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ONE Sunday, three months ago, Stuart Wheeler received a curt email from the Tory chairman, Eric Pickles, saying he'd been expelled from the party.
He was annoyed, not least because he'd been tipped off by a journalist who knew before he did. He expected better - after all, he once wrote the Tories a cheque for £5 million, still the biggest individual donation in the party's history.
His offence was to give £100,000 to the UK Independence Party. He said he'd vote for the Eurosceptic organisation in next week's European elections, and urged other Tories to do the same.
Under "tough" David Cameron, that necessitated an immediate bullet. When we meet in a coffee bar, Wheeler is browsing the Daily Telegraph. That's the point, I say, indicating the front page on MPs' expenses. UKIP may well increase its vote and do well in the election but it's got little to do with the electorate's views on Europe and more with the goings-on at Westminster.
"But people do seem to mind about Europe," he replies. "There was a YouGov poll the other day on what people most care about. The top two were reducing unemployment and taking power back from the EU to Westminster. The idea they don't care about Europe is wrong."
He turned to UKIP because "the Conservatives are far too feeble on the Lisbon Treaty, which gives the EU even more power than it had before. They won't give a commitment to hold a referendum even if the treaty has become law. I decided to get myself into a party that would give a commitment".
Europe, he argues, is immensely important. Take the City. "The threat of more regulation from Europe, rather than from the FSA, is a serious one. They want to go after hedge funds, yet hedge funds bring in a lot of money to this country - 80% of them are based here."
He fishes in his pocket for a piece of paper. "Look, this is an exact quote from the Danish Prime Minister: 'We don't like your Anglo-Saxon methods.' They've got it in for us - that ought to be a reason not to dismiss Europe."
Wheeler leans over his coffee. "I don't think 75% of our laws should come from the EU. The cost to this country of being in the EU is £120 billion per annum. That's the same as £2000 from every man, woman and child every year." Cameron's softening on Europe was exemplified by the rehabilitation of Ken Clarke as shadow business secretary. "He appointed Clarke not because of Clarke's view on the EU but in spite of them. William Hague was asked, would Clarke vote against the Lisbon Treaty and Hague said he 'expected' him to vote against. They'd not asked him the question because they're afraid what the answer might be."
Does it not annoy him that he gave £5 million, only for some of the party's MPs to rip off the taxpayer?
"No, you have to look at each case. Look at Oliver Letwin, a friend of mine. He claims for repairing a pipe at his second home, something he's entitled to do. But because the pipe is under the tennis court, the impression is given it's all about Oliver Letwin's tennis court."
There are many, I say, who are fed up with the association of politics with money, that there's something invidious about rich people like him buying influence. "I've got the right to give money," he says, quick as a flash.
"I feel big donors should be allowed, but they should be restricted. If they're up for an honour, the scrutiny committee should be satisfied they would get an honour quite apart from the donation. When I gave a donation, if I was offered an honour I would have refused it." Plus, he says, "big donors should declare their financial interests, same as MPs." Why £5 million, why that amount? "They could do a lot with it and I was worth a lot more then than I am now. Then, I was worth £90 million so I still had £85 million left - £5 million made no difference to me."
How much is he worth now? "About £30 million. And most of that is tied up in my two properties. The one in Kent [a Grade 1 Jacobean castle, Chilham] costs a huge amount to keep up."
Born out of wedlock, he was taken in by an orphanage, adopted and later went to Eton. He studied law at Oxford.
In 1974, it was illegal for British citizens to buy and sell gold for speculative purposes. Wheeler spotted an opportunity and set up a company to allow bets on the price of gold - Investors Gold Index, which became IG Index after Bank of England objections to the name.
It evolved into the first specialist spread-betting firm. He sold out completely a few years ago, partly to refurbish Chilham. Today, his interest is minimal. "I didn't think IG would do well, but it has - I can't bear to look at the shares, they've done so well."
What does detain him these days is poker. "I've always been a gambler. My main gamble now is the World Poker Championship in Las Vegas. You pay $10,000 and turn up and play. Over 800 enter - my best position so far is 33rd." Otherwise, he plays poker on the internet.
Presumably he knew Jimmy Goldsmith, fellow Etonian, gambler, Eurosceptic and the founder of the now defunct Referendum Party? He nods. "I would have voted Referendum but they didn't have a candidate in my constituency." He laughs: "Jimmy once did a deal with me. We'd toss a coin and if he won, I'd pay him £1000 and if I won, he'd pay me £1100 - he was much richer than me. We tossed eight times. I won three and lost five."
He's married to Teresa, a photographer and they have three glamorous daughters, including Jacquetta, the supermodel. He sees them a lot and admits, the talk usually turns to Europe. "The girls are always roaring at me about Europe. Charlotte has given me a T-shirt that says 'Daddy is always right'."
His other, less well-known "top priority" apart from Europe is torture - he's given large amounts down the years to human rights organisations.
"I think torture is absolutely awful and not justified in any circumstances," he says. Okay, he acknowledges, if it will definitely prevent another 9/11 that could be used in mitigation, but only in mitigation to what he believes should be an illegal act - there can be no excuse for wholesale abuse of prisoners in the hope they might confess to anything.
Wheeler also admits to admiring Gordon Brown - "a good man because he minds about the poor." But he finds Brown insults people's intelligence. "Brown tried to say the opinion polls had nothing to do with his decision not to hold an early election when everyone knew they did."
He may have been thrown out but at the general election Wheeler will vote Tory. "I think David Cameron is the best leader. Before he became leader, the Tories were considered to be the nasty party. He's like Tony Blair who came to power by never announcing any policies ever, by using his charm." He just wishes Cameron was bolder on Europe. "One backbencher came up to me and said 80% of Tory MPs are behind you."
He would like to return to the Tory fold one day. "First, they will have to want me back and second, their declared attitude to Europe will have to change." Presumably he could fund them again. For now his cash is heading elsewhere.
