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| Stewart Milne loses controversial land deal appeal | Stewart Milne loses controversial land deal appeal |
| (40 minutes later) | |
| Aberdeen housebuilder Stewart Milne has lost an appeal at the Supreme Court in London over a controversial land deal. | Aberdeen housebuilder Stewart Milne has lost an appeal at the Supreme Court in London over a controversial land deal. |
| The Stewart Milne Group paid Aberdeen City Council more than £350,000 for the plot in Westhill in 2004. | The Stewart Milne Group paid Aberdeen City Council more than £350,000 for the plot in Westhill in 2004. |
| The council was entitled to receive a share of profits if it was sold on. | The council was entitled to receive a share of profits if it was sold on. |
| The authority argued the plot was hugely undervalued when it was resold in 2006 for almost £500,000. The Court of Session later ruled that it had a market value of more than £5.5m. | The authority argued the plot was hugely undervalued when it was resold in 2006 for almost £500,000. The Court of Session later ruled that it had a market value of more than £5.5m. |
| The Stewart Milne Group was ordered by Scottish judges to pay the local authority £1.7m. | The Stewart Milne Group was ordered by Scottish judges to pay the local authority £1.7m. |
| The group appealed against that ruling, but href="http://www.supremecourt.gov.uk/docs/UKSC_2010_0229_Judgment.pdf" >the Supreme Court has now ruled in favour of the council. |