Goody's sons could be left with nothing after taxman's £1m bill
Originally : Jade Goody's cash wiped out by £1.8m debts
Tax and bills swallow up sons' inheritance
http://www.thesun.co.uk/sol/homepage...18m-debts.html
Quote:
TRAGIC Jade Goody's £2.2million fortune was nearly wiped out by massive debts — leaving less than £400,000 for her young sons, The Sun can reveal.
The reality TV star, who died of cancer aged 27 in 2009, vowed to provide for Bobby and Freddie.
Jade had paid no income tax for four years when she died, devastating her cherished plan to set up her two young sons for life.
She owed the Inland Revenue £585,000 — believed to be the biggest single chunk of the reality star's massive debts, amounting to £1.8MILLION.
The debts swallowed up 82 per cent of her estate, which was worth £2.2MILLION— and left less than £400,000 cash inheritance for boys Bobby, then five, and Freddie, four.
The figures, contained in cancer victim Jade's will, reveal there was not enough cash left from her TV fortune to set up trust funds for the pair, as she had hoped.
A source said: "This is the final tragedy. When Jade died, the lawyers and accountants took a quick view of her wealth but they didn't realise that she had no accounts done.
"Sadly, because she lived her life in such an erratic, chaotic way, she never thought about her accounts, like a lot of celebrities.
"They have had to go through all her receipts for the past four years of her life and it has wiped out the boys' inheritance."
It had been thought Jade left £3million in trust for Bobby, now eight, and Freddie, seven, who live with TV presenter dad Jeff Brazier.
The former South London dental nurse earned at least £5.5million after shooting to fame in the 2002 series of Big Brother. But when she died from cervical cancer aged 27 — on Mother's Day in March 2009 — the taxman headed a long queue of creditors.
Debts also included £170,000 in mortgage arrears on her three properties in Essex, plus more than £1million in assorted outstanding loans, payments on luxury cars and fees owed to lawyers, accountants and agents.
Tax was due on earnings for the years 2006/2007, 2007/2008, 2008/2009 and part of 2009/2010.
Just before she died, devoted Jade said: "Everything I have, my houses, my money, is going to my sons.
"I always wanted them to have what I never could. I want to make as much money as possible to look after my boys. I know I'm ignorant, but I'm going to make sure my boys get the best education."
But Jade's entire estate was valued at £2,220,512 — BEFORE the deduction of the mammoth £1,825,820 she owed.
The source said: "The whole scenario of there being £3million put away for the boys was a fairy tale.
"We think there is enough there to pay their school fees. But there is no trust fund left for them. What the boys have is about £400,000 in cash, plus three properties worth about £1.1million — two of which are in negative equity.
"It's not much to look after them both for ten years or so."
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Even though I have been a Goody critic for years, the extent of her indebtedness and the hype that concealed it has confounded me - I'm gobsmacked ..... :amazed: |
