Mr Rusedski wants his money back. He says no villas have been completed, and he says he has had no explanation as to what has happened to the money, says the Daily Mail.
But according to the national daily newspaper, sources close to Mr Lloyd say that the project has fallen behind schedule because of the global financial crisis, and civil unrest in Thailand over the past three years.
A source said: ''Rusedski will get his money back once the villas start selling. The villas are still being built and won't be ready until early next year.''
The Daily Mail says Mr Lloyd's Phuket project, launched in 2008, involves building 27 holiday villas on Phuket's west coast, each with spectacular Andaman Sea views.
In a writ lodged at the High Court, Mr Rusedski, 37, claims that he and his wife Lucy, 34, wired the money in three instalments to Mr Lloyd's personal bank account in Thailand.
A source close to Mr Lloyd said that the investment was turned into a loan which Mr Rusedski will get back as soon as the villas are sold.
Thailand has experienced a more than 50-percent drop in number of property transfers during the first quarter of 2011. Investors are hoping that sales will pick up after the national election on July 3.
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