Tycoon hit by £20m repossession



One of the biggest buy-to-let landlords, Cevdet Caner, has had his £ 20 million home, a six-storey property in Mayfair, seized in what is thought to be Britain’s biggest ever house repossession. Before going bust, Mr Caner had risen to become to a billionaire property magnate with a portfolio of nearly 30,000 properties. The repossession saga started in December last year, when administrators were appointed to oversee debts of £ 1.2 billion that Mr Caner owed various creditors following the collapse of his property empire in August. But Mr Caner, 35, fought the sale and eviction, blaming his financial woes on the banks who had pledged to loan him money but then apparently reneged on the deal, rather than on mismanagement.