Savills, the estate agent, apologised in court yesterday to a businessman who accused it of tricking him into selling his house for millions less than it was worth. Barry McKay, 54, accepted an undisclosed settlement from Savills, from which he had been claiming up to £9 million.
Mr McKay sold his house in Sunningdale, Berkshire, through Savills for £2.9 million in 2007. He launched legal action after he realised that the house had been sold to a company controlled by John Morris, a property developer who was building houses on nearby land.
Mr McKay decided to sell his house after receiving a call from a senior estate agent at Savills. He said the agent had specifically denied that he was acting on behalf of Mr Morris, or anyone connected with him, but Savills admitted in court that was untrue.
Lawyers for Mr McKay claimed he could have held out for £12 million had he known he was dealing with Mr Morris. Jeremy Stuart-Smith, QC, for Savills, told the High Court in London that the company “greatly regrets the conduct which led to this claim, and it wants to make an open and unreserved apology for the deceit and breaches of duty to which Mr McKay was subject”.
The agent who sold the house is no longer employed by Savills.