Rich Dad, Poor Dad author goes bankrupt

Author of Rich Dad, Poor Dad files for corporate bankruptcy. Picture: Supplied Source: news.com.au

AUTHOR of best-selling financial help book Rich Dad, Poor Dad has just filed for bankruptcy.

Financial guru Robert Kiyosaki filed for corporate bankruptcy after losing a court judgment to The Learning Annex, The New York Post reports.

Mr Kiyosaki's company Rich Global LLC was ordered to pay almost $US24 million to the Learning Annex and its founder and chairman, Bill Zanker.

A US District Judge ordered that Mr Kiyosaki must give Mr Zanker a percentage of the profits he made from speaking appearances which he'd organised through Learning Annex.

Mr Zanker told the The New York Post that he was responsible for making Rich Dad, Poor Dad into the global name it is today.

"I took Kiyosaki's brand and made it bigger. The deal was I would get a percentage and he reneged," Mr Zanker said.

"Oprah believed in him, and Will Smith believed in him, but he didn't keep his promise to us," he said.

Mr Kiyosaki first published "Rich Dad Poor Dad" in 1994, and has since written 11 other books.

Rich Dad, Poor Dad has sold more than 26 million copies and earned Mr Kiyosaki widespread fame.

Mike Sullivan, CEO of Mr Kiyosaki Rich Dad Co., told reporters that Mr Kiyosaki, was still doing well thanks to investments in other companies but that they thought the judgement was unfair.

"I can't do anything about a $20 million judgment…We got hit for what we think is a completely outlandish figure," he said.

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