Originally Posted by LOL!
I wonder what the others did with their money. That would make a good addition to the story.
Martin's sister and his brother in law did the same thing.
How to Go Broke, in Style
How do you lose $200 million?
Out in California, a man named David Weyrich seems to have done it, in little more than a decade.
An article in the San Luis Obispo Tribune
and an earlier one on CalCoastNews.com
provide some information as to how it happened.
The $200 million was the amount he and his wife were reported to have cleared when he sold a billboard business started by his father-in-law, for more than $600 million in 1998.
Where did the money go?
According to the articles, he invested in:
1. Real Estate. In addition to a home he now is in danger of losing, he operated a luxury bed-and-breakfast and a hotel.
2. Wine. He bought vineyards and wineries. They are about to be sold on the steps of the courthouse on Friday if he cannot come up with $20 million, the Tribune reports.
3. Jets. He started a business to lease business jets, but the jets have been seized.
4. He bought a yacht.
5. Newspapers. The CalCoastNews report states he started “the now-defunct Gazette Newspaper chain, an enterprise of five weekly publications that were mailed to everyone in San Luis Obispo County.” But he seems to have sold that chain some time ago, so that is presumably not the main reason for his problem.
Aren’t you glad you never could have bought jets, wineries and a yacht?