Led Zeppelin’s Robert Plant has turned down a Whole Lotta Lolly – more than £500MILLION – to reform the band for the dearest tour in history. The rock legend ripped up Sir Richard Branson’s contract for 35 dates in three cities in front of astonished promoters after the other members of the supergroup all signed up.

The tour would have earned singer Plant and fellow founders Jimmy Page and John Paul Jones £190million each before tax. But Plant, 66, said he thought it wasn’t the right thing to do.

A source close to the group said: “They have tried to talk him round but there is no chance. His mind is made up and that’s that.”

Virgin tycoon Branson, 64, has been a lifelong fan of the band. He was getting ready to rebrand one of his Jumbo jets “The Starship” to fly the group around the venues.

An industry source said they were told they could have £250 million for 35 dates in three cities, London at the O2, Berlin and New Jersey. Led Zep were also promised £70million of the profit from merchandise and there was an option to do 45 more gigs in five venues.

The cash was to be split three ways between Plant, Page, 70, and Jones, 68, while Jason Bonham, 48, son of late drummer John, would have been paid a wage to perform.

Our band source said: “Jimmy, John and Jason signed up immediately. It was a no-brainer for them but Robert asked for 48 hours to think about it. When he said no and ripped up the paperwork he had been given, there was an enormous sense of shock. There is no way they can go ahead without him.”