• Text size      
  • Send this article to a friend
  • Print this article

Ex-Rangers chief no longer king of castle

CRAIG Whyte, the ­controversial former owner of Rangers, has left his Highland castle retreat as it is being repossessed by the Bank of Scotland after he failed to pay the mortgage for two years.

MOVING OUT: Craig Whyte.
MOVING OUT: Craig Whyte.

The case was called at Inverness Sheriff Court yesterday but dismissed on a motion from the Bank of Scotland's lawyer, with no costs awarded to either side, after Whyte agreed to hand Castle Grant near Grantown-on-Spey over to the bank.

He and his then wife Kim bought the castle for £720,000 in 2006 with a 110% mortgage, which carried a monthly repayment charge of £7000 a month

However, their marriage broke up and he moved out of the castle. The bank launched its civil action to recover its money early in 2013.

A spokesman for the Bank of Scotland said Whyte was a customer and the bank would not comment on any customer's affairs.

People living nearby say removal staff have been arriving at the castle and taking items away in recent days, with many of its contents being taken to London.

A former employee at the castle was quoted saying: "If Whyte could dismantle the castle, he'd have that away as well. There's been a race against time. He knows a repossession company will be instructed by the end of the week to replace the locks and secure the grounds."

Contextual targeting label: 
Finance

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

225549