Katie Price declared bankrupt and owing £800,000 in debts

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Katie Price was declared bankrupt today, November 26, at a court after facing further legal action over her spiralling debts.

The 41-year-old former glamour model is in debt after spending her huge fortune on shopping, holidays and plastic surgery.  

Price is also believed to have spent around £25,000 a year on plastic surgery and £120,000 on housekeepers, gardeners and nannies. She also spends £1,500 a week on manicures and pedicures, £1,000 on hair appointments and £800 on massages every other day, reported the Daily Mirror.

Katie Price declared bankrupt and owing ?800,000 in debts after burning through her ?45m fortune

She had been pursued by creditors and the taxman after revealing she has spent her entire £45million fortune.

Price, who has been married three times and has five children, is believed to have debts of £800,000 and has been failing to pay £12,000 a month to her creditors. She is said to be £100,000 in arrears on mortgage repayments on the home which she allegedly spends £2,000 a month heating by leaving it on all the time. 

In March it was revealed she had been on six holidays in eight months - including trips to Spain, Belgium and Thailand - estimated to have cost a total of £25,000.

Last week it emerged that her pink £75,000 Range Rover had been sold at an auction then put up for sale at an Essex used car dealership in Chelmsford.  

Katie's case was heard at the Rolls Building in London today, six weeks after a judge gave the go-ahead for her to be served with another bankruptcy petition. 

Judge Jonathan Middleton, sitting at the specialist insolvency and companies court, said: "I do judge Ms Price to be bankrupt. The date is today and the time is 12:35."

He added: "Ms Price isn't present or represented so there is, as far as we can identify, no opposition."

Today's court ruling means a trustee could be appointed to sell off her assets, including her £2million mansion in West Sussex. 

Source: DailyMirror

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