Shane Off Westlife Is Officially Bankrupt
See, even a multi-million record selling pop star can't escape the recession. He currently owes in the region of €19million. Which is an increase of €15 million since April.
The Westlife crooner - who has three children with wife Gillian - has "exhausted all other options" in a last ditch attempt to save his failed property empire here.
Shane spent "months" working with a team of financial experts to help him get out of trouble, but he has now been ruled officially bankrupt at Kingston County Court, Surrey.
The 32-year-old - who had to sell his Aston Martin for €325,000 - said: "Together with a team of financial and legal experts I have spent months exploring all possible alternatives to bank-ruptcy but to no avail. I have worked long and hard to try to reduce my debts, and I am devastated that it came to this conclusion. I now intend to focus on the remaining dates of the Westlife tour and my commitments to the band before looking to rebuild a future for my wife, my three children and myself."
Shane is dealing with his plight at his and Gillian's home in Surrey, which is just as well given his bankruptcy will only last for one year in England, provided he complies with the courts. His bankruptcy would last up to 12 years in here in Ireland.
The singer's financial downfall came after his and his brother Finbarr's company Shafin Developments borrowed millions from Bank of Ireland and Ulster Bank during the economic boom with a view to constructing a 90-home estate in Dromahair, County Leitrim - but only 50 houses had been built when the site was recently inspected. Other projects including a nursing home and supermarket in Ireland have also been stopped.
Shane is due to continue singing at Westlife's farewell tour - which is expected to net him in the region of €5 million (only €14million to go) - with farewell gigs in Dublin, Ireland, next week before he starts a solo career, which will be managed by, yes, Louis Walsh.
Giving his two cents to the Daily Mirror, Louis chirruped: "Shane is going to have a massive career after Westlife. He's going to have a great solo career and make millions. He'll start all over again and remake the riches in no time at all." He said, jigging merrily over his pot 'a gold.
Story by Sheena McGinley | 10:42 | Thursday 14th June 2012 | Gossip
I'd say his relationship with his brother is, er, strained. If he'd just stuck to what he's good at (selling pop records and doing massive tours) he'd still be a millionaire but instead he got greedy and decided that he _needed_ more money........ Sure, don't worry, the Irish taxpayer will take care of all those debts for him......Posted 12:00 | Thu 14th Jun 2012
I don't know, Westlife are brilliant, but Shane by himself? Can't see it taking off. But with that kind of debt hanging over his head, he'll need a miracle. I do feel a degree of sympathy for him and others who got involved in property development, they really got screwed when the banks fell, as did the people who work on those sites, and eventually the people who would live in the homes and/or work in the stores. Just imagine how much money is tied up in those sites, aside from the cost of building them. One home by itself could net hundreds of thousands for the government, between property taxes and wage taxes, not to mention what the spending would be like on running the house, electricity, gas, applicances like phone, internet, television, and eventually these water charges coming in. I'm surprised with that much money to be made, the government haven't stepped up to the plate for these developers.Posted 15:10 | Thu 14th Jun 2012
Seeing them in Croke Park woo hoo..Posted 19:02 | Thu 14th Jun 2012
I hope things work out for him, he got screwed by our banks, like thousands more of our hard working community.Posted 22:07 | Sat 16th Jun 2012
after inflicting pain on the public for years .its his turn to now suffer. seemed like a smug chap.good riddance to himPosted 00:07 | Fri 15th Jun 2012
@cadedash There's no need for that. And he's a decent skin, nothing smug about him.Posted 13:12 | Fri 15th Jun 2012
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