'Buy-to-Let King' Appeals against Divorce Payout

Article excerpt

Byline: RASHID RAZAQ

A MILLIONAIRE property magnate is appealing against his divorce settlement because of the recession, the second such case in less than a week.

Jim Moore, dubbed the "buy-to-let king", is going to court to renegotiate the [pounds sterling]4.7 million he is due to pay his former wife Kim because he says his fortune has dwindled to [pounds sterling]3 million.

The Standard revealed City investor Brian Myerson's attempt last week to get his [pounds sterling]11 million divorce payout reduced because of the credit crunch.

Mr Moore was worth an estimated [pounds sterling]135 million at the time of his divorce in 2006. He made his fortune through companies advising property speculators, but the collapse of the housing market severely dented his net worth.

His ex-wife was granted properties in Spain, Surrey and Essex worth an estimated [pounds sterling]16 million and he has to pay her the cash sum over the next three years. …