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Nick and Christian Candy, whose ultra-luxurious properties came to symbolise the extravagance of the bull market before the recession, are together worth about £750 million despite the property market crash, their corporate finance head claimed today.
Speculation about the state of the Candys' finances has been rife since the valuations of “superprime” apartments fell sharply and a number of their projects went awry.
However, unaudited internal reports at their Guernsey-based CPC Group state that the brothers' debts stand at £138 million and their net worth is about £750 million. That does not include the £550 million they say they will earn if the remaining flats at their ambitious One Hyde Park development sell for their asking price. Sales were suspended in December as they refused to cut prices.
The reports, shown to the Bloomberg news agency, say the brothers had £167 million in cash on 31 May — £68 million in personal bank accounts and the rest in private companies. Other assets include five homes in Monaco and London valued by CPC's corporate finance head Steven Smith at £324 million, two yachts, a helicopter, two Maybach limousines, two Rolls-Royces, two Bentleys and two Ferraris.
Reader views (1)
A true property success story - good contacts and an eye for good detail = good profits.
To have £167m in cash is simply phenomenal in todays climate
- Fund Manager In City, London, England, 09/09/2009 14:25
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