A Saudi prince whose palatial London residence is in the marketplace for £250mn after it was repossessed is being sued by a second lender over alleged missed funds on a non-public Boeing 787 jet.

An Irish subsidiary of China Minsheng Financial institution is claiming at the very least £30mn in unpaid payments and curiosity on the enterprise jet leased by a Bermuda-based firm in 2017 beneath a private assure from Prince Khaled bin Sultan Al Saud, in accordance with English court docket data obtained by the Monetary Occasions. The lender is in search of to implement the judgment in opposition to The Holme, a Regent’s Park mansion, arguing the prince is amongst its true helpful house owners.

The home has been put up on the market on the directions of receivers appointed by one other lender after a roughly £150mn mortgage secured in opposition to the property expired. The £250mn asking value would make it the most costly residence ever bought in London if a deal is secured.

The dispute surrounding the home has supplied perception into the dealings of rich abroad traders in high-end London property and highlighted the monetary squeeze on members of Saudi Arabia’s royal household.

The lender’s declare in opposition to Prince Khaled stems from the private assure he supplied to lease the modified Boeing jet by way of Bermuda-based Dream Plane, in accordance with the court docket paperwork. Yuntian 10 Designated Exercise Firm, a subsidiary of China Minsheng, one of many nation’s largest non-public lenders, filed the court docket declare in 2020 after Dream Plane stopped making funds on the lease.

The funds of members of the Saudi Royal household have come beneath strain from Crown Prince Mohammed bin Salman, the day-to-day ruler of the dominion. An adviser to Saudi royals mentioned Prince Khaled’s “monetary circumstances modified massively” after Riyadh launched what it described as an anti-corruption drive in 2017. As a part of this operation, some 300 princes, businessmen and others had been detained within the Ritz-Carlton Resort, though Prince Khaled was not. The Holme is amongst his final main belongings abroad, the adviser added.

A Sandhurst-trained normal, Prince Khaled was deputy defence minister when Riyadh launched a navy intervention in opposition to the Iran-backed Houthi rebels in Yemen in 2009. He additionally owned the now-defunct pan-Arab each day newspaper al-Hayat.

Prince Khaled couldn’t be reached for remark.

Courtroom data present the lender has secured a judgment in opposition to Dream Plane and the prince, which was valued at greater than £30mn in July 2022. Yuntian final yr utilized to the court docket to implement the judgment in opposition to The Holme. The leasehold of the property is owned by Quendon, a Guernsey firm. The case is ongoing within the Excessive Courtroom.

Yuntian claims Prince Khaled “supposed to be the helpful proprietor of the property; and one of many causes . . . [he] acquired the property by way of Quendon was to hide his ongoing helpful possession and management of the property”.

Quendon, in court docket filings, denied that Yuntian may make a declare in opposition to the worth of the home and that Prince Khaled is amongst its helpful house owners. The corporate lists 5 of Prince Khaled’s kids as helpful house owners in Firms Home data.

The corporate mentioned The Holme was purchased by way of “a lawful tax environment friendly asset holding construction established on skilled recommendation, and managed by professionals to make sure the long run use and delight of the property for [Prince Khaled] and the members of his household”.

Yuntian declined to remark. Legal professionals for Quendon didn’t reply to a request for remark.