Bankrupt business tycoon forced to sell luxury Glasgow home

dailyrecord.co.uk:

A prominent businessman has been forced to sell his £2million luxury home after he was made bankrupt by his nephew.Bookmaker Billy King Jr took his retired 82-year-old uncle Hugh King to court after lending him more than £400,000 four years ago.The King family has business interests across the country – spanning gambling, pubs, clubs, property and finance.When Hugh failed to pay Billy, 59, back by an agreed deadline, the younger businessman won a court action to sequestrate his relative for the outstanding sum of £448,251.

Insolvency experts William Duncan were then appointed as trustees, with the power to sell off assets to repay the debt.Last week Hugh’s 125-year-old B-listed two-storey home in Whitecraigs, on the outskirts of Glasgow, was put up for sale by estate agent Savills at offers over £2million.

The house was originally bought by King and his wife Deirdrie, 80, in 1994 for £475,000.The proceeds of the sale will be used to pay off the debt owed to Billy and any other creditors.

In the Savills online brochure, the property is described as one of the finest family homes in the greater Glasgow area and a hidden gem.It includes four bedrooms, double garage, reception hall, paved terraces for outdoor dining, a viewing gallery, fireplaces and 2.3 acres of garden.