Cattle King Financially Ruined by Extravagant Spending
A man who spent $500,000 to build an estate found himself $50,000 in debt to a single creditor. He had spent too much money on extravagance, leading to his financial ruin. The newspaper reports indicate nearly 100 creditors were also awaiting payment. By the mid-1930s, his entire estate was lost.
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Sources · 7 independent
CNA938 Singapore
“So... $50,000 debt. Keep in mind, this is a man who spent $500,000 to build the estate. But when he has to come up with $50,000 to a single creditor, he says he doesn't have it.”
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