Shane Filan Goes Bust: Westlife Star's Property Empire Loses Millions
Westlife Star Goes Bust
WENN
Westlife star Shane Filan has been left devastated after being made bankrupt because his property empire went bust.
The singer, who has made millions thank to his stint in the band, ploughed his fortune into bricks and mortar, setting up Shafin Developments Limited with his brother Finbarr in 2004 at the height of the Irish property boom.
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But when the global economic crisis hit four years later, the company was left with empty houses and spiralling debts.
The company was taken into receivership earlier this year, and now Shane has been forced to declare himself broke.
After a ruling at Kingston County Court, the father-of-three said: "Together with a team of financial and legal experts I have spent months exploring all possible alternatives to bankruptcy 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."
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Shane with his Westlife bandmates
Things have got so bad for the star, he had to sells his Aston Martin, which was worth £322,000, according to The Sun.
Shane's stint in the spotlight is coming to a close as Westlife's farewell tour is coming to an end in Dublin on 23 June.
However, he plans to embark on a solo career, with Westlife boss Louis Walsh staying on as his manager.
His bandmate Mark Feehily is also making plans to record his own music, while Nicky Byrne and Kian Egan will focus on TV projects in their native Ireland.
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