Bankrupt Katie Price ‘plans to sell two of the three engagement rings she received from ex-husband Peter Andre in a bid to make £230,000’
Katie Price is reportedly planning to sell two of the three engagement rings she received from ex husband Peter Andre.
According to The Sun, the bankrupt glamour model, 41, is looking to sell the two ‘upgrade’ rings for £230,000 in total, but she will keep the first for her daughter Princess, who she shares with the singer, 46.
A source speaking to the publication on Tuesday explained: ‘Katie’s got three engagement rings from Peter – she wants to keep the first one for Princess but the other two ‘upgrades’ she’s willing to sell.
Quick cash: Bankrupt Katie Price ‘plans to sell two of the three engagement rings she received from ex-husband Peter Andre in a bid to make £230,000’, it was reported on Tuesday
‘She says they’re worth nothing to her anymore and she wants a fresh start.
‘She’s not sure if she’ll sell them in a private auction or a public sale but she wants to sell them to the highest bidder and cash in.’
The source claimed the first ‘upgrade’ is worth £150,000, while the second cost around £80,000, and so Katie is looking to get the same amount back.
MailOnline have contacted Katie and Peter’s representatives for comment.
Happier times: Katie was married to Peter (pictured in 2006) from 2005 until 2010, and during their marriage she is said to have received three rings from him
Decisions: It was claimed that Katie is happy to sell the two ‘upgrade’ rings she got from her ex, but will keep the first for her daughter Princess (pictured with brother Junior)
Three-times divorced and mother-of-five Katie, was married to Peter from 2005 until they expensively divorced in 2010.
During their marriage they had two children together, Junior, 14, and Princess, 12.
But after the former couple’s split, Katie accused Peter of conducting a smear campaign against her and later settled with him for an undisclosed amount.
The fall-out is thought to have cost the former Footballers’ Wives star £2million in legal costs.
Financial woes: Katie was declared bankrupt at the Rolls Building in London last week after she failed to meet the terms of an agreement to repay her creditors
Katie was declared bankrupt at the Rolls Building in London last week after she failed to meet the terms of an agreement to repay her creditors.
She is now thought to be in debt of £800,000 after spending her £45million fortune on lavish beauty treatments and expensive holidays abroad.
Ducking the question in the video she said: ‘I hate talking money. I have never spoken about money. Everyone seems to know what I have got but guess what no one knows but me.
‘It’s really unattractive to talk about how much money you’ve got or not got or got. So that’s the answer to that. Only I know.’
‘Unattractive’: Last week Katie said talking money was ‘unattractive’ and no one knows what she’s worth but her [pictured during an appearance in court for drink driving in February]
In a bid to combat her financial woes Katie sold her beloved pink £75,000 Range Rover at auction and earlier this month it emerged the luxury car was for sale at an Essex used car dealership in Chelmsford.
She has also been trying to sell her £300,000 pink horsebox.
JMW Solicitors, who represented the insolvency practitioner overseeing Katie’s repayments, brought her case to court on Tuesday after she failed to stick to the terms of her Individual Voluntary Agreement (IVA).
An IVA is a plan to repay creditors in smaller amounts to make debt more manageable – but Katie has been failing to pay the £12,000 a month.
Making ends meet: In a bid to combat her financial woes Katie sold her beloved pink £75,000 Range Rover at auction
The mother-of-five, previously known as Jordan, chose not to attend or send a lawyer. Adam Taylor, from JMW, said: ‘She hasn’t acknowledged the 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.’
The court ruling meant a trustee could now be appointed to sell off her assets, including her £2million nine-bedroom home in West Sussex.
Katie, who has been married three times, 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.
She is also believed to have spent £120,000 on housekeepers, gardeners and nannies – and around £25,000 a year on plastic surgery.
Money maker: Amid her woes, Katie posted an advert for weight loss product Nutribuddy on Instagram on Monday
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.
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.
Katie has been married to singer Peter Andre, cagefighter Alex Reid and Kieran Hayler – and admitted turning to cocaine as her relationship with the latter deteriorated.
She used to be able to fund her lifestyle through modelling, reality TV shows and fragrances when she was at the height of her fame in the 1990s and 2000s.
But her only regular sources of income nowadays appear to be her Quest Red TV show My Crazy Life and plugging weight loss products on her Instagram account.
Botch job: Price’s home looked derelict and deserted in West Sussex after she was made bankrupt last week
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