TV hosts Ant and Dec are set to be millions of pounds out of pocket after the collapse of an exclusive Algarve complex where they bought luxury villas.
Documents show the 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.
Ant and Dec are millions of pounds out of pocket after the collapse of an exclusive Algarve complex where they bought luxury villas (Picture: ITV/REX/Shutterstock)
Their names are on a provisional list of creditors put together by a bankruptcy administrator as part of a long-running legal processThe document shows Ant – who stepped down from his presenting duties and spent a month undergoing rehabilitation after pleading guilty to a drink-driving offence in April – is owed €2.780,710 million (£2.493,623).
Dec, who is due to front ‘I’m a Celebrity…Get Me Out Of Here!’ in November alongside new host Holly Willoughby, is owed €2.797,293 million (£2.508,494 million).
Both men are listed on the publicly-available document under their full names – Anthony David McPartlin and Declan Joseph Donnelly – with addresses in 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 colleague Phillip Schofield is also owed a large sum.
He is included on the list of provisional creditors submitted to the Lisbon court for a total of €1,637,903 (£1,469,251).
Both men are listed on the document under their full names – Anthony David McPartlin and Declan Joseph Donnelly – with addresses in Chiswick, west London
The duo’s ITV colleague Phillip Schofield is also owed a large sum (Picture: Kieron McCarron/REX/Shutterstock)Today, well-placed sources said they believed Ant and Dec were at risk of having their 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 €135 million (£121 million) in 2015, although the total was reportedly downgraded to €116 million (£104 million) in a subsequent evaluation.
The developer was officially declared insolvent in May last year.
Court files show Ant and Dec and Phillip Schofield 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 today if the money owed to Ant and Dec covered just the downpayment or extra money they splashed out to secure their dream homes.
Judicial administrators declined to discuss the case or confirm if the insolvency decision in May last year had been appealed and what the current situation was regarding debt recovery.
Court files show Ant and Dec and Phillip Schofield entered into promissory agreements to secure their villas (Picture: ITV/REX/Shutterstock)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.
Presenter Phillip Schofield’s villa a few doors down was said to be an Art Deco-inspired six-bed ‘Bel Air’ villa with a cathedral-height atrium and personal lift to a sky garden.
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