Katie Price facing bankruptcy: Inside star’s spectacular fall from grace
IN HER heyday she earned tens of millions of dollars. Now, Katie Price faces bankruptcy in a crumbling, squalid mansion, staging X-rated paparrazi shoots to pay the bills.
BRITISH model and businesswoman Katie Price will appear at the bankruptcy court this week as she faces total financial collapse.
The reality star, once worth $AU75 million, is scheduled to arrive at the Rolls Building in London, part of the High Court, for a hearing that could see her formally declared insolvent, The Sun reports.
Price, 40, has been bidding to stave off bankruptcy for months as her once lucrative media empire began to fall apart after the downfall of her third marriage and the collapse of her businesses.
The star is already trying to sell her $AU3.5 million home, which sources claim is burdened with thousands of dollars in debt.
A source said: “Katie has always been very proud of her reputation as a successful businesswoman, despite everything else that has been said about her.
“She’s tried everything possible to avoid bankruptcy and has spent weeks trying to put off what was becoming increasingly inevitable, but this hearing could be the end of that last hope of saving it.
“She is going to have to face the music.”
Last month The Sun revealed Katie is selling her menagerie of farmyard animals in a bid to sort out her finances, with a source saying she “isn’t as flush as she was”.
It also told how the glamour model’s $AU3.5 million West Sussex country mansion was in a massive state of disrepair, with the swimming pools and tennis courts abandoned and rubbish strewn across the property.
Katie, whose reality show My Crazy Life is currently airing in Britain, was then pictured in Thailand writhing naked on toyboy Kris Boyson, 29, in what The Sun later revealed was a paid bid to stave off bankruptcy amid her divorce from stripper Kieran Hayler, 31.
This month The Sun uncovered the full extent of her cash woes, revealing she had blown her entire £45 million fortune on plastic surgery, luxury holidays and other costly expenses, and that she has no viable running businesses.
Question marks emerged over whether she could afford the $AU17k a month repayments on her over £1 million mortgage, which was $AU170k in arrears, plus a $AU43k yearly heating bill and $AU210k army of housekeepers — explaining her estate’s shoddy upkeep.
Yesterday Katie took maintenance of the nine-bedroom property into her own hands as she was pictured mowing the lawn.
In her Noughties heyday, the former Page 3 girl raked in more than $AU10 million for a string of autobiographical reality shows.
She also bagged $AU6 million for a lingerie collection and sold more than three million copies of her books.
A spokesman for Katie said: “Kate is aware of the hearing tomorrow and is working with her advisers to resolve her current financial issues.
“She hopes to be in a position to do so and reach agreement with her creditors.”
This story originally appeared on The Sun and is republished here with permission.
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