Fun of the fair is over for circus impresario’s heir
Grandson of Billy Smart in court after amassing £9m debt and being evicted from Georgian mansion
THE grandson of the legendary circus showman Billy Smart was left unable to pay for his mother’s funeral after amassing £9 million in debts and being evicted from his Georgian country manor.
Despite being left a share of his grandfather’s multi-million-pound fortune, Billy Jay Smart resorted to sleeping in his car after he became embroiled in a legal battle with both his mortgage lender and his sister over ownership of the 12-bedroom property.
Unable to cope, he began drinking heavily and suffered a breakdown that resulted in him sleeping rough, a court heard. Mr Smart told a judge at Central London county court: “I could not even afford to give my mother a funeral, let alone afford to seek psychological assistance.”
The 49-year-old had once enjoyed the high life, benefiting from a share of the family’s estate.
His grandfather founded the show as a travelling circus in 1946, going on to draw television audiences of more than 20 million from the 1960s until 1983.
After his death in 1966, Billy Smart’s son, Billy Smart Jr, took over the circus, together with his brothers, Ronald and David.
The Smart Brothers also developed Guernsey Zoo, selling it in 1972, and opened Windsor Safari Park – now the site of Legoland Windsor – in 1969, before selling it in 1977.
Billy Smart’s Touring Circus was later revived by Ronald in 1993, while Billy Smart Jnr concentrated on a second career as a property developer, based in Spain, before his death in 2005.
Mr Smart, a former pupil at Eton College, acquired a property portfolio worth over £20million, including the £3.5million purchase in 2005 of Nazeing Park House, a 12-bedroom listed home with a stable block and coach house located in 68 acres of grounds in
Essex. He also owned a string of highend properties, including a “sumptuous” Belgravia mansion and a villa in Palm Beach, Florida.
But the property mogul ran up debts after taking out a £4.2 million loan with
Castle Trust Capital (CTC) in 2014 to finance a series of failed business ventures.
These included an automated docking system for yachts and plans to bottle and sell water from Nazeing Park’s ancient well. CTC claimed Mr Smart failed to meet his payments and in 2018 sued over an alleged outstanding balance, which by January this year amounted to £9,064,901.
He initially defended the case on grounds that CTC failed to properly assess his repayment plans, and that the terms of its buy-to-let loan were unrealistic. Mr Smart also became embroiled in a dispute with his sister, Baccara La Roux Smart, 44, an artist, who claimed a 50 per cent stake in Nazeing Park House. Judge Nigel Gerald heard that a settlement had been reached, with Mr Smart now agreeing to the sale of Nazeing Park House.
He will retain a collection of cars.