Most everyone knows that Richard Branson is doing very well.Â As the founder of Virgin which owns over 350 different companies and his famous Necker Island, he’s one of the most wealthy men in the world.
But did you know that his parents had to remortage their home back in the early 70’s so their son wouldn’t go to jail?
Most people use remortgages for home improvements, consolidating debt, perhaps a special purchase, or even that once-in-a-lifetime holiday. However, Eve and Ted Branson put their home on the line and mortgaged themselves to the hilt to save their 20-year-old son from a possible spell in prison. The money they raised was paid directly to HM Customs & Excise to cover unpaid duty and fines due because their son, Richard Branson, had been selling records in the UK that were approved only for export.
His parents’ financial intervention allowed Branson to settle out of court, and so not only saved him a fortune in court costs, but saved him from the possibility of being jailed. How many people wouldn’t bat an eyelid and instantly remortgage their substantial home in order to save their wayward son from prison is open to debate. However, the Bransons had no such qualms and their faith in their son has since been repaid in droves. Not only did he pay them back in full, but he went on to establish a hugely successful business empire that has made him a multi-billionaire.