United Kingdom, Sept. 25 -- Simon Cowell was "essentially bankrupt" at one point in time.

The 65-year-old star has enjoyed huge success as a TV talent-show judge and as a music executive, but Simon has confessed that he stood on the brink of bankruptcy earlier in his career, when he nearly lost everything amid a business deal.

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 po...