3 DAVID SUL­LI­VAN

Essex Life - - RICHEST 50 -

Prop­erty 2018: £1,100m 2017: £1,100m (3rd)

David Sul­li­van will be pray­ing that West Ham Utd FC can re­cover from a poor start to the 2018-19 sea­son. After eight games, the Ham­mers are 15th in the Premier­ship with just seven points. Chig­well-based Sul­li­van owns a 51% stake in the club, which now play at the former 2012 Lon­don Olympic Sta­dium. Sul­li­van made most of his early money from porn, sex shops and erotic films. At one point dur­ing the 1970s he was said to be re­spon­si­ble for half of the UK’s adult mag­a­zine ti­tles. In more re­cent years, the Cardiff-born mag­nate has shown him­self to be an art­ful prop­erty in­vestor. We now see nearly £508m of net as­sets in his three ma­jor prop­erty com­pa­nies. Foot­ball clubs are no­to­ri­ously dif­fi­cult to value, but we still value Sul­li­van’s stake at around £325m, as the own­ers turned down an of­fer of £650m in 2016. As­set sales such as the £50m from Sports News­pa­pers in 2007, a £100m pen­sion pot and £160m of re­cent prop­erty deals com­fort­ably el­e­vate Sul­li­van to bil­lion­aire sta­tus. He once showed off his £7.5m, 14-bed­roomed home to Ea­monn Holmes and Ruth Langs­ford for their Chan­nel 5 pro­gramme How The Other Half Live. Sul­li­van’s son Dave Ju­nior last year said that his fa­ther had built a for­tune of £1.1bn – ad­ding that he wanted to build a £5bn for­tune to pass on to his chil­dren.

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