Boxer Chris Eubank has been attacked by council chiefs for selling his hostel for the homeless for more than £2 million.
Mr Eubank bought St Anne's House in Buckingham Place, Brighton, five-years ago saying he wanted to use his fortune to help the homeless.
But on Saturday it was revealed he had cashed in on the current property boom by selling the hostel to Portslade-based MS Investments, which plans to upgrade the flats and let them to mainly professional working people.
Many of the existing tenants have already been served eviction notices.
Mr Eubank has been stung by the council's criticism, saying it is unjustified.
Leader of Brighton and Hove Council, Lynette Gwyn-Jones said: "I am shocked and saddened that Mr Eubank has decided to cash in his interestsin helping the homeless in Brighton and Hove."
Seven Dials ward councillor Mike Middleton added: "When Mr Eubank bought the building in the early nineties, he made public statements about his desire to help the homeless and inadequately housed. I feel that now he has let them down badly."
When the council gave permission for the conversion five years ago it included a condition that it must be used for housing for a minimum of ten years.
But there was no condition that it had to be used for social housing.
But Mr Eubank said: "I bought the property and built the flats in 1995 because of the appalling situation for the homeless in Brighton.
"I only intended to get it up and running and then hand it over to a Housing Association after two years. I did it to help give people a better start in life and to overcome disadvantage.
"In the event I have kept it running for five years and in that time I have offered it to Brighton and Hove Council, which couldn't find funds to purchase it. I have also offered it to two housing associations, yet nobody would take it on.
"If I had made money on this project to help the homeless then the criticism from Brighton and Hove Council would be justified.
"I have never made money - in fact I have lost a considerable amount of money."
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