US court proceedings have revealed disgraced businessman Geoffrey Edelsten only had $90 to his name, after having “squandered” $63 million in less than two years on “stupid investments”.
Filing for bankruptcy earlier in the year Edelsten is now fighting a legal battle against his former business partners to keep his estate, after failing to disclose his ownership of a luxury car fleet worth $3 million.
The court heard how Edelsten spent “extraordinary” amounts on overseas investments which left him with just $90 in cash when he filed for bankruptcy.
The 71-year-old admitted “I borrowed funds from my mother” when he asked how he was meeting his expenses.
Edelsten declined to comment to The Sunday Age as how he now funds his socialite lifestyle with new girlfriend 24-year-old Gabi Grecko.
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