A property tycoon whose fortunes have plummeted since he and his wife divorced has been granted permission by the court to have the amount of the lump sum ordered to be paid to his ex-wife reconsidered.

John Livock, 60, at one point had a fortune of £8 million, a villa in Portugal, a country estate and a string of racehorses. He claimed, however, that his circumstances have now changed dramatically, on account of severe losses suffered as a result of the recession.

He and his wife, now 38, were married in 2005 but divorced three years later. Despite forging a successful career in the City, she was awarded a lump sum of £600,000.

The court will now review the settlement.