He's still loaded after his prolonged success in recent years, but that's gotta hurt!
Padraig Harrington loses millions in failed business with Dermot Desmond
Padraig Harrington and his Billionaire Irish businessman Dermot Desmond have lost more than £15m in a technology firm, documents filed last week have revealed.
Mr Desmond, whose wealth is estimated at €1.4bn (£1.1bn), is regarded as one of the shrewdest investors in the business.
The businessman and the golfer, who finished second in the Irish Open in Killarney, yesterday, took the huge hit in a technology firm called Carthow Limited (formerly U4EA Technologies) in which his brother Columb Harrington was a director. It collapsed with debts of nearly £40m.
Gibraltar-based businessman Mr Desmond lost £11,918,811 in the venture through his private investment firm IIU. Harrington, who is having a mixed sporting year, lost £3,361,716.
The technology company is now in administration and, according to figures filed in court last week, there is only £250 left after £5m was paid to ‘secured’ creditors such as banks and institutions.
That's enough to take the fun out of life for a while...