James Barham, who has a personal fortune of £71m, has sold his housebuilding business to property firm Fairview.
Barham was chairman of Rialto, in which he and his family have been stakeholders for 30 years, but left last month along with the finance and sales directors.

He will now concentrate on his other property developer Bayfordbury Estates.

Fairview was a favourite to buy Rialto, as Barham has had a working relationship with Fairview stretching back 45 years. Most recently they have worked together on a mixed-use development at Gypsy Corner in west London.

A chairman for Rialto has yet to be appointed but managing director Stephen Casey will stay.

  Rialto built 504 units in 2002; it had a turnover of £102m. Pre-tax profit was £21m, giving a pre-tax margin of 21%.