Bob Jane is broke ... flat out broke.
The former multi-millionaire tyre king of Australia has officially declared bankruptcy after his friend of almost 40 years sued Jane over a $200,000 debt.
The former millionaire says his fortune now consists of a mere $15 and a Holden Commodore according to News Corp.
The retired race car champion also claims that he owes million of dollars.
Jane, now aged 86, will now also lose his home as creditors make a desperate bid to recoup money that is owed.
Jane reportedly owes one of Australia’s most prominent businessmen, Harold Mitchell, almost $200,0000 however according to Mitchell the two men’s differences have since been resolved.
"We have resolved our differences. I am no longer involved in any litigation or bankruptcy," Mr Mitchell told News Corp.
Mitchell then confirmed that Jane’s debt to him had since been assigned to another creditor.
The tyre king was once one of Mitchell’s first clients when he opened an advertising agency in the 70s.
The two men remained friends until recently.
Recent documents filed with the Australian Financial Security Authority show Jane owes a reported $105 million to the ATO for capital gains tax.
Other reports state Jane also owes unsecured creditors $2.9 million.
Jane’s ex-wife Laree is also listed as a creditor.
The pair met in the late 80s when Jane was a judge at the Miss Bathurst beauty pageant.
Laree was 19 at the time and was declared the runner-up however Jane was aged 58.
The amount that Laree is owed has yet to be announced.
Jane’s Digger Rest residence, purchased in 1967 for $750,000 is now said to be worth around $2.2 million.
However the property is reportedly mortgaged to Hargraves Mortgages.
Jane still resides in the property, which has been repossessed and since listed for sale.
Besides the $15 to his name, Jane has also reportedly racked up a whopping $67,000 in credit card debt.
His only other possession of value is his NASCAR Commodore display vehicle worth $80,000, documents show.
Mr Jane claims to be owed $5 million from the AFJ Property Group and $50,000 a month from the Bob Jane Corporation.
Documents shows Jane reportedly contributed $10 million to the purchase of Bob Jane T-Marts' headquarters in Port Melbourne, now owned by his son Rodney.
Rodney took control of the company after his father suffered a stroke in 2006.
Jane later claimed he was tricked into resigning as a director in 2011.
Mr Jane received assistance to file his statement of affairs because of his "age and ill health".
Newsbreak - July 16