Ant and Dec and Phillip Schofield to lose £8million as villa complex they invested in went bust

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Ant and Dec and Phillip Schofield are set to lose a combined £8million after a villa resort they each bought homes at went bust, according to reports.

Geordie duo Ant McPartlin and Declan Donnelly, both 45, are said to have lost £3.1million each, with This Morning host Phillip, 59, believed to have lost £2million.

According to The Sun, a court has ruled the trio will not receive any compensation after the holiday home complex in the Algarve went bust.

Saturday Night Takeaway hosts Ant and Dec bought homes next door to each other in the Portuguese complex, The Keys at Quinta do Lago, and were there on holiday when the bank pulled the plug, with Phillip also buying a pad there.

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The publication reports that developers Birchview went bust, with the resort being sold to Brazilian financial firm SRESPX, with it being alleged that the company only agreed to a deal if it didn't have to pay off creditors.

Earlier this week, a Portuguese court refused an appeal to block the sale, meaning the TV favourites will lose their money.

Judge Marta Rei said: "There is no basis to argue the nullity of the sale process."

A source close to the case told The Sun: "As things stand at the moment the investors who made down payments on holiday homes are still empty-handed.

"The courts have decided there was nothing untoward about the sale and that means Ant and Dec and Philip Schofield remain out of pocket.

"It's a new reverse in what has been an exhausting legal battle," they continued.

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It was reported in November 2020 that a bank had withdrawn its financial backing of the complex.

At the time, it was said that Ant and Dec were "attempting to retrieve their deposits, along with almost £430,000 compensation each."

It is reported that that the pair signed the contracts for the neighbouring houses back in October 2015.

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A source told the Mirror at the time: "It's been a nightmare for them. It's devastating for both stars to lose their villas in such a special place — it was meant to be a perfect bolthole for them.

"Ant's place would have been one of the most attractive homes on the complex. He'd hired an interior designer to turn it into his dream holiday destination, with pools on the roof and on the ground floor."

OK! online has contacted representatives for both Ant and Dec and Phillip Schofield for comment on this story.

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