A luxury £1million house on the outskirts of Glasgow has been seized by investigators trying to recover money from Scotland's biggest bankrupt businessman.
The Whitecraigs property was sold last week by insolvency experts on a world-wide hunt for assets to pay Gregory King's creditors after he went bust in 2017 with an estimated personal debt of around £120million.
The four-bedroom home was put on the market for £675,000 by liquidators Begbies Traynor, when they took possession of it in October, and it sold last week with proceeds going towards paying off the former lawyer's debts, the Sunday Mail reports.
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King, who ran hedge fund Heather Capital before its collapse, enjoyed a lavish lifestyle with Mercedes, Range Rover and several Harley-Davidsons.
He also had links to a £5.5million Marbella villa identified by liquidators.
A creditors' report obtained by the Sunday Mail said: "As part of our inquiries, a number of potential assets/claims have been identified. One of the most significant of those is in Scotland.
"This property is owned by a company registered in Gibraltar named Belvedere Avenue Properties. Upon review of the files relating to this company, it is our view that this entity is 100 per cent owned by the bankrupt."
A source told the Sunday Mail: "The recovery of the house in Whitecraigs after so many years is a major coup by Begbies Traynor.
"Its sale should enable it to return more money to the creditors."
Begbies Traynor is also targeting other parts of a property empire linked to King.
Last year it recovered and sold a £5.5million Marbella hilltop villa on the Costa del Sol, owned by an elderly member of the King family. Its lawyers claimed the property in the La Zagaleta area had been bought using Heather Capital linked cash given to him by 54-year-old King.
The property neighbours another villa linked to King which was seized in 2018 and sold for £5.1 million, of which £2million has since been returned to creditors.
Adrian Hyde, of Begbies Traynor, said it would continue to pursue King for money owed to creditors. He said: "The property in Glasgow was a good asset to recover."
King launched Heather Capital in 2005, which attracted about £400million from investors to develop wasteland and derelict buildings in central Scotland.
But in 2010 Heather collapsed, with investors' cash unaccounted for and the sites lying empty.
An Isle of Man court judgment compared Heather to a Ponzi scheme, made famous by jailed New York financier Bernie Madoff. Ponzis work by using cash from new investors to make bogus returns to earlier investors, giving the illusion of success.
Police launched a fraud probe into Heather Capital in 2013, which resulted in King and three men being reported to the Crown Office before the case was dropped in 2018.
King denied any wrongdoing.
He could not be contacted for comment.
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