Aussie surfer loses $600k in Titans failure: report

As far as wipe-outs go, this is a memorable effort from Aussie surfer Joel Parkinson.

The former world champion is reportedly one of the investors who has been left empty-handed by the failure of the Gold Coast Titans.

According to the Gold Coast Bulletin, Parkinson had poured $599,000 into the club and effectively lost his investment when the organisation was placed in voluntary administration earlier this week.

How does a surfer end up spending his riches on a rugby league team?

Parkinson's manager is none other than Michael Searle - the wealthy businessman who first helped establish the Titans in 2007.

Searle's company GCT Investments, in which Parkinson owned a $599,000 stake, held a 39 per cent share in the club before the NRL stepped in and took over.

Fortunately for Parkinson, he's been successful enough on tour over the last decade to cover such a significant loss.

The Aussie earned a $1m bonus after his world title win in 2012 and made $1.8m from sponsorship and endorsements last year.