The businessman is the most recent owner of Otterington Hall, near Northallerton, and in May it was listed for sale by Savills with a guide price of £4million.

However, as of this month it is being marketed for £2.6million. The new offering includes 31 acres of land, compared to 90 in the original listing, and excludes two of the four cottages that were initially included in the particulars.

The Georgian mansion is Grade II-listed and comes with a staff annexe, coach house with gym, stables, tennis courts and grounds, including a lake and pheasant shoot. It is only the second time it has been listed for sale since 1926.

Andy Preston during his term as Mayor of Middlesbrough (image: Getty)

It has had a succession of illustrious owners, from a naval officer decorated in the Napoleonic Wars to a soldier killed during World War One, leaving his widow to flee the estate with her children.

From 1918 until the 1990s it was owned by members of the Furness family, whose fortune came from shipbuilding in Hartlepool. They planted the renowned topiary in the gardens and their descendants still live and farm in the village today.

Preston, 57, was elected as Middlesbrough’s mayor in 2019, but was defeated by just 760 votes this year by Labour candidate Chris Cooke.

Today Cleveland Police confirmed that the hedge fund manager has been charged with four counts of non-disclosure of interests in executive meetings. Elected politicians are required to declare business interests under law. He will appear at Teesside Magistrates Court later this month for a hearing.

Andy Preston: Former Mayor of Middlesbrough's Yorkshire country estate has sale price reduced by £1.4million