Ant, Dec and Phillip Schofield set to lose millions as holiday home plans go bust

Phillip Schofield, Ant McParlin and Declan Donnelly are reportedly set to lose millions of pounds after trying to buy holiday homes in Portugal.

The television presenters made down payments on lavish apartments in the sunny region of Portugal's Algarve before the project was halted.

All three ITV stars were looking forward to getting their hands on gorgeous sprawling villas that boasted rooftop pools among other luxury amenities.

But they're now at risk of losing £8million after the plans went up in smoke.

Problems started when the property developers working on the site went into administration in 2017 - leaving the resort in a state of disrepair.

In 2019, it was revealed that Ant and Dec had instructed lawyers to seek the return of the seven-figure sum they each handed over as a down payment to secure sunshine homes.

Philip Schofield could be in line to lose millions after putting a down payment on a lavish villa in Portugal (ITV)

Despite being warned at the time that the chances of recovering their funds were very slim, it appears all three television stars were ready to put up a fight to retrieve their investments.

It also reportedly owed state-owned bank Caixa Geral de Despositos is owed a whopping £250million by the now-liquidated property developers.

Last year, a Brazilian company called SRESPX agreed to take up the project, however, this was on the condition that they didn't have to pay off millions owed to creditors.

Ant and Dec are also reportedly set to lose millions following their investments in 2017 (ITV)

The TV stars have found themselves out of pocket after putting down payments on sprawling villas in Portugal (The Keys)

Despite an appeal to put a stop to the sale, a judge has since refused to block plans going forward.

This means that creditors could be set to lose millions.

According to The Sun, Phil Schofield is down £2million while Ant and Dec are owed £3.1 million each.

The complex was left in a state is disrepair when the property developers went into adminisration (Google)

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An insider has told the publication: “As things stand at the moment the investors who made down payments on holiday homes are still empty-handed.

“The courts have decided there was nothing untoward about the sale and that means Ant and Dec and Philip Schofield remain out of pocket.

A representative for Phil, Ant and Dec have been approached by The Mirror for comment.

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