CHORLEY property and leisure tycoon Trevor Hemmings lost an estimated £38 million in the last year.

But the drop in fortune is not as bad as it may seem -- Hemmings is still worth around £480 million according to the Sunday Times 2003 Rich List published this week.

He is named as the 64th richest man in Britain, a drop of nine places from 2002.

Euxton-based Hemmings made his fortune from the building trade before leading a management buy-out of Pontins in 1987.

He currently owns Blackpool Tower, the Winter Gardens, the town's three piers and a large chunk of the Golden Mile.

His latest acquisitions include the Isle of Man's £12million Ballavodan Estate and the pub chain Brannigans, which went into receivership earlier this year.

Pundits from the Sunday Times predict that, despite his recent losses, Hemmings will soon become Chorley's first billionaire.