Nigel Bacon, 50, was found with stab wounds at his Keeper's Cottage home close to Clumber Park on 26th November last year and died in hospital later that evening.

Peter Jacques, 28, of Charlesworth Street, Bolsover allegedly carried out the attack after being recruited by Mr Bacon's widow, Susan Bacon, also of Keeper's Cottage and son Michael Bacon, 21, of Wordsworth Avenue, Mansfield Woodhouse.

Peter Joyce QC, prosecuting, told the court Jacques was in £123,000 of debt and was to be paid 'tens of thousands of pounds' to kill Nigel Bacon.

The jury also heard Susan and Michael Bacon had made attempts to hire three other men to carry out the act before approaching Jacques.

"This was indeed a cold and calculated contract killing of Nigel Bacon which involved all four defendants," said Mr Joyce, who added the motives for the killing were 'greed and loathing'.

Sean Woodcock, 41, of Mapletoft Avenue, allegedly helped Susan and Michael Bacon contact Mr Jacques and is also accused of murder.

He is Michael Bacon's father in law by marriage to his daughter, Natasha.

Peter Joyce, prosecuting, told the court the killing was believed to have happened shortly before 7pm when Mr Bacon had gone out to lock the gates – something he did routinely at that time.

He alleged that it was Susan Bacon who tampered with the fuse box, instantly cutting off the power to the outside lights.

Said Mr Joyce: "She did not want him to see his killer, she did not want him to have any chance of escaping."

Nigel Bacon was stabbed in the head, neck and abdomen and had suffered severe arm injuries when he had tried to defend himself.

After managing to escape from his attacker back into the house, he collapsed on the kitchen floor and Susan Bacon called the emergency services.

Tests established the cause of death as a combination of blood loss through a severed jugular vein and Mr Bacon's pre-existing ischaemic heart disease.

The court heard how alleged killerJacques was in £123,000 of debt and was to be paid 'tens of thousands of pounds' to kill Nigel Bacon.

But despite his severe debt, Jacques had been on a £900 spending spree with his partner, buying jewellery and items for their home days before the incident.

He had also purchase black garments including a hat and neck sleeve three days before the murder and on the same day, he purchased three knives from Tesco in Mansfield.

A similar knife was found in Jacques burned out car – which he claimed had be stolen - which was discovered burned out in Shirebrook after the murder.

Cell site analysis of his mobile phone records placed Mr Jacques in the vicinity of Keeper's Cottage at the time of the murder, said Mr Joyce.

The jury was also told Susan and Michael Bacon had made attempts to hire three other men to carry out the act before approaching Jacques.

"This was indeed a cold and calculated contract killing of Nigel Bacon which involved all four defendants," said Mr Joyce, who added the motives for the killing were 'greed and loathing'.

Despite the considerable debts of his wife, who had £61,000 of debts, and son, who owed around £3,000 in debt and county court judgements, Nigel Bacon was believed to be worth around £350,000 – including at least £200,000 in cash and savings.

The money was hidden away in various parts of the home including a gun cabinet.

Said Mr Joyce: "Susan Bacon was in dire straits while her husband was wealthy."

Nigel Bacon was said to have been violent to his wife although she told police they had a loving relationship.

Michael Bacon is said to have left the family home because his father disproved of his relationship with the girl who he later married.

In 2006, Michael Bacon told a friend that he would 'swing' for his father on day – but he wouldn't use a gun because it would be traceable. Instead 'I'd knife the bugger', he is alleged to have told the friend but denies.

Extracts from a letter sent by Michael Bacon to his wife, Natasha, were read out which the prosecution say showed he was trying to cover up his part in the plot.

Sean Woodcock, 41, of Mapletoft Avenue, allegedly helped Susan and Michael Bacon contact Jacques and is also accused of murder.

He is Michael Bacon's father in law by marriage to his daughter, Natasha. He also worked as a driver for Keep It Securities, which was owned and run by the Bacon family.

The court heard how detectives had gathered detailed records of the text messages and phone calls made between Susan Bacon, Michael Bacon, Peter Jacques and Sean Woodcock.

All four defendants deny murder. The case continues.