A major property investment mogul has seen his personal fortune decimated by problems in the commercial property market.
Sir David Murray has seen his personal wealth drop by £390 million in the last year, in a large part due to commercial
property investment.
He is the largest faller on the Sunday Times' annual Rich List, dropping 508 places to 596th on the list.
The list compiler Richard Beresford said his commercial property investments has been hit in the economic downturn, as well as his interests in steel and Rangers Football Club.
However, other property development tycoons had fared rather better, with the Duke of Westminster, whose £6.75 billion fortune is largely from property, increasing his wealth by £250 million and remaining third on the list.
Another person with a property investment portfolio, Chinese-born Joseph Lau, was the highest-placed new entry in the list at number 12, with a fortune of £3.8 billion.
Looking forward, consultancy Capital Economics predicted last week that people with commercial property assets in London would have a "strong year" in 2010, with the market expecting significant growth.
Posted by Hadji Singh.
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