He has been a fixture on the Queensland business and political scene for decades, ever since he made hisfortune in property development in the 1980s.

But he struck gold - or more accurately, iron ore - in the mid-2000s when he struck a deal with the Chinese to sign over rights to vast mineral deposits he held the rights to in the Pilbara.

From the promised bounty, Palmer quickly increased his assets, gobbling up more mining rights, a nickel refinery (which is now at the centre of his latest financial woes), hotels, a soccer club, along with myriad toys and baubles billionaires all love.

Never a shrinking violet, when Palmer couldn’t bend politiocioans to his will over a rail deal for his coal interests in central Queensland, he decided to become one, winning the seat of Fairfax at the 2013 federal election.

So here, in a nutshell, is the story of Clive.

THE RISE AND FALL OF PALMER

DOING THE BUSINESS

1985: Palmer snatches the rights to a deposit of about 160 billion tonnes of iron ore in the Pilbara, WA. Apparently offered $3 billion for it by then-Soviet leader Mikhail Gorbachev, who wanted to pay with cinnamon.

2006: Palmer’s company Mineralogy strikes deal with Chinese-owned Citic Pacific to mine the ore through their Sino Iron project. He expected it to deliver $240 million a year for decades.

2008: Buys Waratah Coal which holds major thermal coal deposits in the Galilee Basin region of central Queensland. The $7.5 billion China First Project planned one of the world’s largest mines, providing up to 56 million tonnes a year.

Based on the inflated pre-GFC valuations of resources and insatiable demand from China, Mr Palmer’s self-estimation of his personal wealth soared to $6.5 billion, earning him the title of Queensland’s richest person.

2009: Buys the Yabulu nickel refinery from BHP Billiton, saving it from closure. Promises a billion dollar makeover of the site in 2013, which never eventuated.

2010: With then-Queensland Premier Anna Bligh, announces “Australia’s biggest ever export contract’’ -- a $69 billion deal with Chinese interests to buy coal from the China First Project. Embarrassingly, the other party says the agreement was a framework and not binding.

2011: Bid to float his iron ore and coal assets on the Hong Kong Stock Market, under the banner of Resoursehouse, was pulled at the last minute when investors baulked at the $3.3 billion price tag. Legal and accountancy costs associated with the abandoned float punched a $60 million hole in his pocket.

2012: Delays with the mining projects see Mr Palmer’s estimated personal wealth slip to $4.27 billion in 2012.

2013: First clouds over the Sino Iron project in the Pilbara emerge as Mineralogy begins court proceedings against Citic Pacific over royalties it claims it was owed. The long and bitter series of court battles is still dragging on.

2013: $2.3 billion wiped from his fortune in the 2013 Queensland’s Rich List. Steps down as a director of his companies to run for parliament, but retains virtually total ownership of the businesses.

2014: Woes continue. Nickel price tumbles 80 per cent from its 2007 highs, creating cash-flow problems. Palmer forced to pump in millions of dollars to Yabulu from his own pocket.

2015: October, The Courier-Mail reveals Palmer had held talks with Queensland Labor government about Yabulu refinery. He denies seeking a $25 million government loan, insisting Queensland Nickel was debt-free and had $1.9 billion of assets.

During a Western Australia Supreme Court hearing seeking payment from Citic, Mineralogy’s lawyer says Queensland Nickel was in a dire financial situation and faced a ‘’drop dead date’’.

As judge rejects bid for a $48 million payment, court hears that Queensland Nickel’s position was “worse than perilous’’ and administrators would be called in, threatening the 800 jobs there.

Palmer attends crisis meeting with Qld Premier Annastacia Palaszczuk and Treasurer Mr Pitt, apparently seeking a short-term guarantee for a loan, but is knocked back.

TOURISM WOES

2011: Buys the five-star Hyatt Coolum Resort on the Sunshine Coast. He stripped the management rights from the international Hyatt brand, renaming it Palmer Coolum Resort and installing his own team, sacking hundreds of staff. The result? Lower standards, guest complaints, falling visitors and ongoing court battles with villa owners who have been locked out.

2012: Announces Coolum would be the site of a new $2.5 billion integrated resort including 1000-room hotel, casino, convention centre and theme park, with a monorail linking to an upgraded Sunshine Coast Airport capable of taking international jumbo jet flights.

2012: Buys the former Club Med resort in Bora Bora, Tahiti. It remains closed.

March 2015: The Palmer Coolum Resort closes its doors.

POLITICAL CLIVE

Palmer’s political involvement began in the 1980s as a Young Liberal, but he soon found his way to the Nationals led by Sir Joh Bjelke-Petersen. They were close friends.

He worked as media director for the Nats and as a campaign director during the 1986 election.

He was forced to deny allegations of cronyism after the so-called Minister for Everything Russ Hinze intervened over a Sunshine Coast development project he was involved in.

In 1990, Mr Palmer was made an honorary life member of the party.

He poured tens of millions of dollars into party coffers and played a key role behind the scenes in the 2008 merger of the Liberals and nationals into the LNP.

But the relationship soured after a falling out with the LNP over a proposed transport development in the Galilee Basin. In 2012, he was suspended then quit as the party voted to expel him.

Within months, he has formed the Palmer United Party (PUP).

PUP ran candidates in every seat at the 2013 Federal Election, including many employees, relatives and friends of palmer. Palmer declared his ambition to become prime minister. He spent $26 million on the campaign -- $12 million of it siphoned from a fund set up to manage a port related to the Sino Iron project in WA.

He won the Sunshine Coast seat of Fairfax by 53 votes. PUP also got two Senators elected – Glenn Lazarus in Queensland and Jacqui Lambie in Tasmania.

WA Senator Dio Wang joined the party and, with support from Ricky Muir, they helped hold the balance of power in the Upper House.

But the team has disintegrated. Lambie quit to become an Independent in November 2014, followed by Lazarus in March 2015.

PLAYFUL CLIVE

Football: In 2008, Palmer bought Gold Coast United, a new A-League soccer franchise. He bragged it would win the title in its first season. It never did. Before the end of the second season, coach Miron Bleiberg had quit over the chairman’s interference in team matters. Palmer capped crowd numbers to save on venue-hire costs, and engaged in a public war with the game’s governing body. The club was stripped of its licence, with Football Federation Australia forced to payout player wages. Mr Palmer responded by registering his own ‘’rival’’ body, Football Australia, with the slogan ‘’We kick harder’’. It has done nothing since

Horse Stud: With the aim of making Queensland’s trotting and pacing industry the world’s best, Palmer’s stable Cold Mountain Stud near Kilcoy imported over 100 American stallions and broodmares. But his hopes were hit by the 2011 floods which killed many of the thoroughbreds.

The Titanic sails again? In 2012, the centenary of the sinking of the Titanic, Palmer announced he would build a replica of the famous cruise ship.Glamorous dinners, mimicking the menus of the ill-fated voyage, were held in Australia, New York, London and Macau to generate interest and a nine-metre model prepared but no construction contract has ever been signed.

Dinosaurs: In 2013, he opened Palmersaurus – ‘’the world’s biggest dinosaur park’’ at the Coolum resort, featuring 160 life-size animatronic dinosaurs. It immediately drew complaints from guests in nearby rooms disturbed by constant roaring and it scared off the organisers of the prestigious PGA golf championship.

Social media: Palmer is an enthusiastic and entertaining user of social media – often overly enthusiastic, as demonstrated by YouTube videos of him twerking and wearing a giant bunny suit while smearing peanut butter on a fake Tony Abbott. Lately, he’s taken to a series of odd clips of him repeatedly saying “goodbye” to various bete noires, including Campbell Newman and Bronwyn Bishop.

He loves toys: A fleet of aircraft includes two 155-seat McDonnell Douglas planes, a Global Bombardier Express and a Cessna Citation private jet, which is currently for sale at $7 million, and a luxury helicopter.

A collection of boats is headed by a 30-metre superyacht – purchased in 2009 supposedly as a 15th birthday gift for his daughter.

His cars include a Rolls Royce Phantom convertible and a gullwng Mercedes SLS roadster sports car.. He turned up for his first day of Parliament in a 1972 Rolls Royce Phantom IV

And pies: Mr Palmer was rushed to hospital in October 2009 after suffering a suspected heart attack while watching his Gold Coast United football team play. Doctors said it was heart palpitations and the then club-owner later put it down to eating too many party pies in his corporate box.

GENEROUS CLIVE

Palmer has a big-hearted reputation for kindness and generosity among friends and family, including taking dozens on overseas holidays.

In 2010, he was hailed the best boss in Australia after lavishing long-serving refinery employees with $10m in Christmas bonus gifts including 55 Mercedes-Benz cars and 700 overseas holidays.

He has often helped out strangers including renting a Gold Coast mansion for six months this year to a Beenleigh couple whose two-year-old son died in a house fire.

After being elected as an MP, he promised to donate his politician’s salary to 100 groups in his Sunshine Coast electorate.

In 2008, he announced he would set up a $100 million charity foundation. It was hailed as Australia’s greatest act of philanthropy. But ... as of April 2014, The Palmer Care Foundation held a grand total of just $104.

In 2010, Palmer pledged $6 million over 10 years to the Duke of Edinburgh’s Awards. So far, he has paid $700,000