Property guru Samuel Leeds has asked investors to bail out his massive restoration project after training course revenue dried up during Covid.
Leeds has started raising finance for historic Ribbesford House in Worcestershire which he bought at auction for £800,000 in 2018.
He set aside £2m to convert the dilapidated house into 10 luxury apartments and four houses but Leeds has already forked out for extensive work on the building, repairing structural issues and battling Japanese knotweed.
Now, in an announcement sure to raise a wry smile from the property investors’ many critics, cashflow and progress on the grade II listed mansion has stalled and he told local newspaper The Kidderminster Shuttle: “Covid-19 has slowed the works down.
“The pandemic has had a major impact on my training and events business, due to the Government not allowing them.
“We’ve had to cancel events with an expected 10,000 people which has been hard on our cashflow.”
He insists there are potentially handsome returns to be had from a stake in Ribbesford House and while he may hope that his successful students will invest in the project, a group of unhappy property training course attendees are currently gearing up to bring a group action against him.
In Youtube videos, Leeds has previously boasted that he should be able to make £1.2m in cash on the project, as well renting out the properties to earn a passive income of between £10,000 and £12,000 a month.
“It’s going to be a really exciting project – I bought this without even seeing it. I’m in love with it. It will make us an awful lot of money.”