Artist Paul Cummins and his team made 888,246 ceramic poppies – one for each British and Commonwealth military dead – with the stated aim of raising “in excess of £15 million” for charity.
The Sunday Times reports that each of the ceramic poppies were sold for £25 each to the general public with millions of Brits turning out to see the breath-taking display.
However, company documents quietly filed earlier this year showed that charities received just £8.4 million of the £23 million raised – a bit over a third of the total.
It also showed that Ben Whitfield, once a city fat cat who worked for a hedge fund, made a seven figure profit after putting up the money to hold the display.
Whitfield, who lives in both London and the French Alps, is said by a source to have “at least doubled his money in eight months”.
Cummins’ personal company received £7.2 million of the total figure but insisted that it was to cover costs and that no profit was made.
He told The Sunday Times: “To make this project a reality, I had to seek private funding, without which it would not have been possible to create the artwork.”
The government took 5% of the total in VAT
but later refunded the amount.
The Blood Swept Lands and Seas of Red display gradually filled the grounds surrounding the tower of London between July 2014 and Armistice Day on November 11.
Around 5 million people visited the exhibition,
including the Queen and the Royal Family, with Cummins awarded an MBE by Her Maj.