The original Fergie is about to turn 50, but unfortunately had to trash plans for a 300-guest bash. The economy is hitting all of us hard and it’s being especially taxing (har, har) to the Duchess of York.
Fergie paid off a £4million debt she ran up after divorcing Andrew in 1996 by working for Wedgwood china and Weight Watchers in the US, but has lost both contracts.
The source said: “It feels like bankruptcy is a case of ‘when’ rather than ‘if’.
“If she doesn’t get her finances under control she will end up millions in debt again. Someone may have to bail her out. It is not the fact she is over-spending or even extravagant. Sarah’s problem is she has a big heart and can’t stop trying to help other people. She is always flying to places and the costs are mounting up.
“Given the amount of work she does for others she deserves to be happy.”
Last week we revealed the duchess, whose TV documentary on poor British families flopped, could face bankruptcy over a £17,000 bill to image consultant Richard Owen.
She has been taken to court by three firms in the past year over debts of £21,539.
Days ago, her New York media firm announced plans to shut with debts over £630,000.
Her spokesman said: “She will work through the situation.”
I wonder how bankruptcy works for royals. Like, do they have to sell off a manse? Cut down on some house staff? Does the bank take possession of all tiaras?
Would it kill her to hire an accountant?
Honestly, I don’t get rich people that can’t manage money. I know dirt poor people with good credit who always pay their taxes on time. This is just a mystery to me.
Technically, she’s not a royal any more, since she and Prince Andrew are divorced.