Christian Candy denies his brother is a co-owner of CPC
Billionaire property developer is being cross-examined in High Court over soured deal
Christian Candy has told a High Court judge how he gave his brother Nick two expensive London properties and £10m in cash to honour the wishes of their dying father.
The billionaire property developer, best known for the landmark London development One Hyde Park, is being cross-examined about his business relationship with his brother in a £132m High Court trial that revolves around a soured property deal.
Mr Candy and his brother, Nick Candy, are being sued by businessman Mark Holyoake, who claims he was threatened by the brothers after taking a £12m loan from them to buy Grosvenor Gardens House in Belgravia for £42.5m. The brothers deny all allegations against them.
Mr Candy told the High Court on Tuesday that when their father was dying in 2013, he had wanted Christian to equalise his wealth with Nick.
“He knew I was wealthier than Nick,” Mr Candy said. “I want for nothing in my life and my father wanted Nick to be equally wealthy.
“He wanted Nick to be wealthier than he was,” Mr Candy said.
Mr Candy told the court that he gave his brother two high-end properties, including a penthouse flat in One Hyde Park and a mansion in Chelsea, as well as £10m in cash. Loans had also been made available to his brother, the court heard.
However, Roger Stewart QC, representing Mark Holyoake, asked Christian Candy on Tuesday if his father’s intervention in 2013 had in fact been to urge him to honour an existing arrangement with Nick. Mr Stewart alleged Nick was at the time a co-owner of CPC, Christian Candy’s property development business.
“I suggest to you . . . we have seen throughout these documents, Nick Candy was and always has been a co-owner of CPC,” Mr Stewart said in cross-examination.
“Nick never has been an owner, director or shadow director of CPC,” Mr Candy replied. “It is 100 per cent owned by me.”
The court has previously been told that if Nick Candy were a co-owner of CPC, it would have significant tax implications, as “vast sums” of money would be owed to HM Revenue & Customs.
Earlier in the trial, the court also heard claims from Mr Holyoake that Christian Candy had repeatedly threatened to “nuclear bomb his entire world” when the Grosvenor Gardens House deal soured.
Mr Candy on Tuesday denied claims that on one occasion he told Mr Holyoake he would put him in a “deep hole” — but agreed he had used “colourful language”.
“I said **** off and die,” Mr Candy said, adding that he did not mean it literally, but for Mr Holyoake to “get the hell out of the office, I am sick to death of this crap”.
Mr Candy also said on Tuesday that he had spoken to a private detective who had once impersonated a member of the Saudi royal family about possible debt collection of Mr Holyoake’s £12m loan.
The High Court case, which began last month, centres around Mr Holyoake’s purchase of Grosvenor Gardens House in October 2011.
Mr Holyoake approached Nick Candy, who he was at university with, for a £12m loan and later signed a loan agreement with CPC, but claims he later started to suffer from intimidation from the Candy brothers and had to sign subsequent loan agreements.
The Candy brothers deny Mr Holyoake’s claims in their entirety and are vigorously contesting the allegations.
The trial continues.