Michael Winner £9M In Red But Won't Curb Spending

[interestrateripoff]

http://www.newsoftheworld.co.uk/news/754459/Debt-wish.html

LUXURY loving Michael Winner has taken out a £9million loan - for pocket money to keep up his jetset lifestyle.

But fans worried the old dinner-scoffing film director might be finally on his uppers can Calm Down, Dear...

For 74-year-old Winner has also revealed he's worth about £100 MILLION when his investments and assets are totted up.

It's just that he needed some readies.

"It costs £1.5million to be me every year," says car insurance ads star Winner, who took out the loan against his £15million 42-room Georgian mansion in London's posh Kensington.

"I'm less rich than I was because I'm £9 million in debt. I have assets but I've borrowed against them.

"I like spending. It's fun. Anybody likes the ability to spend money and enjoy it. I feel very happy about it. I'm a bargain! I'm a national treasure." Death Wish director Winner - who owns three Rolls-Royces and spends £95,000 a time on three-week Christmas holidays in Barbados - reveals his finances on Piers Morgan's Life Stories.

He tells how he spent a fortune flying back from the US last month by private jet. "I got a cut-price deal at £44,000," he says. "I would never fly on a commercial airline - they're horrible."

Why not just sell some assets rather than borrow money?

Seems even the rich can't live within there means.

[bottletop]

http://www.newsoftheworld.co.uk/news/754459/Debt-wish.html

Why not just sell some assets rather than borrow money?

Seems even the rich can't live within there means.

I understand his mother sp*nked away the vast majority of his inheritance in monte carlo casinos when he was young. Looks like he's turning into a chip off the old block.

[barrabus]

He will be dead soon, before he repays a penny. Old fart can hardly walk

[The Masked Tulip]

I understand his mother sp*nked away the vast majority of his inheritance in monte carlo casinos when he was young. Looks like he's turning into a chip off the old block.

Spanked?

[winkie]

If it is handed on a plate, take it and enjoy it....he has had it enjoyed it and will do his damnedest not to lose the luxury afforded to him...who is the fool.

[@contradevian]

Spanked?

Not that spanked!

[ChumpusRex]

Why not just sell some assets rather than borrow money?

Seems even the rich can't live within there means.

Because it's very tax inefficient to sell assets. MW knows this, he's actually written quite a coherent article for a national newspaper explaining his reasoning for doing exactly this.

If you have an asset which has generated large capital gains, then when you sell it, you have to settle the CGT bill - which will take a substantial wedge out of the cash you have raised. Additionally, you also lose your inflation protection (which was presumably the reason for owning the asset in the first place).

However, if you obtain a secured loan, then you get the cash for the loan, without tax deducted. As the loan is secured, the interest rate can potentially be very low, so the annual cost of maintaining this facility is modest.

When you die, the assets get sold and the loans repayed. As these are secured loans, they get paid first. Now, this would generate large CGT bills, but once the creditors have taken their fill, HMRC are going to have to whistle for the cash.

In effect, this is a method for realising savings for retirement without having to pay tax on it (as you would when drawing down a pension).

[Harry Monk]

Try Googling for "Winner's Sauce"

[Frank Hovis]

IIRC he has stashed away the majority of his assets in a trust in the Channel Islands to avoid paying tax on the investment income.

He borrows against this for cash so his UK position is he pays interest on his debt but has no income.

Makes sense with low borrowing rates which he presumably gets because of the security.

[King Stromba]

Michael Loser.

[caparn]

http://www.newsoftheworld.co.uk/news/754459/Debt-wish.html

Why not just sell some assets rather than borrow money?

Seems even the rich can't live within there means.

That way he can keep living in his property and also spend a lot of money. Then if he can't meet the repayments then the bank can reposes his assets. Sounds like a perfectly reasonable thing to do. Surely he is living within his means if his assets are worth more than his loan. In this case a lot more than his loan, as his assets are worth and estimated £100M and the loan a mere £9.5M.

[monks]

Calm down dear, it's only an overdraft !

[ParticleMan]

In effect, this is a method for realising savings for retirement without having to pay tax on it (as you would when drawing down a pension).

Ten down, ninety back.

Is there anything, or anyone, that this lot won't hoover up?

They're eating us all alive.

Where's DYIV when you need him (or more to the point, his pithy art to accompany the piece).

[right_freds_dead]

let the eccentric old fool spend his wonga and have a laugh. at least he earned it through work and not developing the property of others. like f@cking waste of space bovey. and possibly alan suck gordons balls sugar. quack quack.shit of a shovel.

['Bart']

Because it's very tax inefficient to sell assets. MW knows this, he's actually written quite a coherent article for a national newspaper explaining his reasoning for doing exactly this.

He must be a fairly savvy investor as I can't imagine him racking up £100 million from his career as a film director.

[Tiger Woods?]

I understand his mother sp*nked away the vast majority of his inheritance in monte carlo casinos when he was young. Looks like he's turning into a chip off the old block.

It's not as if he can take it with him, and he doesn't have any obvious heirs (does he?)

moreover, if inflation is likely, it might be a sensible idea.

Spunk away Michael.

[tahoma]

He must be a fairly savvy investor as I can't imagine him racking up £100 million from his career as a film director.

After watching Death Wish 3 the other night, I am surprised if he racked up £100 in his 'career' as a film 'director', never mind £100 Mill.

[CokeSnortingTory]

He must be a fairly savvy investor as I can't imagine him racking up £100 million from his career as a film director.

Well, he has declared them as being worth £100 million, but what do they consist of?

1 x kubelwagen as used in "Hannibal Brooks" = £ 5 million

20 x signed autobiographies of Charles Bronson = £ 8 million

1 x "Celebrity Masterchef" Trophy = £ 500,000

2 x Lord's Taverner cricket bats, autographed by Timmy Mallett and Bill Wyman = £ 1 million

etc.

[Guest sillybear2]

"It costs £1.5million to be me every year,"

For a series of cheap suits and having an attitude like an odious c**t? The nation's estate agents manage to do just that on a fraction of his budget.

[AThirdWay]

Well, he has declared them as being worth £100 million, but what do they consist of?

1 x kubelwagen as used in "Hannibal Brooks" = £ 5 million

20 x signed autobiographies of Charles Bronson = £ 8 million

1 x "Celebrity Masterchef" Trophy = £ 500,000

2 x Lord's Taverner cricket bats, autographed by Timmy Mallett and Bill Wyman = £ 1 million

etc.

He's got a kubelwagen? The spawny git! I'd love a go in one of those. Better still, a schwimmwagon!

One would assume that the relevent lender satisfied themselves that the Belgravia pad was indeed worth £15 mill?

Personally, I hope he borrowed it from the local Russian mafia loan shark, and he struggles to meet the kick back. But I can be a vindictive ba$tard at times, and he has made me suffer over all those years of adverts......

[AThirdWay]

I understand his mother sp*nked away the vast majority of his inheritance in monte carlo casinos when he was young. Looks like he's turning into a chip off the old block.

Jesus, she wasn't lucky was she!

[tahoma]

After watching Death Wish 3 the other night, I am surprised if he racked up £100 in his 'career' as a film 'director', never mind £100 Mill.

Okay, I am now watching 'Parting Shots'. I revise my earlier estimate of Winner's deserved career earnings to a tenner.

This seems to consist of a series of breathtakingly badly acted scenes featuring - bizarrely - Chris Rea, with an appalling music track overlaid at random.

Why does mediocrity prevail in our age? Can we really deserve this?

[Darkman]

There's a notorious recording of Winner having an almighty tantrum in a mixing studio. A chair may or may not have been thrown during the wig out.

I hear he's not a very nice guy to work with

[The Masked Tulip]

Okay, I am now watching 'Parting Shots'. I revise my earlier estimate of Winner's deserved career earnings to a tenner.

This seems to consist of a series of breathtakingly badly acted scenes featuring - bizarrely - Chris Rea, with an appalling music track overlaid at random.

Why does mediocrity prevail in our age? Can we really deserve this?

It is dire isn't it?

[Guest DissipatedYouthIsValuable]

I tell you what, some of those old bastards. If they've been bastards most of their lives, when they become demented it's Hell, because they become disinhibited and they only really have nasty circuits running in their brain. Take away that bit of inhibition and they don't hold back.

Which explains why these old bastards are so right wing.

Take a happy person who's dementing and it just increases their happiness, because they can't hold it back.

It's ******ing lovely, and they get looked after so well because they're delightful.

So there you go, old folks. Be happy, not a *******.

And then your relatives will look after you rather than giving you a slap before the incontinence visits with a fat catheter.

Predeath Karma. You've got to watch it.