A 50-year-old millionaire known for posting pictures of his luxurious lifestyle on social media has been parodied mercilessly on the internet following reports some of his assets have been seized by creditors.

Gianluca Vacchi has gathered 11 million followers on Instagram by sharing snaps of his lavish lifestyle, showing him at parties, on yachts or private jets and enjoying the company of beautiful women and celebrities.

He has launched his own line of branded clothing and accessories and written a book called ‘#Enjoy’, in which he writes about his decision to retire after 20 years of working at the family business, to focus on himself.

Covered in tattoos and known for his DJing and workout videos, the heir was recently in Italian tabloids following reports that he is seeing Ariadna Gutierrez, who was mistakenly crowned Miss Universe in the now infamous 2015 scene with Steve Harvey.

However, he has now had a yacht, a few of his villas and his shares in the Casalunga Golf Club seized over a €10.5m (£9.5m) debt, according to Italian publication Quotidiano.

Mr Vacchi is an heir to the IMA group - a company that specialises in industrial packaging and pharmacy - which is run by his cousins and reportedly pays him about €5m a year.

He dismissed the suggestion he was in financial difficulty, telling Quotidiano "It is just a little debt" in the context of IMA's financial clout.

However parodies of his account immediately sprang up, with people posting pictures of paddling pools and pedalos, as well as a Facebook page called  'Find Gianluca Vacchi a job'.

An appeal for funds to pay off his debt attracted pledges of just €5 as of Friday, according to thelocal.

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