Noted: Rich People Are In Trouble

Three is a trend right? Well, today's Wall Street Journal (sub. req.) is chock full of bad news hitting the top 1 percent. A quick round-up:

India's 'King of Good Times' Puts His Realm at Risk

Times are tough for India's "king of good times."

Vijay Mallya's United Spirits Ltd. and Kingfisher Airlines Ltd. have made him one of India's wealthiest and most-recognized businessmen -- an image he cultivates with a Formula One auto-racing team, parties with Bollywood actors and liberal use of his nickname. Yet this week, with his airline logging millions of dollars in losses and United Spirits' liquidity dropping sharply, Mr. Mallya and his partners put some of their own shares on the line to keep both businesses afloat.

Irish Mogul's Empire Totters As Slump Tames Celtic Tiger  

 Sir Anthony O'Reilly long has been a symbol of Irish resurgence, a national rugby hero and raconteur who conquered the U.S. corporate world before returning home to oversee a sprawling business empire. That empire now shows signs of unraveling.

Sir Anthony, once America's highest-paid chief executive while leading H.J. Heinz & Co., has seen the value of his holding in his Dublin-based global newspaper group, Independent News & Media PLC, plunge to $52 million from more than $1.1 billion just 18 months ago.

The Hamptons Half-Price Sale

 At first glance it's a gated mansion worthy of a Gilded Age: more than 14,000 square feet with eight bedrooms, 9½ bathrooms, five fireplaces, a pool, a pond, a tennis court and ocean views all nestled amid fields perfect for lavish summer parties.

Built on spec, this property was offered for sale in 2006 for $24.95 million. Today? Try $12.95 million -- and even that lower price hasn't yet lured a buyer. The mansion is now being sold at auction as part of a bankruptcy plan by the developer's firm. The manse stands unfinished, forlorn and uninhabited.

Speaking of mansions, R. Allen Stanford is likely to lose his $100 million fleet of aircraft and his Coral Gables, Florida castle. Bloomberg reports it has a moat and everything. Ironically, the estate is named for George Wackenhut, the founder of Wackenhut Corp. which was once the name of the nation's top prison management company.

All this, and Donald Trump is walking away from another bankruptcy, this time at the casino group bearing his name.

Times are tough all over.