Italian Police Search Property Developer’s Venetian Residence
Italian financial police conducted a search at the Venice apartment of property developer Christopher Downing as part of an ongoing fraud investigation linked to the collapse of the £850 million Home REIT property fund. The raid, which took place two weeks ago, targeted a converted ex-convent on the Venetian lagoon owned by Downing, who previously sold significant housing assets to the fund through his company, Karla.
Officers from the Guardia di Finanza spent approximately five hours at the property, confiscating laptops and documents, according to eyewitness accounts. No arrests occurred during the operation. This action aligned with simultaneous raids and arrests by the UK’s Serious Fraud Office (SFO) examining bribery and fraud allegations related to Home REIT’s former management. The SFO has not publicly identified any individuals involved.
Downing’s Role in the Home REIT Scandal
Downing played a key role in the Home REIT controversy, supplying a substantial portion of its portfolio before the fund’s downfall. Over his 40-year career, he built a reputation for aggressive business practices, including international ventures in Russia following the Soviet Union’s collapse, as well as projects in Pakistan, South Africa, and Myanmar.
The searched property, acquired in 2020 and now valued at around €500,000 (£430,000), features whitewashed walls, landscaped gardens, a shared swimming pool, and stunning views of the Venice lagoon. Local residents describe the area as a serene spot favored by those seeking quieter parts of the Venetian islands.
Eyewitness Accounts of the Raid
A neighbor recounted the events: “The Guardia di Finanza arrived by boat and examined the property for about five hours. They removed computers and several boxes of files.” The property administrator, who facilitated access, noted receiving a call to meet the officers and observed their boat moored at the pier hours later.
Locals frequently spot Downing in the area, often driving his collection of luxury vehicles, including an antique Rolls-Royce, a Porsche, a Maserati, and an older Mercedes-Benz two-seater. He has been seen at upscale venues like the Da Celeste restaurant, popular during the Venice Film Festival.
Italian business records list Downing as a director of Dolce Visa, a company assisting wealthy individuals with visa applications—a nod to the ‘Dolce Vita’ lifestyle.
Downing’s Business Philosophy and Response
Downing has described his property acquisition strategies candidly, stating: “We try to steal them… We buy at one price, this is a negotiated price based on how cruel I can be… It can stretch from fair bid, to brutal, to rapist.” He emphasized the high-stakes nature of his operations, warning associates to “never f*** up, never ever f*** up,” and noted that profits funded an “outrageous lifestyle.”
In 2023, Downing addressed criticisms, asserting there were “many false and deliberately misleading accusations” against him. He explained that sales to Home REIT occurred at Local Housing Allowance rates, with valuations conducted by Knight Frank at the fund’s direction. A representative from his team confirmed he would not comment on the recent raid.
The Guardia di Finanza has withheld official details on the matter, while the investigation continues to unfold amid broader scrutiny of Home REIT’s operations.
