Most of us dream of what we'd do if we inherited a life-changing sum of money. However, history shows us that going from riches to rags is an all too real prospect. According to wealth consultancy firm the Williams Group, a shocking 70% of wealthy families lose their fortune by the second generation, rising to a staggering 90% in the following generation.

With that in mind, read on to discover the sad stories of seven unlucky heirs with the reverse Midas touch who frittered away their huge inheritances. Figures have been adjusted for inflation to give you an idea of the scale of their squandering in today's money, and we've ranked them from smallest to the biggest.

All dollar amounts in US dollars.