Supercar-loving bungalow billionaire ‘is bankrupt with £725m debt’ – six months after boasting of his £1.9bn fortune in a £10m mansion he shares with his stunning fiancée

A British billionaire who claimed to be one of Britain’s richest people has reportedly gone bankrupt with debts totaling £725million – just six months after bragging about his wealth in the £10million mansion he shares with his fiancée.

Entrepreneur Bob Bull, who was recently ranked 88th in the Sunday Times Rich List, estimated his fortune at almost £2 billion when he showed a journalist around his home, complete with a bowling alley and a £4 million collection of 12 supercars.

The 46-year-old made his fortune by converting mobile home parks into bungalow villages.

But lawyers in a bankruptcy filing against Mr. Bull said his “claims that he was very wealthy” were false. Bloomberg reports.

The huge debt follows the collapse of his company RoyaleLife and consists of 22 loan agreements for which the businessman has issued personal guarantees to a number of lenders. The company was valued at £4 billion.

He was declared bankrupt by the court on December 1, the newspaper reports.

Mr Bull, who has been married twice and now lives with his Norwegian fiancée Sara Nilsen, 30, near Southampton, is hoping to settle his debts at just 0.25 per cent, it has emerged from the court papers.

“It’s not a big return for creditors, but it’s a return,” said Ben Channer, a lawyer acting for Bull.

According to Companies House, Mr Bull currently holds positions at 34 separate companies in administration.

It’s not the first time the businessman has faced bankruptcy: in 2016 he fought his way back after owing creditors £3.5 million and ended up in a ‘nasty depression’ that left him unable to work for three months .

In September it was reported that Mr Bull was embroiled in a legal battle over more than £32 million in unpaid debts after being sued by holiday park boss Tony Barney.

Mr Barney, 59, claimed Mr Bull owes two of his caravan companies – Baslow Parks and Baslow Holdings Developments of Nottingham – £32,290,532.

Mr Bull said he turned his fortunes around after discovering a gaping hole in the housing market, which led to him building bungalow villages for people looking to sell their homes and downsize. His company, which employed 2,000 workers, is said to be worth £4 billion.

In his business, he bought people’s old houses at market value and sold a factory-prefabricated bungalow in a new community, each with a driveway, yard and shed.

He now owns a £4million collection of 12 supercars and lives in a £10million mansion in Southampton with Norwegian fiancée Sara Nilsen, 30.

Mr Bull and Ms Nilsen also share a £1 million home in her hometown in Norway.

The pair met in a bar in Mayfair in 2019 after Mr Bull visited bankers.

Despite both being in a relationship at the time, the couple eventually got together after he called Ms Nilsen in her hometown of Kristiansund.

But court documents show a number of insolvency claims have been filed against companies run by Mr Bull in recent months.

One of his companies, Time GB Group, is appointing administrators with a court hearing on September 29.

And the new legal claim from fellow entrepreneur Barney, owner of a string of residential and lodge parks ranging from Yorkshire to Norfolk, is said to be worth £125 million.

Mr Bull had previously agreed a ‘deed of settlement and release’ in March in relation to two companies, with the first payment of £1.4m due on April 14.

But he failed to make the payment, High Court papers show, meaning the full £32 million amount became due.

Mr Bull disputed the claim, saying Mr Barney breached their agreement by failing to keep its terms confidential.

He argued that Mr Barney had given ‘a clear and unequivocal undertaking’ that the deed to pay money would not be enforced while Time GB Group went into administration.

Mr Bull is used to wealth having been born into a successful family after his grandfather started a caravan park business.

“My three sisters and I were raised with everything we could want,” he said.

His father continued the success of the family business until he “lost everything in the banking crisis of the 1990s.”

Mr Bull rebuilt the empire and founded Britain’s second largest caravan group.

However, in 2016 the company ran into problems and was declared bankrupt.

Mr Bull told how business got so bad he could no longer afford the price of a takeaway for his children seven years ago.

In an interview earlier this year he said: ‘I put my card in and it didn’t work. The next card didn’t work either.

“I was pushing my youngest, Jack, in the stroller. I put my food back and said to my son Bobby, “Do you have any money?”.

‘I had to borrow the price of a KFC from my 12-year-old so my kids could have something to eat.

‘It still makes me emotional. The woman at the bank cut my cards open for me. I felt like a piece of shit. That was my lowest day, and I hated it.”