Christian Candy | |
|---|---|
| Born | Christian Peter Candy (1974-07-31)31 July 1974 (age 50) |
| Education | Priory Preparatory School Epsom College |
| Alma mater | King's College London |
| Occupation | Property developer |
| Spouses | |
| Children | 2 |
| Relatives | Nick Candy (brother) |
Christian Peter Candy (born 31 July 1974)[1] is a British billionaireluxury property developer.[2] He was estimated to share a joint net worth of £1.5 billion in theEstates Gazette rich list 2010 along with his brotherNick Candy, placing them at position 52 in the list of the richestproperty developers in the United Kingdom.[3]
Born in London to a Greek-Cypriot mother and English father, Candy was privately educated[2] atPriory Preparatory School andEpsom College[4] in Surrey. He later studied for a business management degree atKing's College London but did not graduate.[5]
In 1995, he bought his first property along with his brotherNick Candy, a one-bedroom flat inRedcliffe Square,Earl's Court, London. Using a £6,000 loan from their grandmother, the brothers renovated the £122,000 apartment while living in it. Eighteen months later they sold it for £172,000, making a £50,000 profit.[6]
In their spare time between 1995 and 1999, the brothers began renovating flats and working their way up the property ladder.[7] Eventually they were able to give up their day jobs where Nick worked in advertising forJ. Walter Thompson and Christian for investment bankMerrill Lynch and established Candy & Candy in 1999, of which Nick is CEO.[8]
They formed theCPC Group in 2004 and collaborated the prestigiousOne Hyde Park scheme in London, operate separate independent businesses and have done for a number of years. In June 2018, Candy & Candy was renamed Candy Property in order to reinforce Nick Candy's sole ownership of the business and to align with his wider portfolio of companies.[9] In 2004, Christian established CPC Group inGuernsey, to specialise in high-end residential developments around the world. Some of their more high-profile developments, however, have been in London.[10]
Christian agreed to purchase Gordon House from the Royal Hospital Chelsea in 2012. He exchanged contracts, consisting of two lease agreements for £20 million and £48 million. Christian began elaborate subterranean building works, including a 60 ft swimming pool and a cinema. Even though he had not completed on the purchase, the start of the works triggered a rule that the purchase had been "substantially performed", so he had to pay theSDLT levy. He decided not to move in, despite having paid £27.4 million of the price, and gave it to his brother Nick, who finished the works and completed on the purchase — at which point he became liable to pay the tax again.[11]
In 2016 and 2017, Nick and Christian Candy were involved in high-profile litigation in theHigh Court in London which put their reputations on the line. Mark Holyoake claimed in the High Court action that the Candy Brothers had used threats against him and his family to extort total repayments of £37m against a £12m loan.[12] Although they were cleared of extortion, Mr Justice Nugee said in his judgment "the protagonists...have been willing to lie when they consider their commercial interests justify them doing so". Mr Justice Nugee went on to say "he had found none of Mr Holyoake's claims to be true, and that there had been no undue duress, influence, intimidation or unlawful interference with economic interests."[13][14] In June 2018, following another application by Mr. Holyoake, the Court of Appeal rejected Mark Holyoake's bid challenging the high-profile high court ruling in December 2017 (above). Lord Justice David Richards concluded that Mr Holyoake's arguments had "no real prospect of success", meaning Mr Justice Nugee's original decision in 2017 was affirmed.[15]
Candy married Emily Crompton,[16] socialite and former nightclub hostess, in a lavish ceremony in 2010. They had twins in 2013, Isabella Monaco Evanthia and Cayman Charles Wolf. They lived between UK andMonaco.[17]
Nick was born in 1973, Christian in 1974, and both went to public school in Epsom.