The estate agency settled out of court after admitting that a rogue employee had told businessman Barry McKay that his seven-bedroom, Sunningdale property was worth £2.9 million, when in fact it could have been sold for around £12 million.

The rogue employee, identified as Michael Ball, also misled the seller over who was buying his home. The buyer was said to be a property investor when it actual fact it was a developer who Mr McKay had previously fallen out with.

The developer, John Morris, was someone who the businessman did not want to sell to, and Mr Ball reportedly knew from the start that the developer was planning to destroy the property, but kept it hidden.

In a joint statement, Savills and businessman Mr McKay stated: “Savills and Mr McKay are pleased to have settled this dispute, brought about by the actions of a rogue employee who failed to live up to the high standards of professional conduct that clients associate with Savills.”  

Mr Ball left Savills last year after legal action was sought. An email from April 2007 was uncovered, in which the former head of the Sunningdale office reveals that Mr Morris planned to demolish Mr McKay’s property and build a bigger house.

The email states: “It is very straight forward to see 15,000+ sq ft and with it a resale value of over £10million is clear.”