Brocket Hall – the Hertfordshire stately home that plays host to a golf club and conference business – made a £3.2 million loss in the 18 months following its rescue by a Chinese billionaire.
Shanghai-based tycoon Yu Songbo bought the lease to Brocket Hall, which had fallen into administration, in March 2016 for about £10 million.
A source at the venue said the losses were largely due to ‘investment funding’ in the Grade I-listed property which became dilapidated under its previous management, led by German entrepreneur Dieter Klostermann.
Brocket Hall made a £3.2 million loss in the 18 months after its rescue by a Chinese billionaire
The red ink was partly down to the high costs of maintaining and running the hall, which is also used for weddings.
The golf club was embroiled in legal action after the new owner cancelled 920 existing memberships when they took control.
Brocket Hall said it has signed up 405 new members to the golf club.
In addition the venue expects a record number of wedding bookings next year.
The hall is the ancestral seat of Lord Brocket, who was jailed for insurance fraud in the 1990s. He has made several unsuccessful attempts to buy back the lease.