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  Depends on the terms of the grant/reason the were provided - he will only need to refund them if he cannot show that the funds were used for their intended purpose or their is unspent funds. I am fairly certaint that the money will all have disappeared to repay the loan taken out to buy the place, he will of course creatively show how he utilised the monies for the purposes intended - hence the flurry of relatively low cost changes to the non historic buildings on the site probably with hugely over inflated invoices from his own development team for the "build".
  Of course I could be wrong and he could return every last penny

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