Wealthy towel tycoon beats son in £2.5m battle over mansion after 31-year-old 'dumped luxury furniture & piano in skip'

09/06/2024 06:27 AM

A MILLIONAIRE towel tycoon has beaten his son in a £2.5million battle over a mansion after the 31-year-old “dumped” his luxury furniture in a skip.

Michael Parker handed over the keys to the sprawling seven-bed house in Bourne End, Buckinghamshire, to avoid inheritance tax.

The 61-year-old claimed he only transferred the house to Thomas Parker-Bowyer, 31, on the condition he had a right to live in it while he was still alive.

But Thomas claimed the ranch-style mansion – known as The House – had been “gifted” to him in return for him paying off the mortgage, which his dad was struggling to cover.

The “especially acrimonious” reportedly culminated in Michael’s £300,000 luxury furniture being “dumped” in a skip or “flogged off” on Facebook Marketplace.

This included a £12,000 mini grand piano, £40,000 worth of gym equipment and a Union Jack armchair.

Michael, who made his fortune selling towels to luxury hotels including The Dorchester, ended up in a bitter High Court row with his son.

He has now won the right to the house after a judge ruled he did not intend to give the “centre of his wealth” away entirely.

Deputy Master John Linwood said the transfer was a matter of tax planning.

The court was told Michael was concerned with his “mortality” when he transferred the mansion to Thomas in 2019.

The home boasts a huge kitchen, two acres of land, a cinema, swimmingpool, gym and a bar.

Michael then moved into another property nearby named Babs Park.

Although he admitted transferring The House and its surrounding land to his son, he argued it was on the condition he retained a lifetime interest in the property.

His barrister Gavin McLeod said: “The idea was that legal title would go to his son, but that Mr Parker would have continuing use and occupation of the property.”

But Michael and Thomas, who worked alongside his dad before running his own flotation therapy business, fell out “in serious measure” over the property.

Thomas insisted the arrangement in place was different and that he had simply agreed to buy his dad out of the property as he was so heavily mortgaged he risked foreclosure.

His barrister, Piers Digby, said he used £200,000 savings and a £1.2million mortgage to pay off his dad’s mortgage, with his dad gifting him the remaining equity in the property.

The court was told Michael had been generous to Thomas and his other son Eddie, who stood to inherit Babs Park following his death.

The multimillionaire gave both his children Tag Heuer watches on their 21st birthdays and Rolex Submariners when they turned 25.

They also had luxury holidays paid for and enjoyed the use of Jaguarcars through his business, as well as £5,000 gifts at Christmas.

While giving evidence, Michael said: “In 2019, Tom had no assets apart from money I gave him. Where did he get his money from? From his dad. That’s where he got everything from.”

The judge ruled the agreement was that the house would be transferred to Thomas, subject to a life interest for Michael, who could do with it as he pleased.

He also found Thomas would have to secure funding in his own name to pay off the mortgage but his dad would then provide him with the money to make the loan repayments.

Deputy Master Linwood added: “I find it unlikely verging on the impossible that Mike would have handed over The House without such a reservation of his continuing rights.”

He asked the alleged claim over the £300,000 property damage to be agreed outside of court after running out of time to hear evidence on it.