entertainment

Ant and Dec face losing millions after luxury Algarve villa resort goes bust


TV hosts Ant and Dec are millions of pounds out of pocket following the collapse of an exclusive Algarve complex where they bought luxury villas.

Documents show the ITV pair are owed around £2.5 million each following a financial disaster affecting buyers at the upmarket The Keys development in Quinta do Lago.

Their names are on a provisional list of creditors put together by a bankruptcy administrator as part of a long-running legal process which is understood to be ongoing.

The document shows Ant – who is recovering from alcohol and drug addiction with new girlfriend Anne-Marie Corbett after making his split from estranged wife Lisa Armstrong official in January – is owed £2.5million ($2.7m).

The TV pair bought adjoining villas in the exclusive Algarve complex

The financial disaster affected buyers at the upmarket The Keys development in Quinta do Lago

The properties boast a rooftop pool


Dec, due to front I’m a Celebrity…Get Me Out Of Here! in November alongside new host Holly Willoughby, is owed the same amount.

Both men are listed on the publicly-available document under their full names – Anthony David McPartlin and Declan Joseph Donnelly – with addresses in Chiswick, west London.

The same document, included in files held at a specialist court in Lisbon as part of a recovery package launched after a Portuguese bank pulled the plug on The Keys development, also show Ant and Dec’s ITV pal Phillip Schofield is also owed a six-figure sum.


Phillip Schofield also has a property at the complex

He is included on the list of provisional creditors submitted to the Lisbon court for a total of £1.5m ($1.6m).

Yesterday, sources said they believed Ant and Dec were at risk of having their dream villas repossessed so the bank which financed the development can recover its losses.

Caixa Geral de Depositos, the state-owned bank owed nearly £250 million after losing faith in The Keys developer Birchview Imobiliaria last year, is believed to be first in the queue to reclaim its debt after the Portuguese taxman.

Birchview had land and property assets totalling only £121million ($135m) in 2015, although the total was reportedly downgraded to £104 million ($116m) in a subsequent evaluation.



The developer was officially declared insolvent last May.

Court files show Ant and Dec entered into promissory agreements to secure their villas, signing preliminary real estate contracts which normally involve a downpayment of around a third of the total deal. Ownership of property is dependant on full payment.

It was not clear yesterday if the money owed to Ant and Dec covered just the downpayment or extra money they splashed out to secure their dream homes in the sun.

Video Loading

Video Unavailable

Tight-lipped judicial administrators declined to discuss the case or confirm if last May’s insolvency decision had been appealed and what the current situation was regarding debt recovery.

It was reported in October 2015 Ant and Dec had bought adjacent villas in The Keys, a 72-villa development on the five-star golf resort of Quinta do Lago although it is separate to the famous luxury resort run by Quinta do Lago SA.

Villas at The Keys were costed from £3.7 million. The ones Ant and Dec picked were said to include two swimming pools, including a rooftop pool, and a luxury basement level with a cinema, bar, butler’s kitchen and staff quarters.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more