KEY POINTS:
High-flying 80s property developer Pat "Spider" Rippin may be down - but he's vowing it won't be for long.
The flamboyant Auckland socialite and former reality TV star, once valued at an estimated $60 million, took a king hit last week when he was put into bankruptcy over
an outstanding loan he guaranteed for a family member now living in New York.
The petitioning creditor was Moroccan Marquees head Susan Bridgman, the former partner of multimillionaire property developer Mark Lyon. She is refusing to comment.
But last week Rippin described Bridgman as a "flea" and said she would ultimately regret her decision to play hardball with him. "She can take a leap," he said.
Rippin's financial woes extend far beyond Bridgman. The 66-year-old confirmed he owed around $3m to a variety of creditors, including several lending institutions.
A defiant Rippin told the Herald on Sunday that while the bankruptcy was a body blow, he was confident of a quick return to the top.
What was owed was "bugger all, really" and the position he was in was more a case of not allowing himself to be dictated to by other people screaming for money.
"At least I haven't lost public money like all those other pricks. That's one thing I have got going in my favour."
He said he wouldn't be down for long. "I've been around a long time and I've got a lot of experience. They can take everything from you, but they can't take your brain from you.
"For the next little while it'll be a case of head down and arse up. You just watch. One door closes and another door opens."
He confirmed he was in negotiations with an overseas network to film another series of the top-rating reality television show The Family, New Zealand's answer to The Osbornes.
"If they thought the last one was rude, this one will be even worse. I am going to expose a few people who have been cute with me," said Rippin.
Rippin's financial slide began last year with the loss of $7m he invested in a debt-recovery business.
He said the bankruptcy order was the result of a loan from Bridgman to a "family member" which he stood guarantor for. He claimed the family member paid back around $260,000 of the loan but defaulted on the final $40,000. Penalty interest accrued and the debt escalated to $280,000.
Rippin says he paid Bridgman $25,000 before last Christmas as a measure of good faith and tried unsuccessfully to negotiate a repayment schedule for the rest.