The Same Story Around the World: Australian Porn king Ray Youngman bankrupt

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from www.goldcoast.com.au – GOLD Coast porn king Ray Youngman has been forced into bankruptcy, hit by ill health and the property market crash.

The adult-industry supremo, who built a $15 million pornography empire spanning the globe, filed his own petition for bankruptcy over debts of just $675,000.

Mr Youngman owes the tax office $405,000 and $170,000 in a string of credit card debts.

At his peak, the former blue-collar worker was king of hi-tech adult entertainment sites, which attracted 365 million hits a year, and had bases in Europe, the US and Australia.

He and his wife, Michelle, a former model and porn star who stepped away from the camera to focus on property development, went on to build their dream home on acreage at Guanaba.

The palatial six-bedroom property, where every room has its own lounge and ensuite, includes a nightclub.

The couple are well known around the Coast, donating money to charity and sponsoring a number of events.

They have been struggling to sell the Guanaba mansion since 2010, slashing almost $1.4 million off the original $3.8 million asking price.

It is now on the market for $2.495 million with offers invited.

Mr Youngman revealed to the Bulletin yesterday that serious health problems and a string of property investment losses had taken their toll.

“I’ve got leukaemia and heart disease, I’m pretty sick and I’ve had a lot of medical bills,” he said.

“I was diagnosed with leukaemia one year ago last week. I go back for full scans in a few weeks but it’s been touch and go.

“Business has been a struggle and I also lost a fortune on property when the market crashed, that’s what really hurt us.”

Mr Youngman said he hoped to emerge from bankruptcy soon through property sales and made it clear the only debts he owed were to the tax office and credit card providers.

“Once I sell some property, I will be able to clear the bankruptcy and start again,” he said.

Mr Youngman said his wife and son had taken over the running of the porn business.

“This bankruptcy has nothing to do with them,” he said.

“They will get on with running the business because I’ve got other things to worry about.”

The court granted Mr Youngman’s petition on April 16 and Jason Bettles, from Worrells on the Gold Coast, was appointed his bankruptcy trustee.

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