Former millionaire Channel 4 star declared bankrupt after going £8m in debt
A CELEBRITY property developer is now bankrupt after he was found to be £8million in debt.
Kam Babaee was taken to court by his bank over unpaid debt - with the judge concluding the businessman was "hopelessly insolvent" and declaring him bankrupt.
Babaee also appeared on TV, including shows such as Channel 4’s Britain’s Most Expensive Houses, and the Channel 5 production Sally Lindsay’s Posh Sleepover
At the height of his celebrity, the millionaire even played table tennis with ex prime minister Boris Johnson in his office.
The court heard Babaee owed around £6million to a bank after defaulting on two mortgages taken out to fund one of his development projects.
He also owed around £1.5million to his ex wife Roya Namazi, £765,000 to nail technician to the stars Leighton Denny - against whom Mr Babaee lost a previous court fight - and around £96,000 to his former lawyers.
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EFG Private Bank Limited brought the petition to court after said Babaee could not repay a £6million interest-only mortgage that it provided him in June 2012 and was repayable in June 2018.
Babaee's lawyers argued the house the mortgage was secured on was worth £5million, but it was found only to be worth around £3million.
Judge Sally Barber said Babaee's claims that he could generate enough income to begin paying off his debts over the coming months were "based on little more than a series of hypotheticals".
She said he had made several attempts to refinance or sell the property.
"On the evidence before me, the debtor is hopelessly insolvent."
Barber said Babaee had not raised any money to pay off the debt or raised substantial grounds for disrupting the petition.
And Judge Barber said an income projection presented by Barber's lawyers to pay back the debt "is based on little more than a series of hypotheticals."
Babaee was retroactively made bankrupt on February 9.
Leighton Denny won £730,000 after suing Babaee for damp in his house in 2023.
His debt to his ex wife follows a divorce fight in September 2019 after their split in 2016.
The developer was found in contempt of court for failing to pay over £100,000 maintenance owed to his ex.
"The truth is the wife has always been at the bottom of the list of priorities," the divorce judge Mr Justice Cohen said at the time.
Babaee's K10 group website describes his property developer business as "a bespoke ultra-prime residential developer".
Of the boss personally, the website states: "British business entrepreneur Kam Babaee has some 20 years experience in luxury property development in both the UK and internationally.
"He brings his own vision and artistic flair to each K10 Group project.
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"Kam personally reviews all aspects of each project from master-planning, delivery timescales and materials; down to the custom-design of door-handles, wardrobes, light fittings, bespoke paint colours and finishes.
"The result is a dynamic company, passionate about delivering outstanding quality, evident from its superb craftsmanship, exceptional finishes and fine attention to detail."
