yip & Family 196 67 72 -5
Pidgley, Tony 155 95 — — Woolf, Douglas & Family 222 55 60 -5
Porter, Nicholas 192 70 — — Yates, Amanda & Family 215 58 50 8
Portman, Viscount & Family 12 1,000 950 50 Yeates, Charles 171 80 70 10
Potel, Solomon & Family 218 57 52 5 Zabludowicz, Poju 8 1,500 — —
Powell, Alastair & Michael 70 209 205 4 Zakay, Eddie & Sol 4 1,900 1,500 400

Rules of engagement
1 Valuations for quoted property companies 4 We have counted family trusts as part
are usually based on their share price of family shareholdings in making our
as at early September 2010. For private assessments of company ownerships.
companies we have based valuations
largely on their latest net asset figure. 5 Only those who have made all or a
After the credit crunch and property crash, significant part of their fortunes in property
we have been cautious in our private investment, trading or related areas, such
company valuations. as estate agency, qualify for this list. Where
construction magnates have a significant
Where accounts are not up-to-date, we property element, we have included or
have discounted their net asset figure by excluded them on a case-by-case basis.
10% or more (depending on the strength
of their balance sheet) in arriving at our Where retail tycoons such as Sir Philip Green
valuation. of Arcadia have used property trades to help
them on their way to fortunes, we have not
2 We have also been influenced by levels included them.
of borrowings, the strength of the balance
sheet and credit ratings in arriving at our The Queen is not included as she does
figures. Where private companies pay large not have full control of the Crown Estate
salaries to their owner‑directors, we have in the normal meaning of the word. Most
added a proportion of the salary to our profit landowners are also excluded, unless – like
and wealth calculation. the Duke of Westminster – their wealth
derives from urban property holdings.
3 Though there may be some concern
that we have not cut our valuations deeply Inevitably we will have missed people who
enough to reflect the economic crisis of late feel they should have been included. We ask
2008 and early 2009, we take comfort from them to send in their details for next year to
the fact that private companies are much Philipberesford@aol.com.
more conservative in their balance sheets
and that the net asset figure may not reflect Any other comments also gratefully received
the true position. here.
Second, many of the property tycoons All our calculations for valuations are
who have private property companies ballpark figures, which may be challenged
also have large assets elsewhere that by those listed. We will adjust valuations next
we do not know about. Finally, the rate of year for any who feel that we have been too
decline in values and economic activity wide of the mark.
may have now stabilised, which helps to
underpin our values. Dr Philip Beresford and Dominic Price

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Rich List 2010

Julia Cahill, deputy editor

20 November 2010 www.estatesgazette.com 3

sixth duke still

4 www.estatesgazette.com 20 November 2010

reubens Shell and BP.

make brothers’ most successful

billions of debt and is on track to generate

20 November 2010 www.estatesgazette.com 5

6 www.estatesgazette.com 20 November 2010

20 November 2010 www.estatesgazette.com 7

upwardly mobile tycoon

8 www.estatesgazette.com 20 November 2010

20 November 2010 www.estatesgazette.com 9

10 www.estatesgazette.com 20 November 2010

20 November 2010 www.estatesgazette.com 11

desmond o'neill features

desmond o'neill features

20 November 2010 www.estatesgazette.com 13

Pervez, the cash add another £220m.

and carry king he did not give large amounts to

14 www.estatesgazette.com 20 November 2010

20 November 2010 www.estatesgazette.com 15

substantial wealth. Petchey has also helped more South West 10

16 www.estatesgazette.com 20 November 2010

20 November 2010 www.estatesgazette.com 17

37 Bramall’s work was recognised Richest in Yorkshire &

tycoon with a love for the sea

18 www.estatesgazette.com 20 November 2010

desmond o'neill features

20 November 2010 www.estatesgazette.com 19

Britain’s biggest privately-owned

The beautiful game

20 www.estatesgazette.com 20 November 2010

20 November 2010 www.estatesgazette.com 21

22 www.estatesgazette.com 20 November 2010

edmiston top developer, started by selling

steers way his car, progressing to renting

to riches He expanded to four retail stores

20 November 2010 www.estatesgazette.com 25

smurfit stays on course

26 www.estatesgazette.com 20 November 2010

lewis interests are Hatfield also has a 3,000‑acre

62 £250m spread far and wide

20 November 2010 www.estatesgazette.com 27

net assets came in at £240m.

28 www.estatesgazette.com 20 November 2010

20 November 2010 www.estatesgazette.com 29

30 www.estatesgazette.com 20 November 2010

79 We can see around £134m CLS Holdings

20 November 2010 www.estatesgazette.com 31

duke looks beyond

32 www.estatesgazette.com 20 November 2010

20 November 2010 www.estatesgazette.com 33

desmond o'neill features

36 www.estatesgazette.com 20 November 2010

20 November 2010 www.estatesgazette.com 37

plans to build three retirement

38 www.estatesgazette.com 20 November 2010

2009: £115m (+£35m)

substantial wealth. Petchey has also helped more South West 10