One loaded billionaire is pumping £200m into this dead-end town – and locals aren't sure what to think

By HOAR Team 15 April, 2025 6 mins read 79 Views

Jesus. Have you ever driven through a place so depressing you actually felt your soul shrivel up a bit? That was Bishop Auckland for me back in 2020. I was on a work trip to Durham and took a wrong turn (thanks, Google Maps, you unreliable bastard). What I found was this ghost town with more "To Let" signs than actual businesses.

Fast forward to last month when I revisited. The transformation hit me like a slap in the face.

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The Billionaire With Too Much Money

So here's the deal. This loaded City investor called Jonathan Ruffer – who apparently has more money than sense – decided to adopt this entire northern town. Not just any small contribution either. We're talking £200 MILLION of his personal fortune being pumped into Bishop Auckland, a place most people couldn't find on a map if you paid them.

The guy dropped £11m just to buy Bishop's Palace because he didn't want some fancy paintings to leave the country. Who does that?

My cousin Neil (who works in property development) nearly choked on his coffee when I told him about the £300k spent on TOPSOIL alone. "That's more than my house cost in 1998," he texted back.

From Boarded-Up to Bougie

The high street used to look like something from a post-apocalyptic movie. Seriously. Row after row of shuttered shops with faded "Closing Down" signs that had been there so long they were sun-bleached.

Now? It's getting weirdly... nice?

I popped into this place called McIntyre's – which used to sell fancy leather goods back in teh day before it went bust. It's now this cutesy cafe selling artisan chocolate at £6 a pop. SIX POUNDS. For chocolate. In County Durham!

Wait... Is That a Heated Wall for MELONS?

The palace gardens have had nearly £10m thrown at them. And get this – they've installed a heated wall specifically designed for growing melons. I'm not making this up. Some garden designer called Pip Morrison (sounds made up, right?) created this fancy cross-shaped water feature too.

Listen. I've lived in the North East. Nobody there was crying out for heated melon walls.

Not Everyone's Buying What Ruffer's Selling

I chatted with a few locals at the pub (The Bishop's Arms – decent pint, terrible chips). Mixed reactions doesn't even begin to cover it.

This 15-metre viewing platform they've built – called Auckland Tower – has been nicknamed "the sore thumb" by pretty much everyone. It sticks out like... well, a sore thumb.

"It's all for tourists, not for us," said one bloke who'd lived there 40+ years. His wife disagreed though: "At least there are jobs now. My niece works at that chocolate place."

Gary Ewing, who opened a cycle shop on the high street, seemed cautiously optimistic. His exact words: "It's been tough, but we've no regrets." The way he said it made me wonder if the second part was entirely true.

The Million-Visitor Dream (Good Luck With That)

The Auckland Project charity running this whole shebang hopes to attract A MILLION visitors annually. To Bishop Auckland. A place previously famous for... absolutely nothing.

They've added two art galleries and are building this massive 60-room hotel called The Northside that won't even open until 2027.

I feel like I'm watching one of those reality TV shows where someone with too much money tries to fix something broken. Sometimes it works. Often it doesn't.

Not The Only Makeover In Town

This reminded me of what's happening in Porthcawl (spent many childhood summers there with my grandparents). They're dropping £20m on the seafront, including £4m on that old Grand Pavilion theatre.

Poor building has been closed since February.

I wonder if these massive cash injections actually work in the long run? Or if they just create these weird tourist bubbles that locals can't afford to enjoy.

What I do know is that Bishop Auckland feels less depressing now. Whether that's worth £200m of one man's fortune is another question entirely. And whether those heated melon walls will still be maintained in 10 years... well, I wouldn't bet my mortgage on it.

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Statistics

Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
According to a Gallup poll, 56% of Americans report that their financial situation is better than it was a year ago.
According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
As of 2021, the median household income in the U.S. was approximately $67,521, according to the U.S. Census Bureau.
In 2020, the average retirement savings for Americans aged 60 to 69 was approximately $195,000, according to Fidelity.
According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
The average cost of raising a child in the U.S. is estimated to be around $233,610, according to the U.S. Department of Agriculture.
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