MULTI-millionaire George Reynolds revealed in court yesterday that he has no insurance on his homes around Europe - because he believed his reputation meant he could never claim.

The Darlington FC chairman said he had no cover for his £7m mansion in County Durham, his penthouse apartment in Hampstead where his neighbours are Spice Girls Mel C and Emma Bunton, or his luxurious villa in Marbella.

"I have no insurance because, if a fire started, they would say I did it, they would shout arson or insurance job, so there is no point in getting insured," he said.

The chipboard tycoon is suing Cleveland Police for wrongful arrest, illegal imprisonment and malicious prosecution over an incident in August 1992 when he was arrested on the eve of a custody battle for his daughter.

His arrest followed a complaint from his former sister-in-law, Tracy Brown, who claimed Mr Reynolds had threatened to carry out criminal damage on her property.

On the second day of the hearing, the reformed safe-blower admitted to QC Aidan Marron that his arrest had coincided with an acrimonious separation from his former wife, Karen.

But Mr Reynolds repeated his assertion that, on uncorroborated evidence, it had been assumed he was guilty even though his last conviction dated back to 1980.

In a heated exchange, Mr Marron accused Mr Reynolds of resorting to bullying tactics and lies, and requested he stopped shouting in court.

Mr Marron pressed Mr Reynolds to produce his evidence against a number of named officers.

But, refusing to show his hand, the millionaire magnate simply repeated his claim that several police officers had conspired against him to effect a miscarriage of justice.

Mr Marron asked him: "Do you understand the difference between wild speculation and evidence. Do you understand how serious the damage could be to these police officers?''

Mr Reynolds insisted: "It will all come out under the cross examination of these officers.''

Mr Marron, however, said there was no evidence against any police officer and accused Mr Reynolds of taking the action to win money and publicity.

While vigorously rejecting he was after money, Mr Reynolds agreed he was seeking publicity.

"Because I think the waste of public money should all be brought out in the open and because I want to clear my name,'' he said.

The case continues