Property tycoon Nick Candy is fighting a £1.5 billion legal claim over his £160 million penthouse, thought to be the most expensive property in the UK, over a claim both he and the former prime minister of Qatar “sabotaged” a deal to sell the property.
Mr Candy denies the allegations and rejects the claim for financial loss, stating there was never any deal on the table and no potential buyer was ever shown the apartment.
Michael Brown claims he had been negotiating the £175 million purchase of Mr Candy’s luxury two-storey penthouse at One Hyde Park, the most expensive flat in Britain, on behalf of a member of the Saudi royal family in July 2016.
In papers submitted to the British courts, the would-be middleman claims Mr Candy operated a secret agenda and the behaviour of the owner and his client caused the sale to fall through, causing a “great loss of opportunity” and “substantial financial loss” to Mr Brown.
Sheikh Hamad Bin Jassim Bin Jabar Al Thani, former Qatari prime minister and a member of the Qatari royal family, owns two flats in the building and is accused of taking part in “imbecilic behaviour” to help the sale fall through.
While Sheikh Hamad stepped down as Qatar prime minister in 2013, he has continued to represent the country’s substantial financial interests in London. In addition to the two flats in One Hyde Park and nearby Grade II listed property mansion off Belgrave Square that has been dubbed Britain’s most expensive private home. The former prime minister’s net worth is estimated at $1.2 billion, according to Forbes, which includes 3% of Deutsche Bank, his biggest publicly-traded holding, and stakes in luxury British properties including Harrods, the Shard, Chelsea Barracks, Canary Wharf, the London Stock Exchange; the Berkeley and the Connaught Hotels.
The developer of the luxury tower block is a joint venture between CPC Group and Waterknights, the private company owned by the former Qatari PM.
Candy Capital, run by Nick Candy, were the interior designers and development managers.
Mr Brown claims he was negotiating at the same time that Mr Candy, 46, and his younger brother Christian Candy were fighting their successful £132 million legal battle against Mark Holyoake, their former business associate.
"Mr Brown is claiming financial loss for the sale of a penthouse at One Hyde Park that never took place, to a potential purchaser he claimed to have (who may or may not have existed), and who never visited One Hyde Park or the penthouse in question," a spokesperson for Mr Candy told The National.
She added that Mr Candy plans to sue Mr Brown for all legal costs associated with defending this claim, which are “currently in excess of £20,000”. The other Defendants will also have their own separate legal fees.
The hearing is will take place at the High Court on May 22.
Mr Candy previously lived in the property situated in Knightsbridge, just south of Hyde Park, London, with popstar wife Holly Valance. He then moved to a nearby £75m mansion in Chelsea.
In October 2018, the property developer had taken out an £80m mortgage with Credit Suisse on the Hyde Park penthouse, which is one of 86 apartments in the block.
The apartment is believed to have skyline views of London, with bulletproof glass, heated marble floors, a pedicure room and two wine cellars.
The bloc has a 21-metre swimming pool, a cinema, saunas and room service through a tunnel from the Mandarin Oriental hotel next door.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
Sholto Byrnes on Myanmar politics
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
ARM%20IPO%20DETAILS
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BMW%20M4%20Competition
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Company%20profile
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
World%20Food%20Day%20
%3Cp%3ECelebrated%20on%20October%2016%2C%20to%20coincide%20with%20the%20founding%20date%20of%20the%20United%20Nations%20Food%20and%20Agriculture%20Organisation%2C%20World%20Food%20Day%20aims%20to%20tackle%20issues%20such%20as%20hunger%2C%20food%20security%2C%20food%20waste%20and%20the%20environmental%20impact%20of%20food%20production.%20%0D%3C%2Fp%3E%0A
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
CONFIRMED%20LINE-UP
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Turning%20waste%20into%20fuel
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Prop idols
Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.
Sophie Shams (Dubai Exiles mini, England sevens international)
An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.
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Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)
Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.
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Erin King (Dubai Hurricanes mini, Ireland sevens international)
Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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