The world’s most expensive and exotic family squabble came to an end yesterday when five English judges finally settled a $1 billion row between the Sultan of Brunei and his little brother.

In a crushing judgment that resembled a losing hand in a game of Monopoly, Prince Jefri was ordered to hand over two hotels, three houses, diamonds, cherished paintings and cash.

The Privy Council decision brought to an end a colourful dispute between one of the few remaining absolute monarchs and his once-favourite youngest brother.

Jefri, a father of 17, is a reformed playboy and former Finance Minister of oil-blessed Brunei, who has always denied plundering his nation’s assets. He is one of three Wazirs (viziers) of Brunei.

The Sultan, 61, serves not only as monarch but also as Prime Minister, Defence Minister, Finance Minister, Supreme Commander of the Armed Forces, Supreme Head of Islam and chief of police.

The family row dates back to the 15 years during the 1980s and 1990s when the prince chaired the South-East Asian nation’s investment agency.

An estimated $40 billion left its accounts in “special transfers”.

Of that, $15 billion went to Jefri, $8 billion to the Sultan and $4 billion for government purposes. The other $14 billion remains untraced.

Jefri, 53, does not deny receiving large sums that he spent on art, jewellery, cars and aircraft but he denies misappropriation. He insists that he only undertook his duties and tasks “on the command of His Majesty”.

The Brunei authorities sued the Prince for embezzlement but an out-of-court settlement was reached in 2000. The agency believed that it was entitled to $14 billion from Jefri.

He insisted, however, that the Sultan had agreed that he could keep certain treasures to maintain his lifestyle.

After yesterday’s defeat at the Privy Council in London, Brunei’s court of final appeal, Jefri faces surrendering the New York Palace hotel, the Hotel Bel-Air in Los Angeles and residences in London, Paris and Singapore.

Although the judges accepted that the Sultan had shown some sympathy for his brother, they said that it was incredible and ridiculous to claim that such a deal had been made.

The Privy Council also rejected Jefri’s claim that he could not have a fair hearing in Brunei, where the Chief Justice’s prospects and salary depended on the all-powerful Sultan.

The Prince gave notice last night that he will continue the fight.

$1bn of family jewels

— New York Palace Hotel

— Hotel Bel-Air, Los Angeles

— Cavell House, London

— St John's Lodge, London

— 3-5 Place Vendôme, Paris

— A valuable trust fund called PT4200, containing substantial money and investments

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