THE TELEGRAPH: Simon Halabi, the property tycoon who was estimated to be worth £3bn in 2007 and whose portfolio includes London HQs of JP Morgan, Aviva and Old Mutual, has been declared bankrupt.
The bankruptcy order was made in the High Court on Tuesday over a £56.3m loan he received from failed Icelandic bank Kaupthing Singer & Friedlander.
The declaration against Mr Halabi makes him one of the richest entrepreneurs at the peak of the boom to fall victim to the global recession.
The Syrian-born tycoon's property portfolio included the London headquarters of JP Morgan, Aviva, RSA and Old Mutual, as well as the In and Out Club on London's Piccadilly and Mentmore Towers, the former home of Baron Mayer de Rothschild.
However, according to Estates Gazette, bankruptcy proceedings were launched last year by Ernst & Young, the joint administrator to Kaupthing, over the £56.3m debt.
Mr Halabi was not present at the hearing and no representations were made on his behalf. Property tycoon Simon Halabi bankrupt >>> Graham Ruddick, City Reporter (Property) | Friday, April 02, 2010
