Businessman who unsuccessfully sued Nick Candy in £1.5bn case over Hyde Park flat deal is declared bankrupt after failing to pay £130k legal fees
- Michael Brown tried to sue Candy for £1.5bn but the case was thrown out
- Mr Brown ordered to pay £130,000 court costs but is yet to pay a penny
Michael Anthony Brown, the businessman who unsuccessfully sued luxury property developer Nick Candy, has been declared bankrupt after failing to pay legal fees related to the case.
Mr Brown originally claimed that Mr Candy’s behaviour had caused the sale of Mr Candy’s luxury Hyde Park penthouse to fall through, but the £1.5billion court case was thrown out in July 2019.
Mr Brown was then ordered to pay £130,000 court costs, including £28,985.50 to Mr Candy, but Mr Candy initiated bankruptcy proceedings against Mr Brown after the businessman failed to pay a penny.
Mr Brown was also jailed for 17 months in 2014 after he was found guilty of two counts of theft at Southwark Crown court.
Property developer Nick Candy and his wife, Australian singer, Holly Valance
The bankruptcy was upheld by Insolvency and Complaints Court (ICC) Judge Mullen on Wednesday, despite Mr Brown claiming he would be able to pay the sum later this year.
Mr Brown claimed his company, Throne Entertainment Limited, was due to host an event in Monte Carlo in the summer that would generate enough revenue to pay the fees.
According to Mr Candy, he then produced just two emails from clients inquiring to see a venue but no further documents that satisfactorily proved the event had been confirmed.
Nor was it clear what revenue Mr Brown would draw from the event if it took place.
Mr Brown brought the original court case after he claimed he had been negotiating the 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 for £175million in July 2016.
He then claimed Mr Candy’s ‘imbecilic behaviour’ caused the sale to fall through, causing a ‘great loss of opportunity’ and ‘substantial financial loss’.
Mr Brown claimed the incredible sum of £1.5billion because he said the failed deal had soured any future property deals he could do at the building.
But the High Court threw out the claim amid suspicions there had never been a buyer for the property at all.
Businessman Michael Brown tried to sue Nick Candy for £1.5billion
The case was described by Mr Candy as: ‘vague, incoherent, vexatious, scurrilous and obviously ill-founded’.
Mr Candy told MailOnline and This is Money: ‘Mr Brown deliberately used these proceedings to bring improper and abusive claims and elicit vast sums of money.’
A hearing was held in November 2019, at Mr Brown’s request for more time to pay off the debt after he claimed he could not find a lawyer because they were all on holiday.
Brown did not turn up to the hearing and the application was refused.
Judge Michael Green QC said: ‘Given that the claimant has not turned up on his own application, I am obviously going to dismiss the application.
‘I am clearly of the view that it is an application that was totally without merit.’
One Hyde Park corner where Mr Candy’s penthouse is located
According to Mr Candy, Mr Brown first contacted him in 2013 claiming to represent Jay-Z.
He is alleged to have said he was looking to use One Hyde Park as a party venue for that year’s Brit Awards.
But negotiations broke down and Sony Music later confirmed Mr Brown wasn’t Jay-Z’s representative.
He then got back in contact with Mr Candy three years later claiming to have a buyer for the penthouse.
MailOnline and This is Money contacted Mr Brown for comment through his company but he has yet to respond.