£500million tycoon’s trophy home seized to repay debts

Until very recently, tycoon Kevin Cash appeared to have it all: a magnificent listed Oxfordshire mansion, a property empire worth £500 million and a wife, Carla, who was once voted ‘sexiest woman in South Africa’.

But the foundations of his empire seem to have been set in sand.

Just two months after i disclosed that Cash’s attempt to reach an individual Voluntary Arrangement with a host of creditors had been rejected out of hand, i can reveal the first of his trophy properties — a £10 million pad in london’s Regent’s Park — is being ripped from his grasp.

Cash, 54, had pleaded with creditors, to whom he owes over £40 million, that the heavily mortgaged house should not be considered as one of his assets, despite the fact that it was registered in his name, claiming that he held it in trust on behalf of his friend and business partner, Dubai- based property developer tony Jimenez.

But the gambit has been to no avail. ‘the house has gone,’ i’m told. ‘ the receiver’s been appointed.’

Cash, right, was not at his london office yesterday, but a spokesman for the land Registry, which maintains ownership records of all UK properties, confirms that ‘a legal process is going on at the moment’. Records show that several of Cash’s creditors had charges against the property, though i understand that Barclays Bank is the only one which may retrieve its money. next month, the High Court hears a bankruptcy petition against Birmingham- born Cash, whose creditors include HMRC which estimates that he owes £13 million in unpaid tax. it’s a bleak end to a buccaneering career. Cash married four times — his second wife was former glamour model Jackie St Clair — and formed a close friendship with the late Scot Young, the property tycoon who plunged to his death in disturbing circumstances in 2014.

He also spent £50,000 a month on groceries and ‘housekeeping’ at north Aston Hall, the Oxfordshire estate he shares with current wife Carla.

this property is conveniently owned by an offshore family trust.