Britain's most celebrated statesman was a huge party monster and racked up an absurd amount of debt

Britain's most celebrated statesman, who became prime minister 76 years ago on Tuesday, spent much of his seemingly extravagant life on the edge of a financial cliff,accordingto retired banker and Oxford history scholar David Lough.In Lough's"No More Champagne: Churchill and His Money," he outlines howWinston Churchill flirted with severe debt while projecting an image of wealth, with his limitless appetite for cigars and champagne.Churchill's private finances often threatened his political career, which spanned more than a half century, including two stints as prime minister.To compensate for his financial woes, Churchill focused on becoming aprolific writer; however, his prose wasn't enough, Lough notes.Therefore, Churchill took anemergency bank loan, which brought his borrowings to 30,000 in 1925, or $2.1 million at current exchange rates and adjusting for inflation (inflation multiples: UK x 50).Feeling the financial pinch,Churchillmade several budget cuts to Chartwell, his country estate, in the summer of 1926.He began by sellingall of the cattle, chickens, pigs, and ponies housed on the estate.Churchill cutthe estate'smonthly expenses, which cost nearly$33,400(480) and included food, wages, maintenance, and cars,in half."Nothing expensive is to be bought, by either of us, without talking it over,"Churchill wrote to this wife Clementine, accordingtoLough."No more champagne is to be bought.Unless special directions are given only white or red wine, or whisky and soda will be offered at luncheon, or dinner. The Wine Book to be shown to me every week. No more port is to be opened without special instructions.""Cigars must be reduced to four a day. None should be put on the table; but only produced out of my case."In addition to the proposed savings, the Churchills would "very rarely, if at all," invite guests over to the estate and would discontinue servingfishduring dinner.Within a year,Churchill's cost-saving plan unraveled and his family shipped offfor a lengthy cruise around the Mediterranean.While traveling, Churchill added a stop to Normandy to enjoy a wild pig-hunt with the duke of Westminister and the duke'snew girlfriend Coco Chanel.Churchill made a second detour to a nearby casino andgambled away $24,350 (350).Meanwhile, Churchill was still dodging bills from his architectPhilip Tilden who was hired in 1923 tobuild a new wing to the Chartwellestate.According to Lough, the Churchill's wanted "larger bedrooms, new bathrooms and kitchen, a library, a large study, and a room for entertaining."At the time, Churchill had not approvedTilden's building cost estimates before work began on Chartwell. The swelling modernization costs soared, resulting ina series of allegations and delayedpayments forTilden."There were renewed threats of legal action on both sides, but thefinancial trail disappears at this point because Churchill's bank accounts for the last part of 1927 and 1928 are missing from his archive," Lough notes.In 1927, the Chartwell estate and its furnishings are estimated to have costat least $2,783,400 (40,000), nearly tripleChurchill's original estimate.Churchill went on to become prime minster in 1940 and helped crafta successful Allied strategy against the Nazi's during World War II.He was elected prime minister againin 1951, however,his financial woes shadowedthe remainder of his life.SEE ALSO:5 military leaders that were also huge party monstersJoin the conversation about this storyNOW WATCH: Throw swanky parties at this Prohibition-style speakeasy in New York City
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