Albert Gea/Reuters
A millionaire London lawyer and yachtsman, who acquired a $21 million superyacht on behalf of his clients which he personally sailed, faces being forced to sell his $5 million London home in a long running legal battle with the clients, who are Saudi Arabian royals.
The London Times is among British newspapers to report on a day of courtroom drama Monday that saw details emerge of how Ronald Gibbs, 66, established and managed a $25 million investment fund for Princess Reema Bint Sultan Bin Abdulaziz Al Saud and her brother, Prince Khaled Bin Sultan Bin Abdulaziz Al Saud, in 2011. The money was left to them by their father, a former Saudi defence minister.
Gibbs invested in various assets, including a boat building company he controlled, the 40-metre Sunseeker 131 superyacht, Elysium, and a $3.6 million apartment in Montenegro, the High Court in London was told.