THE man who bankrolled the Liberal Democrats’ election campaign says that the original source of his fortune came from property speculation in Florida.

The ponytailed, Scots-born entrepreneur was today due to host a corporate golf tournament in his adopted home of Majorca. The Electoral Commission is investigating whether his company was eligible to donate to the Lib Dems and if it should order the party to pay the money back. Michael Brown’s golf tournament is the talk of expatriate Majorca. It began last night with a cocktail party at the Dorint Hotel. Today’s main contest is at the Golf de Andraxt course in Camp de Mar, followed by a gala dinner and charity auction at the Santa Ponsa Hotel tonight. One of the prizes is a trip on a yacht in the South of France belonging to a friend, the celebrity photographer Darryn Lyons, who is worth an estimated £24 million.

The tournament is the first event of the IDB Foundation, his charity. Mr Brown said that, after years of making fortunes for his clients, “it’s time for them to show me the money”. The guests are purported to include 15 of Britain’s 50 richest people. The spokesman said that there was “an interesting list of people” but could divulge no more because of security.

The foundation will have a formal launch in Britain, followed by the Prince of Wales Trophy tournament at the Royal Berkshire Polo Club next May. Mr Brown’s spokesman said that he had previously given money to good causes but preferred to keep the details private. “With one charity he drove past all the red thermometers and just helped them to reach their target.”

The donor provides few details of the roots of his fortune, which exceeds £10 million. He created a company promoting Florida as a travel destination, and also developed a flair for property development which made him a rich man. Now he trades in financial markets.Home is a sprawling rural house in a village near Palma. In the town centre, he has an office covering half a floor of a prestigious block.

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