WHAT a spectacular fall from the top.

Troubled former deputy mayor Salim Mehajer - who less than three years ago declared his intention to become Prime Minister - now looks set to lose his luxury mansion as it's revealed he's swimming in debt.

An audit of the Auburn businessman's estate, obtained by Seven News, found he actually owes his creditors more than $24 million.

He flaunted a luxurious lifestyle with a fleet of expensive cars, but a report to creditors revealed he didn't actually own any of them.

He also claimed $875,000 in jewellery, $450,000 in furniture and $250,000 worth of artwork was all stolen while he in jail, despite no proof of this or reports to police.

On top of this, Mehajer told his trustee he had $65,000 in the bank. In reality, he was more than $40,000 in debt.

He still owes millions of dollars on his lavish $3.8 million Lidcombe home, and is likely to lose possession of the property. His entire estate is valued at minus $11.5 million dollars.

Mehajer remains in prison after he was accused of staging a car crash last year to avoid court.

Earlier this year, he was declared bankrupt by a Federal court judge after one of his companies failed to pay a debt of more than $200,000.

He was served a bankruptcy notice in November last year, after he failed to pay the costs for a lavish staircase that was built in his home.

In March, the disgraced businessman was placed on a good behaviour bond for assaulting a taxi driver with an EFTPOS machine last April.

The month before that, he was found guilty of assaulting a television reporter when he slammed his car door on her arm.