Nicholas van Hoogstraten, one of Britain's wealthiest men, faced a life sentence today after being convicted of manslaughter.

The property tycoon, who lives near Uckfield, hired two thugs to exact revenge on Mohammed Raja after they fell out over property.

But although he wanted Mr Raja harmed he did not want him murdered, an Old Bailey jury decided on its eighth day of deliberations.

The panel of six men and six women returned a verdict of not guilty to murder but found him guilty of manslaughter, by a majority of 11-1.

After sentencing the hitmen, David Croke and Robert Knapp, to life, trial judge Mr Justice Newman warned Hoogstraten he was considering a life sentence for him too.

But Hoogstraten opted for a psychiatric report before his sentencing on October 2.

Hoogstraten, 57, said nothing throughout his appearance in court today and sat almost entirely out of view in the dock.

The multi-millionaire, wearing a grey suit with blue shirt and tie, shook hands and spoke briefly with his solicitor and barrister before he was led to the cells flanked by three prison officers.

He briefly smiled to a former girlfriend who was in court.

Amjad Raja, the victim's son, said after the case: "He has destroyed our family and has taken away from us a wonderful father who would have done anything for his children."

His father was stabbed and shot at point-blank range at his home in Sutton, Surrey, on July 2 1999.

The 62-year-old landlord was taking civil court proceedings against Hoogstraten alleging fraud, the jury heard.

Had he succeeded, Hoogstraten would have faced criminal proceedings and possible jail.

He decided to teach the man he described as "a maggot" a lesson. He asked Knapp - an old friend and enforcer he met in prison decades before - to take care of it.

But it went too far. Knapp took Croke, another ex-convict, with him. On Friday, both were convicted of murder.

Neither Croke, 59, of Bolney Road, Moulsecoomb, Brighton, nor Knapp, 55, of Abbeyfeale, County Limerick, chose to be in court for sentencing today.

Hoogstraten will spend the next few weeks in high-security Belmarsh jail in south London undergoing psychiatric assessment.

All three defendants pleaded not guilty to a single charge of murder.

Hoogstraten denied having anything to do with Mr Raja's death, ridiculing the prosecution's allegation that he had paid Knapp around £7,000 by instalment.