David Young, the developer envisioning a Gold Coast Trump Tower, had $7.96 cash to his name and was signing himself into financial oblivion.
It was 2010 and his debts were crippling. That included entrepreneurial bling: $560,000 owed on four loans for Ferraris, a BMW 750i and a Porsche Boxster.
They were among $32.6 million in liabilities listed in his own bankruptcy filing, revealed today by the ABC.
Most of that debt came from a property financier. But even the Australian Taxation Office was owed $434,000.
The few assets Mr Young said he retained, such as forested land near central Queensland’s coastal Yeppoon and another BMW X5, were worth horribly less than associated debts.
Mr Young declared bankruptcy owing hundreds of thousands on…