Businessman walks away with #2Million from Liverpool One

A piece of land inside Merseyside's #1bn shopping centre, Liverpool One has been sold for 80 times its original price at a cost to the taxpayer.

Chavasse Park was bought by Bill Davies of the Walton Group for #25,000 in 1996 with the option for his company to develop the plot.

After a lengthy battle with Liverpool council the businessman has walked away with a huge £2m pay day.

The deal finally brings an end to years of legal wrangling between the city and Davies who has severed all ties with Liverpool and moved his offices to Berkshire.

Davies was seeking £100m compensation for profits he claimed his company lost after the council snubbed his Walton Group's #400m shopping centre plan for the park.

The matter was taken to court in 2002 and Davies lost the right to develop the site which is now the home to the #1bn Liverpool One development.

A spokesperson for Liverpool City Council said: "We can only confirm that a mutually agreed settlement has been reached with Walton Group."

The Walton Group and the council could not comment any further due to confidentiality reasons.