Jacob Robert Smith from South Yorkshire last year pleaded guilty to two counts of mortgage fraud and one count of money laundering and was sentenced to 27 months in prison.

The 52-year old has now had a confiscation order made against him at Hull Crown Court.

He has three months from September 27 to pay back a total of £126,647.

His assets include a percentage of his marital home, land and buildings at Goxhill Airport, a Mazda 6 car, money and a luxury watch.

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If he doesn’t sell within the time given, he could serve an extra 18 months in prison, police said.