Ant and Dec had bought holiday homes next door to each other with Schofield buying just up the road at The Keys resort in the Algarve.
The Quinta Do Lago resort was sold to a Brazilian financial firm when the developer went bust and although attempts were made to block the sale, the Portugese court refused their appeal.
Ant and Dec are owed £3.1 million each and Philip is owed £2 million.
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