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Hedge fund manager Greg Coffey builds a hostel on the island of Jura and puts the water supply at risk

Villagers on a remote island in the Jurassic Hebrides have accused a wealthy Australian hedge fund manager nicknamed the ‘Wizard of Oz’ of endangering their water supply by building a 40-bed hostel for the staff working on his 12,000-strong estate. hectares works.

Greg Coffey has been given permission to build the ‘essential’ accommodation four miles from his hotel and golf course on the Isle of Jura in the Inner Hebrides off the coast of Scotland.

The financier, 51, bought the Ardfin Estate for £1.2 million in 2010 and has spent around £50 million to convert Jura House into a 17-bedroom five-star hotel.

The new residential block in Craigshouse, the island’s main settlement, is due to be completed in April 2023.

Australian hedge fund manager Greg Coffey, nicknamed ‘the Wizard of Oz’, is accused of endangering limited resources on a remote Scottish island

The financier, 51, bought the Ardfin Estate (pictured) in 2010 for £1.2million and has spent around £50million to convert Jura House into a 17-bedroom five-star hotel

The financier, 51, bought the Ardfin Estate (pictured) in 2010 for £1.2million and has spent around £50million to convert Jura House into a 17-bedroom five-star hotel

The financier, 51, bought the Ardfin Estate (pictured) in 2010 for £1.2million and has spent around £50million to convert Jura House into a 17-bedroom five-star hotel

The new residential block in Craigshouse, the island's main settlement, is due to be completed in April 2023

The new residential block in Craigshouse, the island's main settlement, is due to be completed in April 2023

The new residential block in Craigshouse, the island’s main settlement, is due to be completed in April 2023

Mr Coffey has also built a £20 million 18-hole golf course on the Ardfin Estate since his purchase (pictured in 2017)

Mr Coffey has also built a £20 million 18-hole golf course on the Ardfin Estate since his purchase (pictured in 2017)

Mr Coffey has also built a £20 million 18-hole golf course on the Ardfin Estate since his purchase (pictured in 2017)

The Jura Hotel and Isle of Jura Distillery, where the 'signature and world famous' single malt whiskey is made a short distance away

The Jura Hotel and Isle of Jura Distillery, where the 'signature and world famous' single malt whiskey is made a short distance away

The Jura Hotel and Isle of Jura Distillery, where the ‘signature and world famous’ single malt whiskey is made a short distance away

The hotel contains two bars, a restaurant, a lounge and a five-bedroom house for the owners and staff accommodation

The hotel contains two bars, a restaurant, a lounge and a five-bedroom house for the owners and staff accommodation

The hotel contains two bars, a restaurant, a lounge and a five-bedroom house for the owners and staff accommodation

The island, which is 29 miles long and seven miles wide in places, recorded just 196 residents in the 2011 census, meaning the new development will increase the total population by a fifth.

Residents said their ferry services, water, sewage and health sources are already ‘above capacity’ and have objected to the plans submitted to Argyll and Bute council.

They added that the ferry often breaks down and the island has a “fragile” water supply and single-track roads that are in poor condition.

An aerial view of the hotel, which 'occupies a superb prominent position with unobstructed views of Small Isles Bay' from its coastal position

An aerial view of the hotel, which 'occupies a superb prominent position with unobstructed views of Small Isles Bay' from its coastal position

An aerial view of the hotel, which ‘occupies a superb prominent position with unobstructed views of Small Isles Bay’ from its coastal position

Mr Coffey's purchase of Ardfin Estate attracted controversy from the start due to his decision to close the public gardens which had attracted 2,500 visitors a year as a major source of income for the island.  In the photo: hotel room

Mr Coffey's purchase of Ardfin Estate attracted controversy from the start due to his decision to close the public gardens which had attracted 2,500 visitors a year as a major source of income for the island.  In the photo: hotel room

Mr Coffey’s purchase of Ardfin Estate attracted controversy from the start due to his decision to close the public gardens which had attracted 2,500 visitors a year as a major source of income for the island. In the photo: hotel room

The Jura Hotel (left) pictured next to the adjoining distillery producing the famous whisky, popular with former Prime Minister David Cameron

The Jura Hotel (left) pictured next to the adjoining distillery producing the famous whisky, popular with former Prime Minister David Cameron

The Jura Hotel (left) pictured next to the adjoining distillery producing the famous whisky, popular with former Prime Minister David Cameron

The island, which is 29 miles long and seven miles wide in places, recorded just 196 residents in the 2011 census, meaning the new development will increase the total population by a fifth

The island, which is 29 miles long and seven miles wide in places, recorded just 196 residents in the 2011 census, meaning the new development will increase the total population by a fifth

The island, which is 29 miles long and seven miles wide in places, recorded just 196 residents in the 2011 census, meaning the new development will increase the total population by a fifth

Coffey announced his retirement in 2012 to spend more time with his family, but has a portfolio of luxury properties scattered around the world (pictured with Ania Coffey in 2016)

Coffey announced his retirement in 2012 to spend more time with his family, but has a portfolio of luxury properties scattered around the world (pictured with Ania Coffey in 2016)

Coffey announced his retirement in 2012 to spend more time with his family, but has a portfolio of luxury properties scattered around the world (pictured with Ania Coffey in 2016)

Jura Island is famous for its white sand and single-malt whiskey produced at the island's distillery and favored by former Prime Minister David Cameron

Jura Island is famous for its white sand and single-malt whiskey produced at the island's distillery and favored by former Prime Minister David Cameron

Jura Island is famous for its white sand and single-malt whiskey produced at the island’s distillery and favored by former Prime Minister David Cameron

The island is home to where author George Orwell (pictured) lived when he wrote his famous 1984 novel.  pictured above in 1943

The island is home to where author George Orwell (pictured) lived when he wrote his famous 1984 novel.  pictured above in 1943

The island is home to where author George Orwell (pictured) lived when he wrote his famous 1984 novel. pictured above in 1943

An island resident told The Telegraph: ‘Our broadband is poor, we have limited water supply and other municipal services are overloaded.

The ‘Wizard of Oz’ hedge fund trader who built a cult following after reportedly making £430 million in the city

Greg Coffey was nicknamed ‘The Wizard of Oz’ after reportedly earning £430 million as a young City trader.

Mr. Coffey graduated in actuarial studies from Macquarie University in Sydney and began trading emerging market equity derivatives in 1994 with Bankers Trust Corp, which was purchased by Deutsche Bank AG in 1999.

The Australian first rose to fame when he walked away from a $250m (£156m) gold handcuff deal in 2008, before building a cult following in the financial markets for the extraordinary success of the £3.5bn emerging market funds he managed. .

His obsessive style led him to have his trading terminals flown to his hotel, wherever he was vacationing, and then reassembled so that he could trade all night while his wife and children slept.

Mr Coffey has townhouses in London and Sydney, and in 2008 bought the sprawling Ardfin estate on the Hebridean island of Jura when it was on the market for £3.5 million.

“Our medical service outside office hours is precarious and the police on the island are incidental at most.”

But architects from GCA Design, acting on behalf of the estate, said staff were living in temporary ‘pods’ that were not a long-term solution.

They said building the new hostel in Craigshouse was the only viable option so that staff could have space from their workplaces.

Mr Coffey has also built a £20 million 18-hole golf course on the estate since purchasing it.

His purchase of Ardfin Estate sparked controversy from the start due to his decision to close the public gardens, which had attracted 2,500 visitors a year as a major source of income for the island.

Mr Coffey was nicknamed ‘The Wizard of Oz’ after reportedly earning £430 million as a young City trader.

At the height of his career, he had his trading terminals flown to his hotel, where he was also vacationing, and then reassembled so that he could trade all night while his wife and children slept.

The Australian first rose to fame when he walked away from a $250m (£156m) gold handcuff deal in 2008, before building a cult following in the financial markets for the extraordinary success of the £3.5bn emerging market funds he managed. .

He announced his retirement in 2012 to spend more time with his family, but has a portfolio of luxury properties scattered around the world.

Jura Island is famous for its white sands and single-malt whiskey produced at the island’s distillery and loved by former Prime Minister David Cameron.

It was chosen by George Orwell as a remote retreat to write Nineteen Eighty-Four – after doctors hoped the fresh air would help him recover from bouts of tuberculosis.

MailOnline has contacted Ardfin Estate and GCA Design for comment.

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