Simon Cowell was "essentially bankrupt" at one point in time

Speaking to Extra about his rags-to-riches story, the Syco Music founder explained: "We were all basically persuaded to buy shares in that company ... so when the big company went bust ... I owed the bank personally about a half million pounds. I had to sell literally everything ... My house, my car - I was essentially bankrupt.

"And I remember the day I left my house. I had to get a cab ... I had about four or five pound, and I remember thinking, 'S***, I'm not sure I've got enough for the cab fare.'"

Meanwhile, Simon is set to star in a new reality show for Netflix.

The music ex ecutive has joined forces with the streaming giant to create Simon Cowell: The Next Act, a docu-series that will launch in December.

The logline for the show reads: "What Simon says, goes. And what Simon's saying right now is that the world is in serious need of its next boy band sensation.

"Music mogul and record ex ecutive Simon Cowell has single-handedly created some of the biggest music superstars in the world. In the brand-new docuseries Simon Cowell: The Next Act, launching in Dec. 2025, cameras follow him as he sets out to do it once again. From raw open casting calls to the release of the group's debut single, this is an all-access pass for viewers to catch every moment of Cowell's next chapter. Will he strike gold and break industry records once again?"

The docu-series promises to give viewers an "intimate" look at Simon's approach to business.

The logline continues: "Since 2001, he has appeared as a judge on several music reality competition series including Pop Idol, American Idol, The X Factor and The X Factor UK, Britain's Got Talent, and America's Got Talent. On these shows, he became infamous for his snarky remarks and harsh critiques. Now, however, viewers will get an even more intimate look at Cowell's process and unparalleled ability to identify and foster talent."