A former professional footballer and coach turned property tycoon has seen the final part of his real estate empire collapse, leaving behind outstanding debts of around £13 million, reported the Sunday Herald.

Tommy Coakley has seen over a dozen of his own companies unwind en route to being declared formally bankrupt, following sequestration by Luxembourg-based investment firm Hardrian SARL at the beginning of the year.

The last major firm still standing under his name – St Vincent Street (491) Ltd (SVS), which controlled a portfolio of over 50 properties in Scotland – was pushed into administration by Nationwide last week, with the building society still owed £12.6 million.

The company is owned currently by The Coakley Group, which has been recorded in the name of Coakley’s wife, Marlene, for the past few years.

The Coakley Group also still owes £300,000 to brewery firm Tennent Caledonian as part of a debt relating to a mortgage the brewer granted SVS over office space in Glasgow city centre.

SVS’s administrator, London-based firm Moorfields Corporate Recovery, told the title that a major financial institution was it in takeover talks with the firm before its administration was announced, though not quick enough to prevent Nationwide from taking effective control over it.

Coakley, who was once described as one of Scotland’s richest men and said to have been worth £70 million, had also been at the centre of a failed £3.5 million deal to purchase Motherwell Football Club.

The colourful trader and developer, who flew a private jet and had a fondness for Rolls-Royces, also bankrolled the Scottish Conservatives in the build-up to the country’s last election, pledging £1 million of financial support.

Coakley removed his backing, however, once the party chairman removed close associate Malcom Macaskill from the top of the party’s list of Glasgow MSPs for failing to disclose that he had twice been bankrupted.

Hardrian SARL is still owed £25 million by Coakley’s various companies after buying the debt from collapsed bank Anglo Irish several years ago at a significant discount.

In pursuit of this sum, the Luxembourg firm sequestrated Coakley last month, having already pushed his family's other two main trading vehicles, Mar Retail and Regents Retail Investment Company, into administration and liquidation respectively last year.

According to the title, Hardrian believes that only £1 million is recoverable from Mar, which owes the bulk of the outstanding amount but currently owns three tracts of undeveloped land in Lanarkshire and Dundee.

However as part of an agreement reached between SVS and Anglo Irish several years ago, which relates to property transfers undertaken between a number of companies, Hardian may be able to recover up to £8 million from Coackley’s firm.

Mar also owed £2.7 million to Coakley himself, an unsecured debt which the firm’s administrator PricewaterhouseCoopers did not think would be recoverable.

After his sequestration, Coakley resigned his directorship of nine firms in which his family has an interest, including Box Leisure, which owns The Box nightclub in central Glasgow.

In a previous interview 2010, Coakley announced that his businesses had “hit the bottom”, and said that although he was not a reckless person, he would “take chances”, describing himself as a wildcard.

Coakley has since declined the opportunity to comment.