Documents obtained by Fairfax reveal how the proceeds of Britain's biggest ever boiler room fraud were secreted around the world, including in Australia, sometimes using methods like those exposed in the Panama Papers leak.

Investigators in the UK and Australia could trace only £10,751,000 ($20 million) of the £43 million ($80 million) that came to Jeffrey Revell-Reade from a scam selling near-worthless shares from a Spanish boiler room using high-pressure sales techniques, a London court was told on Tuesday.

He will have to give up houses in London and Spain, a yacht, expensive cars and wristwatches, and an art collection stashed in Australia.

But more than three-quarters of the ill-gotten gains has vanished after passing through a web of offshore corporations and assets – which was partly set up by two other men with Australian connections who were this year acquitted on money laundering charges.

Revell-Reade, 51, was jailed for nine and a half years in June 2014 for masterminding the fraud, the biggest of its type in British criminal history.

The court heard that he had enjoyed a lavish lifestyle, buying a string of properties, hiring private jets and buying vintage wine and art.

His art investment strategy was a little flawed – it included two works by Rolf Harris.

Assets up for grabs

Fairfax has exclusively obtained court documents revealing the assets to be seized, under a deal struck between fraud investigators and Revell-Reade's lawyers.

They include:

- a Mini Cooper car, a Land Rover Defender four wheel drive and a Harley Davidson motorcycle in Australia,

- a yacht named 'Bellagio' worth almost a quarter of a million dollars,

- one Rolex 'Oyster Perpetual silver' and one Cartier wristwatch, each worth $7500,

- $130,000 worth of art in storage in Australia,

- $490,000 from his Oz Group and subsidiary companies – a Melbourne-based business specialising in the administration of superannuation funds, and

- a mansion in Wimbledon, London, worth £6.5million ($12m).

Tracking down a fortune

However the list of assets also betrays the difficulty police had locating Revell-Reade's fortune.

In the court documents, a sum of £860,000 is described as an "asset last traced into Enfinium (corporate) structure Hong Kong, whereabouts unknown".

Another sum of £580,000 is described as the value of Revell-Reade's interest "last traced to a Thai villa purchase".

And £400,000 is listed as "Proceeds of sale of Einstein's Coffee Shop, current whereabouts unknown".

A court-appointed receiver will also recover "tainted" cash gifts he passed to his family and partner.

In London's Southwark Crown Court on Tuesday, Judge Michael Gledhill said Mr Revell-Reade had benefited from his criminal conduct to the amount of £43,864,353.

"After an extensive investigation by officers of the Serious Fraud Office I am satisfied that the assets available to this defendant to go towards making payment of that benefit amount to £10,751,000."

'Unexpected indignities'

Mr Revell-Reade could be jailed for up to an extra ten years if he fails to hand over this amount within three months.

However Judge Gledhill said he was aware the order "does not even cover one quarter of the benefit received by this defendant".

If at some future date further assets were found, "I have no doubt at all that an application will be made to re-open proceedings to amend the order to recover assets as and when they are found," he said.

He added that he hoped the full £10.75m figure would be paid, as then Mr Revell-Reade would be free to serve the remainder of his jail sentence in Australia. He is currently in London's old Wandsworth Prison, which his lawyer said imposed "unexpected indignities" on his client.

"I quite understand why Mr Revell-Reade wants to get home to Australia as soon as possible," Judge Gledhill said.

Revell-Reade was in court for the confiscation order, wearing a scarlet jumper and glasses, following the proceedings intently.

The confiscation process for Revell-Reade's co-accused in the fraud, Anthony May, was even less successful.

On Monday Judge Gledhill said May had benefited from £69 million in fraud proceeds – however just £250,000 in assets were located.

Judge Gledhill said May had not given "full and frank" assistance to the SFO in identifying his assets.

"A quarter of a million pounds appears to be but a drop in the ocean, compared with the amount of money the victims were defrauded, I am well aware of that," he said. "But I am afraid that's the amount of assets the SFO are aware of in this case."

Mark Thompson, head of the SFO's Proceeds of Crime division said: "These individuals benefited substantially from their crimes. Their lavish lifestyles featured numerous overseas properties, wine collections and a luxury yacht. We welcome these orders which the pair now need to pay or face a further period of imprisonment."

Earlier this year two Hong Kong-based businessmen, James Sutherland and Jack Flader, were acquitted of money laundering after being charged by the SFO over their role in distributing the proceeds of Revell-Reade's fraud.

Sutherland spends much of his time in Australia, where his family lives, and Flader was linked to the Trio Capital superannuation scandal, though never prosecuted.

The men, who ran a business managing the financial affairs of the mega-rich, wove a web of corporate structures, bank accounts and offshore shells administered from Hong Kong and Switzerland, in a 'blind trust' on Revell-Reade's behalf, spanning companies and accounts across the world, in Europe, Asia and the Caribbean.

However the pair argued – and the jury accepted - they neither knew nor suspected that the money they were moving was the proceeds of crime.

A spokesman for Revell-Reade said he had no comment to make in response to Fairfax's questions.

However his legal team subsequently issued a press release, saying "thanks to (our) hard work, we were able to satisfy the Serious Fraud Office that our client's assets were worth a lot less than they first thought".

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