You may remember back in May when Sarah Ferguson’s financial problems surfaced. The Duchess of York was caught trying to accept money in exchange for access to her ex-husband, Prince Andrew. The pair divorced in 1996 after a ten year marriage. Reports claim that Fergie’s debts have reached 5 million pounds, a massive total despite being given millions by her ex. Officials close to the Duchess say her debt is closer to two million pounds, debt created largely by failed business attempts.
Other newspapers reported that Ferguson’s large staff could be to blame. Reports claim that Ferguson hasn’t been able to pay her employees. One former assistant told the Daily Mail, “Every night she demands a whole side of beef, a leg of lamb and a chicken, which are laid out on the dining room table like a medieval banquette. But often there is just her and her girls Bea and Eugenie and most of it is wasted… The waste, and the cost, is mind-blowing but she just doesn’t seem to care,” the source told the newspaper, according to Debt Management Today.
According to the Daily Mail newspaper, a source says, “She has been taken advantage of. Lawyers have abused her by stacking up astronomical fees for just a few hours.” Other sources say Buckingham Palace advisers are recommending that she file for bankruptcy. “Five million pounds is a lot to pay back, she needs a way of getting rid of the debt, and options such as bankruptcy or an individual voluntary arrangement would be best.” debt adviser Jenni Slader told Debt Management Today. “She’s very high profile, and if she decided to go down the bankruptcy route it could cause some upset, as she wouldn’t pay back anything. She can’t ignore that it will affect her adversely. It would also be restrictive for her as she wouldn’t be able to make money by cashing in on her celebrity status or name, and that’s how she makes most of her money.”
Tags: Duchess of York, Finance, debt, Sarah Ferguson, Sarah, bankruptcy
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