He had acquired this from his mother's teachings and his father's spendthrift ways.
The three distinguished characters were a spendthrift, a bailiff, and a dun.
In his youth he was a spendthrift and paid no heed to his property.
As you say, he seemed to be a ruler, but was only a spendthrift.
Even then, his style should not be the spendthrift waste they say he is fond of.