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Ex-porn king's heirs £7m richer
Rosamund Urwin06.11.08
Heirs to the empire of the late porn-king-turned-property-tycoon Paul Raymond pocketed £7 million from his real estate business this year as profits rose to £17.8 million in 2007.
Soho Estates, the group Raymond founded in the 1970s to buy up seedy London streets, saw an 8% rise in pre-tax profits, on turnover 6% higher at £23.3 million. Earnings rose on higher occupancy rates and rents and acquisition of new buildings.
Raymond's granddaughter Fawn James has been paid £5 million since January, as a £10 million loan Raymond made to the group is repaid into trusts for his heirs. Her teenage sister has been paid £2 million.
Fawn James was appointed to the board 13 months ago and is being tipped to eventually take over the running of the business.
Soho Estates claims that its portfolio is now worth £281 million, based on valuations from 2003.
