Trader and former dotcom millionaire has £11million luxury home repossessed
Don’t want to focus on the negative but wow …
A City trader and former dotcom millionaire is the latest victim of the credit crunch after losing his £11million home in what is believed to be Britain’s biggest ever house repossession.
Robert Bonnier, 38, former boss of Scoot.com, has had his 4,300 sq ft Holland Park, west London property repossessed midway through renovations.
According to reports, Bonnier took out several loans believed to be around £7 million to buy the six bedroom house last year.
He planned to extend the property by building a swimming pool, cinema and wine cellar before putting it back on the market for £15 million.
But a slump in the housing market have made it impossible for him to recoup the money spent and pay back the loans.
The Dutch-born former corporate financier founded Scoot.com, an online directory firm, in 1998.
The company was worth £2billion at the height of the dotcom bubble.
But its shares tumbled as the dotcom bubble burst and the company was bought by BT in 2002.