Property rich list tycoons see fortune cut in half

Tuesday 27th October 2009

Over the last two years the commercial property market has been hit hard by falling prices, yet it would appear that the portfolios of the UK’s wealthiest property investors have taken even more of a battering.

Whilst the FTSE 350 real estate index demonstrated a sharp drop of 47% between October 2007 and October 2009, the total value of assets held by the UK’s top 100 richest property tycoons tumbled by 56%.

The survey, conducted by Estates Gazette, revealed that the combined fortunes of investors such as the Duke of Westminster, Trevor Hemmings and Earl Cadogan have slumped from £77.37 billion to £34.32 billion in the last two years.

According to the list, the owner of BlackpoolTower, Trevor Hemmings, was the biggest loser after seeing his personal wealth dive by 69%. His fortune stood at over £1 billion last year and was down to £300 million this year.

 

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