Trevalga: Residents meet sports tycoon interested in buying £16M village
Tenants of a Cornish hamlet on the market for a guide price of £15.75million have met for informal talks with multimillionaire sports promoter Barry Hearn OBE over its sale.
Mr Hearn is the founder and president of Matchroom Sport and built a business empire in snooker, darts and boxing promotion.
Selling agents Savills describe the 1199-acre Manor of Trevalga as having a 'myriad of leisure, amenity and redevelopment opportunities'.
The sale includes six farms and 17 houses and cottages - 11 of which are let on assured hold tenancies.
Trustees of the Trevalga estate put it up for sale this summer on the grounds that there was not enough income to maintain the properties.
Tenants have campaigned against the sale, fearing they could be evicted from their homes in the midst of a housing crisis.
Tenant Serena Patrick told ITV News West Country that interested buyer Mr Hearn had been "welcoming and friendly" in a meeting on Wednesday night, but that not all he had said was well received by gathered tenants.
In a statement, she said: "He assured us that, should he make a successful offer, no one would be evicted without reason.
"However, he did advise that some of us are 'paying too little' and confirmed that rents may rise beyond what we can afford.
"Mr Hearn also spoke of holiday lets in some of Trevalga’s houses, celebrity weddings in the church of St Petroc, and knocking down our Manor House to build a 1,000-plate restaurant.
"He would not engage in any discussion about the history of Trevalga or its importance as part of our heritage."
Serena went on to say that "change is coming to Trevalga, whether through new trustees or a new owner, all we can do is try to navigate it in the best way we can for the manor and for the residents".
It is understood that no formal offer has yet been made on the estate.
ITV News has approached a representative of Mr Hearn and selling agents Savills for comment.
Trevalga is currently in the ownership of the Gerald Curgenven Will Trust, named after previous philanthropic owner who died in 1959.
Last month current trustees John Wakeham, Rebecca Perry and Mark Bromell released a press statement saying they have a legal duty to pay Marlborough College the proceeds from the full market rents raised from all residential and farm tenancies on the estate. The trustees are also responsible for protecting the capital value of the estate.
As Mr Wakeham explained: “Buildings don’t look after themselves, and the houses, cottages and farms left by Gerald Curgenven in 1959 have required maintenance over the past 63 years to ensure they remain fit for purpose.”
He continued: “Herein lies the problem. These old Cornish properties not only require an increasing level of repair, but also material improvements to meet today’s expectations. The only money available to the trustees is rental income, and Marlborough College as a registered charity itself requires its correct share of that income.
“Any improvements, or modernisation, of the properties cannot come from rental income and must come from borrowing or liquidating an asset, namely selling part of the estate. By selling individual properties we would begin the break-up of the estate, damaging value in this rare and integrated coastal mix of unspoilt property.”
Louise Moelwyn-Hughes, the master of Marlborough College said: “The college has already committed to placing the entire proceeds it receives from the sale into a bursary fund for gifted pupils from Cornwall to attend Marlborough College. In this way, we can honour the memory and wishes of Gerald Curgenven.”
Following the meeting on Wednesday with Mr Hearn, a decision has been made to postpone a planned 'Rally for Trevalga' this weekend until the Parish has had a chance to "digest the developments" and discuss them at an official meeting.