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Windmill investments blew money away

March 13 2013 at 07:00pm

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kelsey kayte afp

AFP

Actor Kelsey Grammer and wife Kayte Walsh.

London - Kelsey Grammer has lost hundreds of thousands of dollars investing in windmills.

The former 'Frasier' star expected his investment to be "lucrative" but the venture flopped, leaving him worse off financially.

Asked by TMZ for his worst ever investment, he said: "Investing in windmills. You'd think it would be lucrative, but it's not really a friendly environment for new technology, it really isn't.

"Big wind is doing OK but small wind isn't and it cost me a lot of money - it's got six figures."

Though Kelsey insists his finances are still "OK", he admits there is no chance of recouping his original investment.

He added: "I'm OK, but I didn't make up for it, it's one of those things that's just a straight loss."

And windmills isn't the only area where the 57-year-old star is losing money as he recently slashed the asking price for his Beverly Hills home.

Kelsey originally put the property, which he previously lived in with his ex-wife Camille Grammer, on the market for $18.9 million in 2008 but has reduced the price after it failed to attract a buyer.

The outspoken actor - who has children Mason, 11, and Jude, eight, with Camille, and Faith, eight months, with current spouse Kayte Walsh - had dropped the asking price several times already and the plush estate, which the former couple bought in 2007 for $13.7 million before extensively remodelling it, is now listed for $14.995 million. - Bang Showbiz


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