A mighty fall: Ireland's richest man applies for bankruptcy

His was once the most inspiring life story in all of Ireland. But now, it has gone rather sour for Sean Quinn.

Ireland's former richest man was declared bankrupt on Friday after having bet the family fortune on the shares of Ireland's most notoriously profligate bank just before it collapsed.

Quinn, 64, developed a quarrying operation in the northern county of Fermanagh in 1973 into a global organisation with insurance and property interests.

He amassed a fortune of 4 billion euros ($5.4 billion), before investing massively in the now failed Anglo Irish Bank, one of the biggest casualties of Ireland's property bubble.

"It is with great sadness and regret that I have applied for voluntary bankruptcy in the High Court in Belfast today," Quinn said in a statement.

A court spokesman confirmed the court had declared him bankrupt.

"He doesn't have any ability to pay his debts at this time," Quinn's solicitor, John Gordon, told Ireland's state broadcaster RTE. "He is left with very minimal assets."

Image: An image of Sean Quinn put up by his supporters who have launched the facebook page - Sean Quinn is an irish legend & we support him!!!.

Text: Reuters

Image Courtesy: Sean Quinn's supporters