Billionaire island resident Doug Barrowman and wife Baroness Michelle Mone have launched a fire sale on some of their assets.

That’s according to an investigation by UK national newspaper the Daily Mirror who revealed the pair have slashed the asking price on luxury houses, a private jet and a superyacht.

Their haul of prized possessions up for sale includes a Cessna Citation CJ4 aircraft, which was bought brand new in 2021 and is registered to Isle of Man based company Cabbane Limited.

The plane and is now listed for sale by a US plane broker.

They’re also selling their yacht, the Lady M, which is owned through a Manx firm called LM Yachts Limited.

According to the probe the price of the yacht has dropped from nearly £10 million to less than £7 million.

The price of Mr Barrowman’s St Barts villa, which has been up for sale since 2021, has also been slashed from £63m to £41m, the newspaper reports.

It comes after Tory peer Baroness Mone revealed her bank accounts had been frozen during a two-year National Crime Agency investigation, according to the tabloid.

PPE Medro, a company chaired by Mr Barrowman, is currently contesting a multi- million pound court claim from the UK’s Department of Health and Social Care (UK DHSC) over surgical gowns that were deemed not fit for use.

PPE Medpro was awarded two contracts by the UK DHSC in June 2020 – the first an £81m contract to supply masks and the second, worth £122m, to supply surgical gowns.

The contracts were referred to the UK Government by Baroness Mone under the ‘VIP lane’, a system which was introduced to help it choose between large numbers of supply offers during the pandemic.

PPE Medpro was formed during the pandemic, which Doug Barrowman said was because they wanted ‘to do their bit’.

Mr Barrowman said: ‘The problem is there were 14,000 people trying to supply PPE to the government, and they didn’t have the resources to prioritise.

‘For new suppliers, they had to find a way to vet them, so the Cabinet Office looked after what became known as the high priority lane (VIP lane), which none of us knew about at the time.’