Katie Price’s filthy mansion ‘needs £150k makeover’ as she looks to stave off bankruptcy
KATIE Price’s home would need a £150k makeover if she were to sell it amid her bankruptcy battle, according to a new report.
The 40-year-old has a court hearing and is looking to sell off her mansion to raise some funds.
However according to an expert she will need to spend at least £150,000 doing up her country pile after allowing it to fall into a state of disrepair.
The Home Staging Association ’s Director, Paloma Harrington-Griffin told the : "Katie Price’s house in Sussex would benefit from a combination of extreme and expensive as well as straight-forward and practical improvements.
"However, the transformation starts with one very simple task: decluttering.
"This involves clearing your home of excess items and personal belongings."
Katie has had six weeks to come up with a repay plan, known as an Individual Voluntary Arrangement (IVA), but if it is rejected then she could be declared bankrupt.
If this happens, the star’s bank account will be frozen and a trustee will assess what can be sold to make the money to cover her debts.
If Katie’s West Sussex mansion isn’t in negative equity, then it is at high risk of being sold.
The reality star, who was once worth an estimated £45million, bought the house for £1.3million in 2014, and it is thought to be worth £1.6million – despite being “mucky” and run down.
In keeping with the government’s Insolvency Service, Katie can appeal for a 12 month delay to the sale of her house as she has a child living at home.
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The government can offer up to a year for somebody who has been declared bankrupt to make alternative living arrangements.
Katie may also be eligible for a council house, with those living with children advised to contact their local authority for advice.
It is thought that Katie currently only has one of her five children living at home – 16-year-old Harvey.
Meanwhile, 13-year-old Junior and 11-year-old Princess live with their father, singer Peter Andre.
Katie’s two youngest children, five-year-old Jett and four-year-old Bunny, reside with their dad, Kieran Hayler.
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