Lord Mandelson 'pocketed £250,000 from lobbying firm days before it dissolved'

TRENDING Stories Videos Your Say Lord Mandelson's London home, a Grade-II listed Gothic revival property situated in Regent's Park, represents a substantial portion of his wealth. He acquired the residence in 2011 for £7.6million.The building, which previously functioned as an alms-house, is believed to contain a wine cellar and a two-storey atrium.Records indicate the property currently has a single mortgage registered against it, taken out in 2019 for £3.8million. This leaves the former Labour peer with approximately £3.8million in equity in the residence, according to The Times.Beyond his property holdings, Companies House filings reveal the former ambassador to Washington has an additional £1.7million invested in Willbury Ltd, the vehicle through which he channels income from speaking engagements and other business activities. During 2010, Lord Mandelson exchanged messages with the disgraced financier Jeffrey Epstein regarding potential property acquisitions. Epstein suggested he should find a pied-a-terre in town.The following year, Lord Mandelson contacted Epstein saying: Need a deal to finance a mega house purchase. He subsequently forwarded details of the Regent's Park property to the financier, directing him to look up KnightFrank house for sale in St Katharine's Precinct Regents' Park NW1.Days later, Lord Mandelson sought Epstein's counsel on his financing arrangements, writing: I'll have to borrow 4m from bank at 3pc interest. Do you think that's all right?LATEST DEVELOPMENTS:https://www.gbnews.com/politics/keir-starmer-issues-easter-message-communityMotorway speed limit to be slashed to 55mph under Zack Polanski’s ‘war on motorists’Iceland boss demands security staff are given truncheons and pepper spray to combat lawlessnessEpstein's response was simply: Yes.The correspondence emerged as revelations about Lord Mandelson's longstanding relationship with Epstein contributed to Global Counsel's demise.Global Counsel had been valued at roughly £30million when The Messina Group, headed by a former Barack Obama aide, acquired a 20 per cent stake in 2024.That same year, managing director Rebecca Park purchased shares worth £975,000, while Lord Mandelson disposed of his initial tranche of holdings for between £1.3million and £1.4million as he departed the board.When efforts to locate an alternative buyer for his remaining shares proved unsuccessful, Ms Park volunteered her own funds on February 6, paying £250,000 as a down payment despite recognising the risk involved.The arrangement stipulated Lord Mandelson could receive up to £4.5million should Ms Park subsequently sell the shares.However, the firm's collapse rendered all shareholdings worthless.It is understood Lord Mandelson kept the £250,000 payment from Ms Park.Our Standards: The GB News Editorial Charter