Bankrupt Indian billionaire reveals his most expensive purchase - 2 private islands

Chinnakannan Sivasankaran epitomises the classic tale of a meteoric rise followed by a dramatic fall in the business world. The founder of telecom giant Aircel, which filed for bankruptcy in 2018, recently appeared on The Ranveer Show, where he spoke about his journey of losing ₹7,000 crore and then bouncing back.

“My case is pending in the Supreme Court. When it is heard, I will get my money back,” the 68-year-old serial entrepreneur told podcaster Ranveer Allahbadia during the episode. Sivasankaran – often known as Siva – said that he read Donald Trump’s book before filing for bankruptcy and it motivated him to keep going. “The same day I filed for bankruptcy, I drew a plan for what I will do to become a billionaire again,” he revealed.

“I am not poor. Many people in India think I am poor. No, I am broke,” said the founder of Aircel, whose net worth was once estimated to be over $4 billion.

Asked about his most expensive purchases before he filed for bankruptcy, Sivasankaran said he invested heavily in real estate - buying multiple houses across the world and even two private islands.

Private islands, lavish houses

“What was the most expensive purchase you had made?” Ranveer Allahbadia asked Sivasankaran. “One island,” he replied casually.

Sivasankaran revealed that he used to own two islands in the Seychelles, which he has now sold. He said that he bought the islands because he wanted to feel like he was living in his own country – “Republic of Siva,” he quipped.

"And then I bought houses in Seychelles, America, Canada, London… I had a desire to have a country of residence in all continents, so I bought it,” the entrepreneur added.

The former crorepati also revealed that he once owned a house in Chennai for which he paid a staggering ₹524 crore. The house, with 71 rooms, has now been demolished.

“When I bought houses I lived in a fancy house – ₹524 crores, 71 bedrooms,” he said. “Then they demolished it. But I bought back half of that house,” he said. “Now I have a 2 acre plot, but I don’t want to build the house. First I want to solve all the problems.”

Elsewhere during the podcast, Sivasankaran said he also owned a 14 acre house in Fremont, California, which had a helipad, and a mansion in Canada which won awards.