The mural, a 30-foot tall painting of a rat, (that looks like a cat), holding a machine gun, (that's maybe a marker pen), will disappear after the businessman bought the former Liverpool pub it adorns and promised to paint over it.
The Grade 2 listed Georgian property was adorned by artwork from the Bristol-born graffiti giant Banksy, as part of Liverpool's Biennial art festival in 2004.
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But after purchasing the artwork at auction on Thursday for £114,000, property developer Billy Palmer, 44, admitted he has no interest in preserving the painting, despite protests from art lovers.
"I'm not a fan of modern art, I can't say I know much about it really," he said after the auction at Liverpool's Marriott Hotel.
"All I was concerned about was getting this great building for a good price, I'm going to turn it into luxury flats. I might leave the Banksy on the wall until last, just to see how it looks, but it will have to go to get the look I want."
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