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From Boyband Superstar To £18M Bankrupt


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Wasn't this chap buying so much property in parts of Eire that at one point he was the market?

http://www.dailymail.co.uk/tvshowbiz/article-2387262/As-Westlifes-lead-singer-trappings-fame-Shane-Filan-lost-lot-Here-tells-dizzying-fall.html

In the meantime, Shane had got caught up in the Irish property boom, spurred on by easy loans and low interest rates. ‘People may think I was being greedy, but I’d have to disagree.’ says Shane. ‘My attitude wasn’t: “Right, let’s make loads of money and get the hell out of here.'

‘I was investing in a place I care about with projects I thought would benefit people. Of course, if you make an investment you want to make a profit. That’s just common sense. It’s not greed trying to make a living, which is what I was trying to do.

‘We had been looking at a couple of nursing home sites because there was a shortage of beds in the West of Ireland. We were encouraged by the council planners who were loving the idea. Every adviser said we were going after exactly the right stuff.

‘In the beginning, it was all very simple. A phone call to a bank, a quick meeting and you get two million to buy a field. I put in half a million and would get the rest off the banks. But then it would take years to get all the planning permission.’

And then came the credit crunch of 2007/8 and the banks were not only not lending any more, they wanted their money back. By then the value of the land had plummeted.

One site alone, near his home in Carraroe, Co. Sligo, shows how he over-extended himself. Shane planned to build a community centre, offices, a private clinic, gym, creche and 68 homes.

One of the banks told him he didn’t have the money to build them and that they didn’t have the money either.

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Yes, I thought that also.

He talks about buying up property to turn into retirement homes as if he was doing it from the bottom of his heart.

Self delusion can be very powerful especially if you need to justify previous actions. In a euphoria its very easy to get carried away with what can be achieve, clearly it overwhelmed him especially with being encouraged by "experts" who tell you your doing the right thing. The "expert" fallacy gets even worse when you seek out those who tell you that you are right, as your not going to pay for expert help that may criticise a view that you've already been told is right you'll find experts who agree with the original assessment.

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Wasn't this chap buying so much property in parts of Eire that at one point he was the market?

http://www.dailymail.co.uk/tvshowbiz/article-2387262/As-Westlifes-lead-singer-trappings-fame-Shane-Filan-lost-lot-Here-tells-dizzying-fall.html

I can't be arsed to read the whole thing in depth, but, in fairness to the guy, he doesn't seem to be blaming anyone but himself...

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Yes, I thought that also.

He talks about buying up property to turn into retirement homes as if he was doing it from the bottom of his heart.

I can imagine he'd have been in there every weekend wiping old folk's bums himself.

Pretty much everyone I've ever met that's been in the retirement home business in a big way has been a spiv or get rich quick merchant.

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That's life, you win some you lose some...he still has his wife, his children, his health, his voice and his fans....he has a damn sight more than many have, he ought to be grateful for all the happy times he has had, I am sure if his intentions are right there will be lots of future happy times to come, we can only learn from our mistakes. ;)

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Yes, I thought that also.

He talks about buying up property to turn into retirement homes as if he was doing it from the bottom of his heart.

:blink:

The "Heart of his Bottom", more like!

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The boy should have known you can't really fly without wings.

Perhaps he'll have a dream of a new song to sing to help him cope with (having had more money and ego than braincells) everything?

I can certainly see the wonder in the fairytale. Pity for them my focal point is somewhere beyond it.

They can go away and throw shit and piss on themselves.

A good few HPCers get it. It's all out there if you really want to find it.

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Well the article said he bought back his platinum wedding ring (original cost over £30k) after the bankruptcy. And I highly doubt he's living on the breadline.

Surely, his royalties from Westlife music will continue and now his debt is wiped clean? Or does future income for a certain period have to cover the old debts?

There's also the fact he conveniently made himself bankrupt in the UK rather than Ireland, where the period you can "return to normal" is many years less (isn't it only about a year here?).

No sympathy from me.

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  • 434 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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