Lord Laidlaw of Rothiemay, the leading Tory donor, has disclosed he is to receive treatment for "sex addiction" at a private clinic Telegraph reported.

The 65-year-old peer, estimated to be worth £730 million, admitted he had been fighting the "disease" for the whole of his adult life after being exposed for holding exclusive sex parties.

He was said to have flown prostitutes from Britain to a £6,000-a-night presidential suite at a hotel in Monte Carlo, where they drank champagne and fine wines before taking part in lesbian and bondage sex acts.

One recent party was said to have involved a Vogue model, three prostitutes, a male gigolo and a trilingual bisexual.

Lord Laidlaw said he was "deeply sorry for the embarrassment he has caused friends and colleagues" and added that he "should have been stronger in resisting the temptations".

The Monaco-based Scotsman is set to undergo six weeks of therapy in South Africa, his spokesman confirmed.