Former glamour model Katie Price, 45, finds herself in a precarious financial situation once again, with experts warning that she is at a “real risk” of losing her £2 million mansion, known as the Mucky Mansion, after being declared bankrupt for the second time.
The West Sussex property, which gained notoriety through its own Channel 4 series, is under threat of repossession, according to top insolvency experts. Joshua Harris, Bankruptcy Trustee at Harris & Partners, emphasized the severity of bankruptcy, stating that failure to settle financial obligations could result in the loss of valuable assets.
Price was declared bankrupt in March due to an unpaid tax bill exceeding £750,000. Despite being warned of potential jail time for evading authorities, Price opted to holiday in Ayia Napa with her partner, JJ Slater, 31, instead of attending her bankruptcy court hearing.
Now, as the mum of five faces mounting debts, including £142,405 and £196,735 for the tax years 2020-2021 and 2021-2022, coupled with £140,000 in VAT, her family home is under scrutiny. The looming threat of repossession casts a shadow over Price’s plans to move out and relocate to Yorkshire, where she has reportedly set her sights on a £2.5 million mansion in Wakefield.
Price’s bankruptcy underscores a series of financial missteps and unsustainable spending habits, leading to her downfall, according to experts. Despite once boasting a significant fortune, her inability to manage debts, including unpaid taxes and mortgage payments, has brought her to this dire situation.
As Price navigates through her financial woes, her plans for a fresh start in Yorkshire hang in the balance, overshadowed by the looming threat of repossession and the chilling reality of financial insolvency.
For Katie Price, once a symbol of glamour and success, the road ahead is fraught with uncertainty, marked by the harsh consequences of fiscal mismanagement and the looming specter of losing her beloved Mucky Mansion.
Katie Price’s representatives have been approached for comment but have not responded at the time of publication.
