Motoring legend Bob Jane broke and drowning in debt

AUSTRALIAN motor-racing icon Bob Jane has just $15 to his name and is struggling to pay a massive pile of debts including a huge Australian Taxation Office bill.

News Ltd this morning reported the 86-year-old Australian Touring Car champion owed the ATO $105 million.

There is also a Sheriff's warrant worth $914,460 for outstanding court costs and another $2.9 million in debts hanging over the former tyre store king's head, the media outlet said.

Mr Jane has a $67,000 credit card debt and legal fees of $208,000, documents filed before with the Australian Financial Security Authority reveal.

The paperwork also reveals he has borrowed $2.5m against his $2.2 home and the property now is now under a mortgagee in possession sale.

In his paperwork, Mr Jane said he was $50,000 per month from Bob Jane Corporation, $5 million from AFJ Property Group and dividends from assets like Calder Park Raceway, the Thunderdome, industrial land and shares in various companies.

He also owns a Commodore Nascar worth $80,000.

Mr Jane has been fighting to regain control of the T-Mart business chain that he claimed his son Rodney took from him while his father was unwell.

"He's got all my money. But his days are numbered, trust me," Mr Jane told the Herald Sun in  2014.

"The company is mine and with time, and the law, I will get it back." - ARM NEWSDESK

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