Frederick Barclay has threatened to sue members of his family if The Ritz hotel is sold for less than £1bn, according to the Financial Times.
In a rare personal statement, Barclay said he had received bids of more than £1bn for the hotel and warned that a sale below that price would trigger further litigation.
The latest twist in the family feud comes weeks after Barclay took legal action against his nephews over allegations that they secretly bugged a room at The Ritz to eavesdrop on his private conversations with his daughter Amanda.
The billionaire brothers, Sir Frederick and Sir David, are in the process of the selling the Mayfair hotel along with potentially other assets including the Daily Telegraph newspaper.
The Barclay family put The Ritz up for sale last year, and in The Ritz’s latest accounts said that they valued the property at more than £800m.
The Barclay brothers bought the hotel for £75m in 1995 and it generated a £47m turnover in 2018.
JLL is selling the hotel.
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