Katie Price’s ruined wealth after bankruptcy as she sinks into millions of pounds in debt
Katie Price’s finances have been in disarray since she declared bankruptcy in 2019, although everything she touched turned to gold at the peak of her career when her net worth stood at 45 million of pounds sterling.
In December 2019, Katie Price, formerly known as Jordan, declared bankruptcy a year after agreeing to pay creditors £12,000 a month to get out of debt.
She agreed to set up an Individual Voluntary Arrangement, or IVA, in a bid to take control of her finances and avoid bankruptcy – but a year later it became clear the plan hadn’t worked after she hasn’t made her monthly payments.
In January 2022, the former glamor model narrowly avoided another embarrassing court appearance by paying £7,350 in fines dating back to January 2019.
Her solicitor Joe Harrington said Katie’s finances were ‘disorganized and chaotic’, as an unpaid £7.50 toll at Dart Crossing turned into a £1,400 debt because she didn’t s ‘m not busy with it in time.
She is already serving a 16-week suspended prison sentence for overturning her BMW while drunk driving – she only dodged prison by going to rehab.
She now owes £3.2million to her creditors and in 2021 was hit with a repossession order for her £1.35million money pit, Mucky Mansion, after racking up more than £500,000 in debt.
But it wasn’t always like that for the Pricey, who at one point was worth over £45m. Her net worth is now believed to be below £1million despite a court hearing in 2019 that she enjoyed a monthly income of £45,000.
As she attempts to launch another comeback through her Katie Price TV show Mucky Mansion and her raunchy new OnlyFans page, the Mirror examines what drove her to bankruptcy.
Loss of big TVs and big income
Some of Price’s most lucrative TV deals that brought her big money have dropped over the years, while the Mirror reported that Price’s modeling opportunities ended in 2018. She told the court in court. insolvency at the time that she had “lost everything”. .
Price earned £400,000 for his part on Celebrity Big Brother, according to digital spybut working like that and I’m a celebrity have also since dried up.
While I’m a Celebrity, Katie met her future husband Peter Andre and their show together Katie And Peter was a big hit but, like the couple’s relationship, ended.
Meanwhile Katie Price: My Crazy Life, one of her most trusted sources of income, was canned after 11 years on declining ratings – in 2019 it was reported that Price was set to strike a deal six digits for the fourth series
Its range of jewelry and other beauty products no longer brings in the same income as before. Clothing line House of KP went silent in 2019 and she quit her other clothing line KP Boutique the same year after earning just £13.
Expensive lifestyle habits
In 2019, the Sun reported that Price spends £25,000 on plastic surgery a year, £12,000 a year on hair extensions and £1,500 a fortnight on manicures. She reportedly spends hundreds of pounds a month on massages, make-up and anti-aging treatments.
Price also funneled large sums into his planned farm. the Sun reports that she invested £190,000 in equipment for the setup she bought for her then-husband Kieran Hayler, who worked there full-time.
The newspaper also claimed she was spending £25,000 a year running her home, racking up huge heating bills as she kept the Mucky Mansion warm all day.
She has been known to spend big on a variety of events, including £2,000 on Christmas decorations after fearing it would be her terminally ill mother’s last.
Vacations have always been a big part of Price’s brand, but have often been surrounded by questions about how she pays for them. In 2021, amid her financial difficulties, she and her family flew to Saint Lucia to enjoy a lavish break and later that year returned to Turkey with her fiancé Carl Woods.
Price infamously collected a fleet of pink vehicles – her Landrover shining an iconic part of her image – but as her financial situation worsened, she was forced to whip several of her cars, along with her menagerie of horses and llamas.
Legal and family costs
In 2019, Price was ordered to pay £150,000 in court costs to ex-husband Alex Reid after she was accused of showing people a sex tape of him while filming Big Brother.
She also racked up countless solicitors’ bills with her three divorces – from Peter Andre, Alex and Kieran – and got herself into hot water with HMRC over unpaid taxes.
Despite being warned to tighten her belt before her bankruptcy, Katie still spent money on extravagant shopping sprees, expensive gifts for her children and luxurious presents for her toyboy lovers – including a brand new £70,000 Audi with personalized number plate for then-husband Kieran. .