Katie Price was declared bankrupt during a hearing at the Insolvency and Companies Court in London this week, after narrowly avoiding the same fate in December last year.
The reality star and former glamour model now faces losing her home, the infamous ‘mucky mansion’ which has fallen into disarray, and having her assets sold.
Her statement pink Range Rover was also pictured for sale recently, having been seen at a used car dealership in Essex, with a sign reading ‘repo’ on the window signalling it had been repossessed.
What is Katie Price’s net worth?
Katie Price, who is now 41, was once worth an estimated £45 million at the peak of her career.
The mum-of-five made her fortune through glamour modelling and appearing on reality shows such as I’m A Celebrity… Get Me Out Of Here! and Celebrity Big Brother. She was also a panelist on Loose Women and has her own reality show, My Crazy Life.
According to celebritynetworth.com, Katie’s net worth now stands at less than £1 million, coming in at just over £770,000.
Why has Katie Price been declared bankrupt?
Katie came close to being declared bankrupt last year after amassing a debt of £22,000, but she managed to narrowly avoid it after taking out an individual voluntary arrangement (IVA) to pay back the money owed in installments.
The agreement meant that Katie was supposed to pay £12,000 every month for four years to her creditors in order to try and pay off the rising debt.
However, Katie failed to stick to the monthly repayments and could not keep up with the payment plan meaning that she has now been declared bankrupt by the courts.
Katie and her boyfriend Kris Boyson are thought to have been together in Cardiff last night following the news of her bankruptcy.
Last month it was reported that Katie’s ex-husbands, Kieran Hayler and Peter Andre, were both concerned for her health in the midst of her money woes and rocky relationship with Kris.
When was Katie Price married to Peter Andre?
Katie Price was married to Peter Andre for four years between 2005 and 2009, after the pair met when they both appeared on I’m A Celebrity and were in the jungle together in 2004.
The couple have two children together, Junior, 14, and Princess, 12.
Peter Andre recently said having kids with Katie Price was the best thing to come out of appearing on I’m A Celebrity together.
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