A YEAR ago, he was Scotland's wealthiest man, with a personal fortune of £1 billion and a desire to give away the same sum to worthy causes throughout his lifetime.
This week, however, it was reported that Sir Tom Hunter's assets have fallen to £750 million, toppling him from the summit of the rich list.
But the entrepreneur is refusing to be defeated by the global financial turmoil and has now sold hi
s villa in Cap Ferrat, near Nice, for an estimated £50 million.
The property is one of the most impressive in the south of France, with computer tycoons and race ace David Coulthard as near neighbours.
A spokesman for Sir Tom refused to comment on the sale, but property agents – who speculated the house had been sold to a Russian oligarch – believe the villa was sold for about £50 million.
Dennis Broadfield, the managing director of the upmarket property firm totally riviera.com, said: "It is probably the most desirable piece of the Riviera.
"It's very private. A little peninsula, and 100 years ago a lot of wealthy Americans built their villas here."
Sir Tom's former villa is situated between Nice and Monaco and, in 2002, was the venue for a charity dinner that the entrepreneur hosted for the Princess Royal.
In the grounds, in 2007, he pledged to give away £1 billion to his charitable foundation.
The pledge is thought to have been the single most generous philanthropic commitment ever made by a Briton.
