Westlife star Shane Filan has been left with nothing but his wedding ring after a massive $29 million bankruptcy relating to debts in his native Ireland.
According to new information in the Irish Independent the UK insolvency service allowed Shane Filan to keep the ring, which is valued at $48,600.
The ring is described in official documents as "a gentleman's platinum two-row channel-set 31.41 carat baguette diamond wedding ring"
Filan set up a property developing company with his brother Finbarr and borrowed millions from Bank of Ireland and Ulster Bank to construct a 90-home estate.
The plans were hit hard by the collapse of the Irish property market in the wake of the Global Financial crisis.
Filan was ultimately declared bankrupt in June last year, releasing this statement:
"Together with a team of financial and legal experts I have spent months exploring all possible alternatives to bankruptcy but to no avail. I have worked long and hard to try to reduce my debts, and I am devastated that it came to this conclusion.”
The band’s manager Louis Walsh said publicly at the time: "Shane is going to have a massive career after Westlife. He's going to have a great solo career and make millions. He'll start all over again and remake the riches in no time at all.
"He had no money when he started off before Westlife, and now he'll make it all back when he becomes a massive star."
During the course of Westlife's career the band sold an estimated 45 million records and Filan personally earned a reported $6 million dollars for Westlife’s recent farewell tour. With his ongoing financial difficulties he might be wishing the band would reform for one last payday.