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Louis Walsh has unveiled that he once lost €10 million right after Ireland's so-called property explosion.
By the time, that he bought his properties it is worth twice as much as it is worth right now.
Back in the early 2000, his phone never stopped ringing, with developers eager to see him part with some of his estimated £17 million fortune.
Each one of the developers promising that they would give him the best of what they can offer in all the apartment blocks, hotels and lucrative bank share deals that they are going to build.
Derek Quinlan was a one of the frequent callers; Quinlan was a property magnate who by 2009 had racked up £600 million in debt.
During an interview with the Irish Independent, he noted that he know all the property developers.
The ITV X Factor judge can recall that it was Quinlan calling most of the times and will ask him to invest his saving to a few properties.
The 59-year-old got pressed in revealing how much he had lost, and whether it was n't around €10 million (£8.3 million)'.
Louis noted that he is a sales man and not a businessman when the reporter yelled expletives.
He does not have any intention to become a property developer in the first place. He did not invest in shares, so he did not lose that much.
Louis is the owner of four houses in Dublin, an apartment in London and a beach house in Miami.
He admitted that the price of all his property is now worth half when he first bought the property.
The property boom forced him in buying a few properties, but he found it is not worth it since the value depreciated overtime.
'It could have been a lot worse.
He now realized that there is a difference between buying a few places yourself and getting into the property game. He had stayed away from the property game since money was not his real goal.
Louis does not feel any regret about his loss because he is earning £1 million every night with the X Factor show as one of the judges.
Aside from the property investment, he is also investing in art. His collection now reported being worth more than £5 million.
During the interview with Frank, Louis also spoke regarding the claims that grope a stranger in a nightclub hotel.
Samantha Mumba also blames him for her short-lived career.
Louis noted that the fact that he is still working with the company proves something.
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