One of Britain's wealthiest men is giving away millions of his own money to turn the depressed North East in to a mecca for tourism.
Few ordinary people have heard of investor Jonathan Ruffer who is worth a staggering £151 million and sits just above singer Adele on the nation's rich list.
But he is ploughing his personal millions into a regeneration project in County Durham which he hopes will attract tourists and investment to the area.
Jonathan, 67, had never set foot in Bishop Auckland when he found out in 2010 that the Church of England was selling off a collection of Spanish paintings from the local castle, once home to the Bishop of Durham.
The hugely successful fund manager, who grew up in nearby Middlesbrough, was determined the baroque masterpieces should stay in the area.
But in negotiations with the Church to purchase them he ended up buying Auckland Castle at the same time in a deal worth a reputed £15 m.
He is close to finishing the castle's renovation and by Christmas visitors will be able to see first hand the works of 17th century Spanish artist Francisco de Zurbaran.
The father-of-one also bankrolls an annual summer show in Bishop Auckland called Kyren, a spectular 90-minute historic extravaganza involving 1,000 local people, which has had rave reviews.
Yet the businessman bristles at any suggestion of him being the good Samaritan type.
“Please, don't give me any of that Saint Jonathan stuff,” the philanthropist tells our reporter before his interview.
“It's not hard to give money away, the difficulty is in knowing where it will help most.
“I'm the the worst type of North Easterner in that I lived there and, as soon as I got the opportunity I moved down south.
“I went to London where I was useless at most of what I did but found I was okay at investment. We live in a world where winner takes all, especially in finance.
“I earned a lot of money and I'd like to give something back.
“I knew I wanted to do something regenerative in the area and my first thought was to to out in the community and give anonymously but someone pointed out that was a pretty naive idea.
“When I heard about the paintings it presented me with a golden opportunity.”
Ruffer, a father-of-one, is extraordinarily down-to-earth for a man who could have easily turned his back on the North and led a globe-trotting life of luxury.
He sold his plush pad in Essex in a place called Ugly – which he jokes about - to live in the castle gatehouse while it undergoes works.
When it comes to finances Jonathan is shy about exactly how much he has so far spent on his Bishop Auckland. Estimates vary from £33m to £60m.
“Pick the biggest number,” he laughs.
The re-opened castle will feature a picture gallery with loaned paintings alongside the Spanish classics which show Jacob and the 12 apostles.
The walled garden and surrounding medieval park will also open to the public.
Jonathan reveals the restorations have not run smoothly.
He said: “Auckland Castle hadn't been renovated since before World War One. She was like an old woman with bad teeth, wearing a wig.
"They say if you want to go through money then spend it on loose women and fast cars, but they should add old stationary castles to that list.
“There was a lot to do.”
He has also spent around £30million on Kynren, a romp through 2,000 years of England's history from a Northern perspective.
The award-winning production, which is rated one of the UK's top five live experiences on TripAdvisor, involves mainly local people who have turned their hand to acting, stage lighting and even pyrotechnics.
Now in its fourth season, the production features a Viking longboat, a burning village, underwater divers, flaming arrows and a huge fireworks display. It attracts 8,000 people every night.
It is clear that Ruffer, who is deeply religious, enjoys using his fortune for good.
“I have this theory that money is a corrosive thing,” he says. “And I had a fear or becoming corroded by it.”
It is evident that Ruffer won't stop investing in the area, with plans for a theme park in the style of Puy du Fou in Western France.
The French park, the second most popular in the country after Disneyland, depicts history with shows featuring burning Viking longboats, real lions 'mauling' Gladiators and birds of prey.
It might all seem a little quirky but the whole project seems to fit Ruffer's personality to the ground.
And if he pulls off the prestigious coup the once thriving mining community could be back on its feet in no time.
- Kynren runs until mid September . To book log on to www.kynren.com
