Famous TV presenters Ant McPartlin, Dec Donnelly and Phillip Schofield have lost millions via an Algarve property investment that went horribly wrong.
Ant and Dec paid €3 million each to purchase property in the Algarve’s The Keys development, a real estate project from Birchview which went bankrupt during the last financial crisis, leaving a trail of debts behind it worth €307 million owed to Portugal’s public-owned bank Caixa Geral de Depósitos. The Keys development has now been bought by a Brazilian group for €95.4 million.
The investment in the Algarve’s The Keys went sour for the three UK TV stars who paid around €7.3 million, each buying a house in the development from Birchview which went under without even competing the planning permission process for the project.
Anthony David McPartlin and Declan Joseph Donnelly – better known as Ant and Dec – Britain’s Got Talent presenters, are two of the Birchview creditors who are claiming €5.6 million because of the purchase promissory contracts that they signed, to which has been added around €1.5 million in interest and compensation.
They had paid for two houses, one with a covered pool and another underground, as well as a cinema, bar and other luxury amenities. See an aerial video of the The Keys development HERE.
Another British TV household name, Phillip Schofield had his fingers burnt to the tune of €1.6 million which he had paid for his house in The Keys. Now he is claiming a further €169,000 in interest and €500,000 in compensation.
Another 15 investors also lost millions when they signed ‘on plan’ promissory contracts to buy luxury properties at The Keys, but are unlikely to see a red cent back from their failed investments.
Read the full details online HERE.