How bankrupt reality star Katie Price blew her $85 million fortune on horses, divorces and surgery
Peter Andre’s ex-wife Katie Price is now officially bankrupt after burning through her $85 million fortune. Here’s where her money went.
For years, Katie Price has revelled in her self-styled “Pricey” nickname.
In her abrasive tone, she would holler that, “The Pricey’s right”, or, “Never underestimate the Pricey”.
Now it seems the price of her frivolous lifestyle was just too high. Just a day after being declared bankrupt, her fortunes — or lack of them — have taken another hit, The Sun reports.
Yesterday, the former glamour model was ordered by a judge to pay $286,000 in legal costs to ex-husband Alex Reid. She had been accused of playing sex-tape footage of him to an audience off-camera while filming Channel 5’s Celebrity Big Brother’s Bit On The Side last January.
Reid, her second of three husbands, may also be awarded damages next year when the case returns to court. He now joins the back of the queue of creditors said to be owed $1.5 million.
Once the queen of reality TV, Katie has blown her $85 million fortune on plastic surgery, luxury holidays and extravagant gifts, plus a $1.9 million farm that hasn’t produced one pint of milk. Now she stands to lose her “mucky mansion” in West Sussex and has resorted to selling her old knickers to pervy fans to make cash.
The 41-year-old’s pink Range Rover, once as much a part of her image as her ever-changing boobs, stands in a car lot plastered with a humiliating repossession sign. And she is single yet again after splitting with her on-off toyboy, Kris Boyson, 30.
It’s a far cry from the days when everything the entrepreneur touched turned to gold. Swigging from a can of wine on a train on Monday night, Katie didn’t seem to care she had failed to keep up with repayments of $4750 a month to the taxman, which was agreed last December.
She said: “I f***ing can’t wait. I’m better off. I know I shouldn’t say it. It’s good for me. It’s better than paying two-and-a-half grand a month to the f***ing HMRC (Her Majesty’s Revenue and Customs). I’m not worried.”
Astonishing details have emerged about her expenditure.
The looks that launched her alter-ego Jordan when she started modelling at 16 have set her back $47,500 a year on plastic surgery. This year, The Sun reported Katie had undergone a facelift and body liposuction at a clinic in Turkey and had booked in for her 11th operation on her boobs, which she has inflated and deflated since she was 18.
A friend said: “She won’t stop until she is perfect.”
She is thought to spend $2850 for twice-weekly manicures and pedicures every year, plus $22,000 a year on hair extensions. Monthly costs include $1500 on massages, $1500 on a make-up artist, $750 on facials and $950 on age-reversing treatments.
She is thought to be $190,000 in arrears on her $1.9 million-plus mortgage, and spends $47,500 on keeping the mansion’s heating on all day. On Instagram recently she said bailiffs had demanded $5750 for unpaid electricity.
Last year she was involved in four County Court judgments totalling $41,900. Then there was the staff who looked after the house and its 12 acres, including nannies and gardeners, which cost around $228,000, all of whom seem to have gone judging by her home’s disrepair.
Her reality show My Crazy Life, on satellite channel Quest Red, also points to an ambitious building project which has left the place in tatters.
Her beloved horses have also been sold for $13,300 each and she was offering her llamas for $3815 each. Those close to her say she has always spent money as fast — if not faster — than she has earned it.
One source said: “At one point she was knocking out autographs for $13 a pop. She’d sit there with a pile of books at home, scribbling away, then blow all the money she made on a new blanket for one of her horses.”
Generous to a fault, she has lavished her five children, three husbands and several boyfriends with ridiculous gifts. She handed son Junior a gift bag from designer Christian Dior for his 14th birthday and she gave her ex Kieran Hayler a $146,000 Audi for his 30th.
A source previously claimed to The Sun: “Kieran’s one of the biggest reasons she’s in debt. When they first got together he had $95,000 worth of debt on credit cards and Katie paid it all off. But then he’d keep spending each month on his cards, this would mount up to a few thousand every time and she’d keep having to pay it off.”
Katie’s bitter divorce from her first husband, singer Peter Andre, wiped away a good chunk of her fortune. She accused him and her former manager Claire Powell of conducting a smear campaign against her and settled for an undisclosed sum. Pursuing the matter is thought to have cost $3.81 million in legal costs.
There was also the unknown settlement she paid Andre after claiming he was unfaithful during their four-year marriage.
In her rant to train passengers on Monday night, while swigging wine from a can and heading from London’s Kings Cross to Ebbsfleet, she said: “Tomorrow, I’m being declared bankrupt. Even though I’m not bothered. I’ve known it’s coming, going bankrupt, because I took him (Andre) to court. He’s the worst person ever.”
Lawyers have made a packet from Katie, not only through her three divorces but for representation for her bankruptcy proceedings and driving offences too.
In October, she had her licence taken away for a second time after failing to tell police who was behind the wheel of her Range Rover last year when it crashed into a hedge. She also paid out $95,000 plus interest to her former friend Jamelah Asman after another privacy claim.
Some of her income has gone on drugs, as well as rehab. A video last year, filmed in Majorca, showed her rapping, “I love the coke”, before slumping on the floor of a holiday apartment where she was with two men.
She later explained on ITV1’s Loose Women that it was her way of coping with a year of hell, in which her mum, Amy, was diagnosed with a terminal lung condition, she received a kidnap threat over son Harvey, and claimed Kieran had a year-long affair with their nanny.
“I wasn’t really drinking, just self-medicating on drugs. It was disgusting, but it was my way of dealing with it,” she said.
Her books — autobiographies, ghostwritten romance novels and children’s pony stories — have raked in sales of $49 million. But just like Jordan, Katie Price’s worth had a limited lifespan.
Her reality show My Crazy Life, now on its fourth series — which showed her wetting herself during a workout — notched up just 191,000 viewers earlier in the year. Her previous show, Katie, on Sky Living, reached 5.5 million viewers across all platforms.
Last year, two of her firms, Pricey Media Ltd and Marvellous Creative Group Ltd, were made insolvent. KP Bling Ltd, launched three years ago, had assets of just $190 in May 2018 and KDC Trading made a loss of more than $40,000 last year.
She also resigned from her other clothing firm, KP Boutique, on June 13 after it made $24 last year.
A source told one glossy magazine: “Set-up pap shots and nightclub personal appearances are Katie’s only income these days. Her popularity isn’t what it once was, which means the businesses are failing.”
Reality TV is her bread and butter, but this year she blew a chance to raise her profile when she quit Celebrity SAS: Who Dares Wins after just 48 hours. It is not known if she was still paid the $228,000 fee.
This year she said on her YouTube channel that she would be up for doing I’m A Celebrity for a third time. And during Monday’s train rant she revealed she was desperate to be on The X Factor: Celebrity but was turned down.
She can, at least, still rely on her own fly-on-the-wall show. A two-part special of My Crazy Life starts on UK TV on Monday, December 9. It couldn’t be more aptly titled.
This article originally appeared on The Sun and was reproduced with permission
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