A bitter financial court battle is in progress as towel tycoon, Michael Parker, and his son, Thomas Parker-Bowyer, dispute over a £2.5million country mansion.

Both parties are claiming the property, located in Bourne End, Buckinghamshire, belongs to them.

The high-profile argument comes after Mr Parker spent £2 million on divorce proceedings against his former wife, leaving his finances in ruins.

The seven-bedroom, luxury property was, according to claims, 'gifted' to Thomas in 2019 when Mr Parker grappled with financial issues following his divorce.

However, Michael is now arguing that the house was only transferred under the condition that he retained control over its use.

Thomas said: "I never wanted any of this, but the house is rightfully mine.

"I have the title deeds and it is registered in my name.

"This has taken over my life.

"I had to take out a second mortgage to pay the legal bills and my repayments are now £11,000 a month.

"I am being driven into financial ruin and although the house is up for sale, I wonder who will want to buy it when they know there is a legal fight going on."

Thomas, who stepped in to keep the property from repossession by signing a new £1.2million loan and investing £200,000 of his savings, has expressed his ongoing financial struggles and wishes to sell the house.

However, these claims are disputed by Mr Parker.

Gavin McLeod, Mr Parker's barrister said: "The idea was that legal title would go to his son but that Mr Parker would have continuing use and occupation of the property."

He also noted that such actions were taken to lessen his client’s inheritance tax liabilities.

Despite the intense three-hour hearing, the case was far from concluded.

Judge Deputy Master John Linwood did not dismiss Mr Parker’s claim, instead ruling that evidence should be heard at a full trial.

But he did reject Mr Parker’s attempt to remove a stable from the land transferred to his son.

Mr Parker, absent from court for the ruling, was previously in the news due to his £2 million divorce and his link to a controversial insurance claim.

The journey of Mr Parker’s wealth started with property development and a surgical supply business, until establishing a luxury towel business with his then-wife, Mrs Cooke.

The case continues.