From Rags to Riches and Back Again: Chinnakannan Sivasankaran's Unconventional Rollercoaster
Wealthy tycoon with ₹524 crore Chennai residential property demolished despite financial struggles
Chinnakannan Sivasankaran, the mastermind behind Aircel, is no stranger to dramatic highs and stark lows in the business world. After Aircel's bankruptcy filing in 2018, he recently appeared on The Ranveer Show, sharing his tale of losing a fortune and plans to resurrect his wealth.
Typifying the ever-changing fortunes of the business world, this seasoned entrepreneur, now 68, candidly discussed his journey of losing ₹7,000 crore and his aspirations to regain his former billionaire status.
"My case is currently with the Supreme Court. Upon hearing, I'll regain my fortune," Sivasankaran told podcast host Ranveer Allahbadia during the episode, flashing a glint of determination in his eyes. Emulating Donald Trump, the founder of Aircel read the tycoon's book before filing for bankruptcy and derived inspiration to persevere. "The same day I filed for bankruptcy, I drafted a blueprint for regaining my billionaire status," he disclosed.
Refuting rumors about his financial condition, Sivasankaran declared, "I'm not broke, I'm just not living on the money I used to. Many people in India think I'm poor, but they're wrong."
Broaching the topic of his extravagant spending sprees prior to filing for bankruptcy, Sivasankaran confessed to investing heavily in real estate. "I bought multiple houses all over the world, including two private islands," he shared with a touch of nostalgia.
Asked to identify the most exorbitant purchase, Sivasankaran casually replied, "One island." With a glimmer of humor, he disclosed that he previously owned two islands in Seychelles, a pristine tropical archipelago, which he has now sold. "I longed to create my own mini-nation, even humorously coining it the 'Republic of Siva,'" he joked.
"I also bought houses in Seychelles, America, Canada, and London. I harbored a desire to have a residence on all continents, so I made it happen," Sivasankaran continued.
The first-time bankrupt billionaire also confessed to owning a monumental house in the bustling metropolis of Chennai, which he shelled out an astonishing ₹524 crore for. This architectural marvel featured 71 rooms, only to suffer the fate of being demolished. Undeterred, Sivasankaran purchased half of the property back, now leftover as a modest 2-acre plot.
"I used to dwell in a gigantic house, ₹524 crores worth, complete with 71 rooms," he reminisced. "Regrettably, they tore it down. But I bought back half of it. Now I have a humble 2-acre plot, but I don't plan to rebuild it just yet. I've got bigger fish to fry – solving all my problems first."
Elsewhere in the podcast, Sivasankaran shared that he also owned a sprawling 14-acre estate in Fremont, California, with a helipad, and a mansion in Canada that garnered awards.
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"Since the bankruptcy filing of his telecom company, Aircel, Chinnakannan Sivasankaran, now 68, has revealed his ambition to regain his billionaire status, reminiscing about his extravagant purchases like the two private islands he owned in Seychelles."
"Besides these islands, Sivasankaran also boasted owning a monumental house in Chennai worth ₹524 crores, a sprawling 14-acre estate in Fremont, California with a helipad, and a mansion in Canada that earned awards, before filing for bankruptcy."
