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Jeffrey Archer’s Fortune Rose After Scandals, Prison and Literary Success
Jeffrey Archer was a politician who also became a successful novelist.
In 1974, a bad investment left him deeply in debt.
He wrote a book to help avoid bankruptcy, and later novels made him wealthy.
He also faced public controversies and won a large libel case against a newspaper.
Years later, he was convicted of lying in court and trying to affect the course of justice.
He went to prison for four years but served half of the sentence.
A 2021 rich list estimated his wealth at £210 million.
He retired from the House of Lords in 2024.
A fraudulent investment scheme involving Canadian company Aquablast left Archer nearly £500,000 in debt in 1974.
He wrote his first novel to avoid bankruptcy, and later books including Kane and Abel became major successes.
Archer won £500,000 in libel damages from the Daily Star in 1987 over a report about Monica Coghlan.
He was convicted of perjury and perverting the course of justice in 2001, served half of a four-year sentence, and repaid about £1.8 million.
The Sunday Times Rich List put his wealth at £210 million in 2021; he retired from the House of Lords in July 2024.
- Who
- Jeffrey Archer, former MP, novelist and peer.
- What
- His rise from debt to literary wealth, alongside legal and public controversies.
- Where
- The United Kingdom, with parts of Archer’s career and publishing success also linked to the United States.
- When
- From the 1974 investment loss through his July 2024 retirement from the House of Lords.
- Why
- A failed investment left him heavily in debt, while his novels later brought substantial success and wealth.
Claims and allegations
Audit findings and official outcomes
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Claims and allegations
The appeal reported raising £57,042,000 in 1991, and Archer claimed £31.5 million had come from overseas governments.
Audit findings and official outcomes
Later reporting said about £3 million came from the concert and appeal itself, with the remainder linked to government aid projects; a KPMG audit found misappropriation unlikely but could not support Archer’s claim about £31.5 million from overseas governments.
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Claims and allegations
Archer bought 50,000 Anglia shares for a friend after Mary Archer attended a board meeting where a takeover was discussed, then sold them at a profit of £77,219; the Stock Exchange examined possible insider dealing.
Audit findings and official outcomes
The DTI found insufficient evidence to prosecute, and Archer’s solicitors accepted that he had made a mistake.
Key facts
- Born
- 1940; raised in Weston-super-Mare.
- Investment loss
- A fraudulent scheme involving Aquablast left him almost £500,000 in debt by 1974.
- Literary breakthrough
- Not a Penny More, Not a Penny Less was written in 1974; Kane and Abel reached number one on the New York Times list in 1979.
- Libel award
- Archer won £500,000 from the Daily Star in 1987.
- Prison sentence
- Convicted in July 2001 of perjury and perverting the course of justice; sentenced to four years and served half.
- Repayment
- He repaid the libel award plus costs and interest, about £1.8 million in total.
- Reported wealth
- The Sunday Times Rich List estimated his wealth at £210 million in 2021.
- Retirement
- He retired from the House of Lords in July 2024.
Sources
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