Depends what interest, contingencies and on other information to understand if 1.2B debt is a problem or not. Otherwise, for most UHNW people, debt is just a number on a balance sheet.
The alternative, not taking debt and using income to directly pay expenses, is literally called out as the "cash flow pattern of a poor person"!
Agree with his financial strategy or not, it's very clear that accumulating debt was part of the plan, not some failing of the plan.
No need for concern he's still very wealthy.