An equestrian centre built by Scottish Conservative peer Lord Johnnie Rowallan is back on the market at less than half what it cost to build after the owner cut its £2 million price tag.

Rowallan Activity Centre, which sprawls over 1000 acres at Fenwick in Ayrshire, is now for sale at £1.25m after an earlier purchase fell through.

It comes after Lord Rowallan appeared at Kilmarnock Sheriff Court last month and was given until April 24 to settle a £50,000 debt, or face bankruptcy.

He told the court he was "asset rich but cash poor" when he appeared at court with his wife.

The equestrian centre is being marketed as one of the best in the country for competition and training, with show jumping, showing, dressage and other classes and qualifiers booked until June next year.

An Olympic-sized indoor arena and grandstand seats for 1200, plus an outdoor arena and 40 acres of grazing, makes it one of the top venues in its field.

In June last year, the Row-allan centre, which cost £3m to build, went into administration due to the financial pressures on its parent company, Row- allan Holdings, which had debts of a reported £2m.

A purchase made six months ago, at an undisclosed higher price than the one now being sought, fell through before missives were completed.

John Coleman, of Smiths Gore, said: "This is a unique opportunity to purchase an established equestrian facility with the scope to generate further income by creating one of the biggest multi-activity centres in the UK.

"The potential from the activity centre and conference and function facilities is huge, and a discerning buyer should reap the rewards."

Old Etonian Lord Rowallan, 66, also known as Johnnie Corbett, inherited Rowallan Castle at Kilmaurs directly from his grandfather at the age of 30 after the rightful heir, his father the Honourable Arthur Cameron Corbett, was disinherited over his relationship with Britain's first transsexual, April Ashley.

But rather than inheriting the estate in its entirety, Lord Rowallan found the assets had been divided up among all members of the family and no one person could afford to buy out the others.

Consumed by mounting debts, he was forced to sell Rowallan Castle in 1989. He was pursued by the Inland Revenue for inheritance tax and declared bankrupt in 1993.

He runs the Rowallan Activity Centre on the farm of the estate which he lost, with his third wife, Lady Claire, and her daughter, Sophie Dinning, a former international showjumper. The centre includes a function hall with seating and dance floor, a bar, restaurant and cafe, office and conference facilities, a retail arcade with five shop units and a cottage.

Planning consent is in place for a hotel and leisure complex.

Lord Rowallan, who had an earlier business partnership with boxing promoter Barry Hughes, is the great-grandson of former Glasgow Tradeston MP Cameron Corbett.

He has been married three times.