The fallen property tycoon Simon Halabi, whose worth was estimated to be £3 billion in 2007, was declared bankrupt in 2010. Before declaring bankruptcy, Mr Habibi tried to improve his financial situation and raise capital by selling his property portfolio (worth approximately £1bn). Part of the sales included the Aviva Tower, later renamed 1 Undershaft, which was sold to Aroland Holdings for circa £200 million. The building is the newest skyscraper hoping to grace London’s skyline.