Simon Halabi
Bassam Simon Halabi | |
|---|---|
| Born | Error: Need valid birth date: year, month, day Syria |
| Occupation(s) | Entrepreneur, real estate developer |
| Known for | Real estate development, former billionaire |
Bassam Simon Halabi (born August 1958) is a British entrepreneur and real estate developer originally from Syria.
Halabi's initial capital was inherited from his father, a prosperous Syrian businessman who financed his early enterprises. By engaging in high-risk property ventures, he amassed considerable wealth. In the Sunday Times Rich List 2007, he was ranked as Britain's 14th wealthiest individual, while Forbes placed him 194th worldwide in the same year, estimating his net worth at US$4.3 billion. However, by 2009, his fortune had diminished to US$2.8 billion, dropping him to 224th on the Forbes billionaire rankings.
Recognized for his lavish lifestyle, Halabi owned a 130-foot yacht. He also suffered losses nearing £3 billion and altered his name following a conviction for rape.
Downfall and bankruptcy
Towards the end of 2007, the fitness chain Esporta, acquired by Halabi for £460 million, went into administration, causing him losses exceeding £120 million and damaging his relationship with his principal lender, Société Générale.
In January 2008, Halabi divested his one-third share in the prominent Shard project in London for £30 million—a stake that had been valued above £130 million just six months prior. Later that year, progress on the Mentmore Towers development, purchased in 1997 with plans to convert it into a six-star hotel, came to a halt. The grade II listed building was left unused due to unpaid architectural fees and was designated "At Risk" by English Heritage because of neglect.
By June 2009, Halabi's property firms defaulted on $1.9 billion in bonds secured against nine London properties that had depreciated by up to 50% since the economic downturn, resulting in negative equity positions. In August 2009, insolvency practitioners were appointed as liquidators of Buckingham Securities Holdings, his principal advisory entity.
By October 2009, Anglo Swiss Holdings commenced asset liquidation efforts, including attempts to sell Cambridge House located in central London's Piccadilly. On 1 April 2010, Halabi was officially declared bankrupt by the High Court in London.
As of 2010, Mentmore Towers remained part of Halabi’s holdings but with dramatically reduced development plans that excluded extensive extensions and amenities; by 2022, it was described as "abandoned" and in decline. In December 2019, he sold Château Cantenac-Brown situated in Bordeaux.
The Aviva Tower, included within his White Tower portfolio and purchased for £260 million in 2003, was sold for £288 million in April 2011.
Personal life
Halabi is married to Urte Halabi, who is originally from Lithuania, and they had two sons: Samuel and Jacob; tragically, Samuel died in a swimming pool accident in France in 2003.
In 1998, Halabi was convicted of sexual assault in France and received a suspended sentence of three years along with registration on the French sex offender registry. Because the conviction was under the name Mohammed Halabi rather than Bassam Halabi, he continued business activities without disruption. UK officials were notified of this conviction in 2012 but only connected it to Halabi himself in 2017.
In 2015, he faced allegations of assault and racially abusive behavior towards a waste collector in London after a refuse vehicle obstructed his Bentley near Annabel's club. He was accused of using racial insults and asserting dominance over traffic. Following an investigation lasting nearly two years and a week-long trial at Southwark Crown Court, he was acquitted of racially aggravated assault charges in December 2016.