Malcolm Scott, 50, faces losing his nine-bedroom Georgian mansion, which has a swimming pool, tennis court and gym, and is set in 21 acres. The Fettes-educated businessman donated at least £1.6m to the Conservatives and was the Scottish party's treasurer.
However, his grain and property empire went bust, owing creditors millions of pounds. Mr Scott was made bankrupt in 2012 as were his parents who tried to underwrite their son's debts.
The businessman bought Hillfield House in Kirknewton, West Lothian, in 2005, for £1.85m and spent £2m on renovations.
Mr Scott tried to sell the property for £2.95m after running into financial difficulties. It is now being sold by his bankruptcy trustee for offers over £1.45m to help pay off his creditors.