US billionaire dubbed ‘the most powerful man on Wall Street’ denies neighbours’ claims he’s plundering Wiltshire’s underground water to fill his nine-million-gallon lake

A US billionaire’s dream of creating a grand English country estate in the tradition of 18th Century landscape designer Capability Brown is facing a backlash from neighbours convinced he is tapping into their water supply.

American financier Stephen Schwarzman bought the magnificent Conholt Park in Wiltshire – described as one of the finest shooting estates in southern England – for £82million three years ago. 

He has funnelled millions of pounds into transforming the 2,100-acre estate’s parkland by building a huge lake that will hold more than nine million gallons of water.

But The Mail on Sunday can reveal that Mr Schwarzman, dubbed the most powerful man on Wall Street, is under fire from neighbours who believe he is using a borehole to extract groundwater to fill the lake. 

This, they allege, could lead to water shortages at their own properties because they rely on a shared aquifer.

There is also anger at plans to ‘enhance’ the estate’s pheasant shoots, with local sources claiming Mr Schwarzman is preparing for up to 500 birds to be shot a day.

‘I don’t like what he is doing,’ one local shooting enthusiast told the MoS. ‘That’s not sport.’

Last night a spokesman for Mr Schwarzman, 78, the boss of Blackstone, one of the world’s largest private-equity funds, denied the lake is being filled by a borehole and said the estate was instead using a ‘highly sophisticated water collection system’ that carries rainfall into the lake.

A US billionaire’s dream of creating a grand English country estate in the tradition of 18th Century landscape designer Capability Brown is facing a backlash from neighbours convinced he is tapping into their water supply

But The Mail on Sunday can reveal that Mr Schwarzman, dubbed the most powerful man on Wall Street, is under fire from neighbours who believe he is using a borehole to extract groundwater to fill the lake (pictured)

A spokesman for Mr Schwarzman, 78, denied the claims and said the estate was instead using a ‘highly sophisticated water collection system’ that carries rainfall into the lake. The billionaire (right) pictured with his his wife Christine (left)

The estate will also comply with all local regulations over the organisation of bird shoots and follow recommendations by the Game & Wildlife Conservation Trust about bird stocks, the spokesman added.

Mr Schwarzman’s blueprint, approved by Wiltshire council last July, involves extending the mansion’s south lawn, planting hundreds of trees and creating a ‘ha-ha’ (a sunken fence).

Sources close to the tycoon, who is worth an estimated £32 billion and is married to Christine, a lawyer, say he loves the UK and highlight how he has donated around £200 million to the University of Oxford.

But his relationship with some Wiltshire neighbours became strained after his landscaping scheme began and construction lorries allegedly started thundering along the narrow roads surrounding the estate. 

Relations soured further when excavators completed the construction of a lake, covering three acres.

Farmers and landowners became suspicious by the sight of the lake filling up with water after it was finished in early March – despite months of dry weather. 

The MoS understands a neighbouring country estate has written to Conholt’s managers on behalf of nearby farms demanding reassurances that groundwater is not being abstracted to fill the lake.

One resident claimed the lake already appeared half full, adding: ‘How could it have filled that much if it’s not being filled from a borehole? It’s the farmers around who are so worried as these resources are not infinite.’

American financier Stephen Schwarzman bought the magnificent Conholt Park in Wiltshire – described as one of the finest shooting estates in southern England – for £82million three years ago

Another long-standing resident told the MoS: ‘I’ve built lakes in the past during my time in agriculture and I can tell you it takes a hell of a lot of water to fill one that size. In recent months we’ve had pretty much no proper rain. This is why people are confused and there’s mistrust.’

A local farmer said: ‘The worry is that if the aquifer runs dry then loads of people round here are going to have nothing coming out of the tap. We’ve got livestock – they’ll have nothing to drink.’

Last night Mr Schwarzman’s spokesman said the lake is only 27 per cent full and claims that a borehole was being used to fill it were ‘false’. They highlighted planning documents which detail how the lake will be filled ‘through rainfall and a drainage system’.

The new drainage system collects rainwater from the main house, outbuildings and paved areas, which then flows downhill into the lake, the spokesman added. 

‘The lake was installed under full compliance with planning regulations to ensure local residents’ water supply would remain unaffected. Groundwater extraction is not being used to fill the lake.’

They did concede that on a very limited number of occasions water from a borehole on the estate had entered the lake. This had been when water was used to test a new drainage system or, on one occasion when a faulty valve led to leak that lasted for a weekend. The volume of water was very limited, they said.

The planning documents show Mr Schwarzman wants shooting on the estate to be ‘further developed and enhanced’. 

A spokesman for Mr Schwarzman said the estate will be used for shooting 28 days a year ‘as opposed to local commercial shoots which operate more than 70 days per year’.

The spokesman added: ‘The new owners of Conholt Park are committed to the restoration and preservation of a landmark estate of national heritage importance.

‘Every aspect of the project is advancing with the highest regard for local planning regulations and a steadfast commitment to environmental stewardship. Any suggestion to the contrary is false and misleading.’