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In 2006, E4 ran the first British remake show featuring Big Brother evictee Nikki Grahame called Princess Nikki. In a similar fashion to The Simple Life she is 'employed' in different jobs (including fish gutter and farmer) to see whether she can last one day without being fired for her now-infamous tantrums. Channel 4 are also planning another British remake that will star young, rich English socialites, who are not currently famous or well known. Casting began August 2006.
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So that's why it was axed...