Couple win £1m from royal who pulled out of £5m house deal
A BRITISH couple who sued a Nigerian billionaire for pulling out of a deal to buy their house were awarded £1million in compensation yesterday.
Prince Arthur Eze had exchanged contracts with Richard and Deborah Conway on their seven-bedroom mansion in north London in August 2015.
He agreed to pay £5million but the deal was aborted before completion, the High Court heard. The Conways sold to another buyer for £4.2million and moved to a £2.9million home near Cambridge.
But they sued Prince Eze, claiming damages over the lower price their house sold for and the extra costs they faced in pushing through their move to the country. Judge Andrew Keyser awarded them over £1million compensation for the losses and expenses caused by the prince’s actions.
The 62-year-old Nigerian founded Atlas Oranto Petroleum, an oil exploration company with holdings throughout West Africa. He is reputedly worth £2billion.
He did not view the house before making an offer and denied breach of contract, countersuing the couple for return of his deposit.
The prince’s legal team claimed the sale contract was void because a middleman had arranged a secret commission on the side.
But, finding for the Conways, Judge Keyser said the contract to buy the house was valid and ought to have been completed. He said Prince Eze’s £500,000 deposit would count toward the damages payment.