Property tycoon who lived luxury lifestyle tells court he has ‘holey jumpers’ as he faces jail for failing to pay £10k-a-month to ex-wife
A LONDON property tycoon who used to drive a Rolls-Royce and played table tennis with Boris Johnson has pleaded poverty in a court battle with his ex-wife saying he only spends £500 on eating out a month and wears “holey” jumpers.
Kam Babaee, 53, is facing jail after claiming he’s too poor to pay his ex-wife £10,000-a-month in maintenance as they fight a multi-million-pound divorce battle.
Mr Babaee, who is used to living a luxury lifestyle, now says he can’t afford the payments to his ex-wife, despite still spending £500 a month dining in restaurants – which he says is “very, very little.”
Instead of going to the cinema or theatre, the property tycoon claims he sticks to Netflix and doesn’t rack up taxi bills by opting to cycle instead.
Mr Babaee told a court he sold his £150,000 Rolls-Royce Phantom Drophead, and now drives an electric Tesla.
When the judge asked Mr Babaee if he had been visiting his high-end Saville Row tailor recently, he responded saying: “I have holes in a couple of my nice jumpers.
“My jumpers are £34.99 each.”
Despite the tycoon losing his Harrods black-tier status – granted to those who spend over £10,000 a year – he admitted to spending £1,500 on perfume as presents and £700 on a jacket for his new girlfriend.
The magnate, who developed some of London’s most expensive properties, split from his wife Roya three years ago after admitting to an affair.
The Iranian couple were married for 28 years and have three children together.
However, following the bitter split, the couple has been locked in a three-year legal battle costing over £2.2 million.
With a £5 million home in London, a holiday home in Cannes, and a family fleet of luxury cars – the couple’s shared wealth has become a bone of contention in the legal battle.
I have holes in a couple of my nice jumpers. My jumpers are £34.99 each
Mr Kam Babaee
This week, Mr Justice Cohen found Mr Babaee in contempt of court over his failure to honour an order made last year to pay his ex-wife £10,000 a month and cover her legal costs.
Telling him to pay up or face jail, the judge noted that the tycoon still managed to find enough money for his three children, girlfriend and lawyers.
Described by the judge as a “hard-headed” businessman, Mr Babaee has made a fortune from companies including the K10 company.
His projects have included work on a £32.5 million Mayfair mansion and the renovation of ballerina Dame Margot Fonteyn’s former home – costing £75 million.
He has also been pictured at events with Mr Johnson, who he challenged to a game of table tennis when the politician visited his office in 2013.
Ruling in favour of his ex-wife, the judge said Mr Babaee was in contempt of court by failing to pay her £117,500 back in maintenance.
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Under the terms of the court order which concluded their divorce last year, Mrs Babaee will get £2 million next year along with the proceeds from the sale of their former family home – a former vicarage in Hammersmith worth £5 million.
The judge said that Mr Babaee, who according to his ex-wife is renting an apartment in Knightsbridge for £90,000 a year, also owes Mrs Babaee £500,000 towards her court costs. He adjourned sentencing.
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