Tycoon sees mansion price fall £500,000

A MANSION described as one of the finest homes in Scotland has had its price slashed by almost £500,000. Bankrupt busi nessman Graham Gillespie’s house has not sold despite being on the market for more than a year.

In 2007, the property cost £10million to build, making it the country’s most expensive modern home.

But it was put up for sale at offers over £3.4million by Mr Gillespie’s bankruptcy trustee in January last year in a bid to pay off his multi-million-pound debts.

Mining and property magnate Gillespie, 58, was made bankrupt in 2012 with debts of £12.8million after his business empire crumbled.

Kirkton Park in Auchterarder, Perthshire, sits in seven acres of grounds and has its own cinema, billiards room, wine store, gym, summer house, four-car garage and study.

It is now being advertised for sale at offers over £2,950,000 after a proposed sale fell through last month.

The property is said to have been viewed by a number of leading Scottish business figures and footballers.

Mr Gillespie was once one of Scotland’s richest businessmen and a major Rangers shareholder. His friends include Sir Sean Connery, snooker champion Stephen Hendry, football legend Graeme Souness and former Rangers owner Sir David Murray.

But the businessman squandered cash on a lavish lifestyle, gambling and private jets.

He and his three brothers inherited their father’s open cast mining business but the economic crash and a series of family feuds saw their businesses hit the skids.

Mr Gillespie was declared bankrupt in June 2012. More than £9million of his debts are owed to the Bank of Scotland.