Lord Mandelson received £250,000 from selling his stake in Global Counsel just weeks before the lobbying firm collapsed into administration, according to sources.
The former British ambassador to Washington was taken into custody last month on suspicion of misconduct in public office. He maintains he has committed no criminal offence.
Lord Mandelson possesses assets totalling at least £7million, encompassing his valuable Regent’s Park residence, holdings in a company collecting his speaking fees, and proceeds from disposing of his Global Counsel shareholding.
The consultancy business, which Lord Mandelson established in 2010 alongside former Labour adviser Benjamin Wegg-Prosser, entered administration on February 20.
Lord Mandelson’s London home, a Grade-II listed Gothic revival property situated in Regent’s Park, represents a substantial portion of his wealth. He acquired the residence in 2011 for £7.6million.
The building, which previously functioned as an alms-house, is believed to contain a wine cellar and a two-storey atrium.
Records indicate the property currently has a single mortgage registered against it, taken out in 2019 for £3.8million. This leaves the former Labour peer with approximately £3.8million in equity in the residence, according to The Times.
Beyond his property holdings, Companies House filings reveal the former ambassador to Washington has an additional £1.7million invested in Willbury Ltd, the vehicle through which he channels income from speaking engagements and other business activities.
Lord Mandelson sold his shares in Global Counsel just weeks before it collapsed
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During 2010, Lord Mandelson exchanged messages with the disgraced financier Jeffrey Epstein regarding potential property acquisitions.
Epstein suggested he should find a “pied-a-terre in town”.
The following year, Lord Mandelson contacted Epstein saying: “Need a deal to finance a mega house purchase.”
He subsequently forwarded details of the Regent’s Park property to the financier, directing him to “look up KnightFrank house for sale in St Katharine’s Precinct Regents’ Park NW1”.
Days later, Lord Mandelson sought Epstein’s counsel on his financing arrangements, writing: “I’ll have to borrow 4m from bank at 3pc interest. Do you think that’s all right?”
Lord Mandelson sold the shares as he departed from the board
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Epstein’s response was simply: “Yes.”
The correspondence emerged as revelations about Lord Mandelson’s longstanding relationship with Epstein contributed to Global Counsel’s demise.
Global Counsel had been valued at roughly £30million when The Messina Group, headed by a former Barack Obama aide, acquired a 20 per cent stake in 2024.
That same year, managing director Rebecca Park purchased shares worth £975,000, while Lord Mandelson disposed of his initial tranche of holdings for between £1.3million and £1.4million as he departed the board.
When efforts to locate an alternative buyer for his remaining shares proved unsuccessful, Ms Park volunteered her own funds on February 6, paying £250,000 as a down payment despite recognising the risk involved.
The arrangement stipulated Lord Mandelson could receive up to £4.5million should Ms Park subsequently sell the shares.
However, the firm’s collapse rendered all shareholdings worthless.
It is understood Lord Mandelson kept the £250,000 payment from Ms Park.