Katie Price, once a highly successful glamour model with a net worth of around £40 million, has seen her fortune dwindle dramatically. This culminated in repeated bankruptcies and a financial collapse that has left many questioning how she ended up in this situation.
In March 2023, Price declared bankruptcy over an unpaid tax bill of £761,994.05, marking the third time she has declared bankruptcy in five years. The HMRC demanded payment in October 2023, covering self-assessments for 2020-2021 and 2021-2022, including income VAT, tax, surcharges, and interest. During a London's Rolls Building hearing, insolvency and Companies Court Judge Sebastian Prentis stated, "There is a substantial debt due from Ms Price to HMRC, and therefore, I will make a bankruptcy order".
Outgoings and Financial Mismanagement
Price's financial troubles extend beyond her tax debt. According to The Telegraph, in March, she was £100,000 in arrears on mortgage payments for her nine-bedroom Horsham home, commonly called the "Mucky Mansion." Her spending habits have also been extravagant, with reports indicating she spent £120,000 annually on housekeepers, gardeners, and nannies and around £25,000 yearly on plastic surgery.
Her lavish lifestyle included spending £1,500 a week on manicures and pedicures, £1,000 on hair appointments, and £800 on massages. Price's numerous legal issues, including driving offences and breaches of restraining orders, have further strained her finances.
The DailyMail also reported that Price has also spent significant amounts on cosmetic surgery, with estimates suggesting she has invested around £130,000 on various procedures, including at least £84,000 on breast augmentations alone. In July 2023, she underwent multiple surgeries in Turkey, including a Brazilian butt lift, liposuction, and facial procedures. Following the operations, Price admitted she thought she might die due to excessive blood loss as she left the operating theatre.
TikTok Income Suspended Amid Financial Troubles
Adding to her financial woes, a judge recently ruled to suspend Price's TikTok income as part of ongoing efforts to recover the money she owes due to her bankruptcies. This decision comes amid her dispute with HMRC over unpaid taxes. Price's TikTok earnings, which included an £84,000 payment for a three-month e-commerce content contract, are now frozen to ensure funds are not dissipated while investigations continue.
Legal and Personal Turmoil
Price's legal problems reached a new low when she failed to attend a scheduled £760,000 bankruptcy court hearing, resulting in an arrest warrant. At the time, Price was in Turkey undergoing facial surgery despite clear warnings to appear in court. Upon her return to the UK, she was arrested at Heathrow Airport and subsequently released on bail.
Price's ongoing legal and financial troubles have not deterred her from considering unconventional methods to resolve her situation. Price said she would consider escorting to overcome her financial difficulties in her book This Is Me. However, she clarified that it would be for companionship, not sexual services. "Bankruptcy doesn't hold the same fear now I can see a way out of it," she wrote. "If material stuff is taken from me, I can earn it back".
In response to the media coverage of her situation, Price criticised outlets for what she perceives as sensationalism and misrepresentation. "Whilst I'm currently aware of the severity of my current personal financial situation with my ongoing bankruptcy, I am today shocked that whilst away working for a documentary on corrective surgeries that, I should find myself yet again headline news," Price said. She added, "Despite consistent stories trying to humiliate me for my personal misfortunes, I am neither embarrassed nor ashamed. I own my situation and am trying my best to work out of it and put matters right."
