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Omah · 02-10-2011, 01:11 AM

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."

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 .....

Smithy · 02-10-2011, 01:13 AM

idk why she was always so worried about them, they've still got a tv presenter dad...

Iceman · 02-10-2011, 01:39 AM

Quote:

Originally Posted by Smithy

idk why she was always so worried about them, they've still got a tv presenter dad...

Exactly, they'll never want for anything.

Suze · 02-10-2011, 04:06 PM

Their Dad will be there to provide them with their needs re: schooling especially I am sure, so I expect they will be ok anyway. I think many had probably sussed the so called fortune amassed wasn't anywhere near anything stated anyway.

Omah · 02-10-2011, 04:24 PM

Quote:

Originally Posted by Suze

Their Dad will be there to provide them with their needs re: schooling especially I am sure, so I expect they will be ok anyway. I think many had probably sussed the so called fortune amassed wasn't anywhere near anything stated anyway.

Realistically, Goody's estate was worth £3-4m, but, despite having her Bentley threated with repossesion, she persisted in living beyond her means, which had shrunk dramatically after CBB5 - too many cars, houses and holidays - hence, the dramatic Bigg Boss and pantomime appearances, when she knew her illness was terminal, in a desperate dash for cash .....

At the time of her death, I had suggested that substantial amounts of tax might be owing, despite previous attempts to sort out her affairs, but I was poo-pooed by the multitude of St Jade acolytes who persisted that Goody could do no wrong - nevertheless, I had not expected FOUR tears back tax to be due .....

Patrick · 02-10-2011, 04:26 PM

Quote:

Originally Posted by Smithy

idk why she was always so worried about them, they've still got a tv presenter dad...

Exactly.

Big Jeff.

arista · 02-10-2011, 04:39 PM

Quote:

Originally Posted by Omah

Realistically, Goody's estate was worth £3-4m, but, despite having her Bentley threated with repossesion, she persisted in living beyond her means, which had shrunk dramatically after CBB5 - too many cars, houses and holidays - hence, the dramatic Bigg Boss and pantomime appearances, when she knew her illness was terminal, in a desperate dash for cash .....

At the time of her death, I had suggested that substantial amounts of tax might be owing, despite previous attempts to sort out her affairs, but I was poo-pooed by the multitude of St Jade acolytes who persisted that Goody could do no wrong - nevertheless, I had not expected FOUR tears back tax to be due .....

Yes living beyond her means

Bang On Right.

Niamh. · 02-10-2011, 04:41 PM

OMG she only left them £400k

Poor boys, lets start a collection for them

InOne · 02-10-2011, 04:42 PM

Karma for being a vile chav

Suze · 02-10-2011, 08:14 PM

Quote:

Originally Posted by Omah

Realistically, Goody's estate was worth £3-4m, but, despite having her Bentley threated with repossesion, she persisted in living beyond her means, which had shrunk dramatically after CBB5 - too many cars, houses and holidays - hence, the dramatic Bigg Boss and pantomime appearances, when she knew her illness was terminal, in a desperate dash for cash .....

At the time of her death, I had suggested that substantial amounts of tax might be owing, despite previous attempts to sort out her affairs, but I was poo-pooed by the multitude of St Jade acolytes who persisted that Goody could do no wrong - nevertheless, I had not expected FOUR tears back tax to be due .....

That is a lot of back tax, suprised those around her who likely adviced her and helped manage her money? didn't stress cut back on the accustomed lifestyle and pay those dues. Or maybe they did?

Jake. · 02-10-2011, 08:19 PM

InOne there is no need to disrespect the dead is there

Omah · 02-10-2011, 08:36 PM

Quote:

Originally Posted by Suze

That is a lot of back tax, suprised those around her who likely adviced her and helped manage her money? didn't stress cut back on the accustomed lifestyle and pay those dues. Or maybe they did?

IIRC, she was just generally reluctant to pay "business" debts, small or large

AFAIK, after BB4, she was never actually "broke" but eventually forced to live on "savings" and it became her habit that, if the cost were not immediate, e.g. "living" expenses (including frequent family holidays), then it was deferred until it became critical, as with at least one of her houses and her Bentley being threatened with repossession .....

Then there were those abortive business ventures - "Ugly's" and "Femme Fatel" (sic) .....

Omah · 30-04-2013, 11:48 AM

http://www.mirror.co.uk/news/uk-news...#ixzz2RwjWgWCK

Quote:

The bill would wipe out the cash Jade left to Bobby Jack, nine, and Freddie, eight, after she died of cervical cancer at the age of 27 in 2009.

Inland Revenue originally demanded £566,000 but now wants £1,035,902.

It ruled expenses and losses on her beauty salon in Harlow, Essex, and costs including her wedding to Jack Tweed before she died did not qualify for tax relief. Officials refused to comment.