‘Broke’ Geoffrey Edelsten has blown through $63 million in less than TWO years on his ex-wife and ‘stupid’ investments
- Geoffrey Edelsten filed for bankruptcy in January claiming to have only $90
- 71-year-old ‘borrowed’ money from his mum to fund his lavish lifestyle
- Expensive living questioned in US court as he fights to retain his estate
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Geoffrey Edelsten has admitted to blowing $63 million in less than two years on his lavish lifestyle and ‘stupid’ investments.
The disgraced businessman, who claimed he only had $90 in cash when he filed for bankruptcy in the US in January, said he had to borrow money from his mother to fund his high living lifestyle.
The 71-year-old’s expensive taste was questioned in a US court on Friday as he fights to retain control of his estate.
Geoffrey Edelsten, pictured here with ex-wife Brynne, mawarqq admitted to blowing $63 million in less than two years on his lavish lifestyle and ‘stupid’ investments
Mr Edelston admitted to owning ’20 to 25′ cars in 2012 and spending ‘extraordinary’ amounts on clothing for his ex-wife Brynne Edelsten in Las Vegas, Fairfax Media reports.
It was in Las Vegas that Mr Edelsten said he met his now estranged US business partners, the Mawardi family, and invested more than $22 million on fashion, apartment complexes and a casino in the Dominican Republic.
The former doctor said it wasn’t long before he ‘squandered’ all of the $28 million he received after selling four medical centres in 2011.
The 71-year-old surprised his then wife Brynne Edelsten with this Aston Martin in April 2013
When questioned about how he was funding his lavish lifestyle despite claiming he only had $90, he said ‘I borrowed funds from my mother’.
The Mawardi family, who fell out with Mr Edelsten in mid-2012, asked a judge on Friday to appoint an independent trustee to Mr Edelsten’s estate following claims he has made a ‘farce’ of the bankruptcy proceedings.
Fairfax Media reports that Mr Edelsten failed to disclose to the court the extent of his ownership of a number of luxury cars worth at least $3 million.
The 71-year-old said he spent ‘extraordinary’ amounts on clothing for his former flame Brynne in Las Vegas
In February, Mr Edelston said he had five cars including an Aston Martin, Lamborghini and a Range Rover.
But financial records indicate he also has an interest in two Ferraris, a 1930 Packard roadster and a Mercedes Benz CL65 because the cars are mortgaged to a company run by his friend and accountant Lindsay Hosking.
Mr Edelsten would not comment on his financial affairs.
He recently started dating Gabi Grecko, a 24-year-old model and DJ, after ending his four-year marriage to Brynne in January.
Mr Edelsten spent millions on a Dominican Republic resort and casinso, Playa Chiquita, which he planned to turn into a nightclub
He also invested in low-rent apartment complexes including this block in Dayton, Ohio
