13:37 14 June 2012
Westlife's heartthrob singer, Shane Filan was declared bankrupt after his property venture went downhill. The 32-year-old, with a lovely wife and 3 kids was found to be in debt of £18 million due to his failing property empire, regardless of selling 45 million records as a part of Westlife, the famous boy-band.
He confirmed his situation by telling news sources that he had spoken to several bankruptcy experts to find a solution to his problem but none were found. He added, "After Westlife's final tour will be finished, I will be looking to rebuild a future for my wife, my three children and myself".
He ended up in this situation after partnering up with his brother Finbarr to establish Shafin developments where they borrowed millions to construct a 90-home estate in Dromahair, Co. Leitrim. Unfortunately, only half of the 90 planned houses were built and majority were sold at a lesser price than the amount they cost to be constructed.
Last year Shane and his family moved to Surrey so that his finances are dealt with in the UK.
Westlife's manager, Louis Walsh said, "Shane will have a great career ahead as a solo artist and make millions. He will come back as a massive star and remake his riches."
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