Katie Price Net Worth: Why Does The Former Model Keep Filing For Bankruptcy, What Happened To Her Money?

A warrant for the arrest of 46-year-old model and OnlyFans personality Katie Price has been issued by an Insolvencies and Companies court judge after she failed to show up for a court hearing regarding her multiple bankruptcies.

The judge claimed that Price had been given clear instructions regarding appearing in court on Tuesday but did not show up or explain her absence, hence the following arrest warrant. This came after a previous judge warned Price that she could face arrest for not appearing at future court dates.

First Signs Of Trouble

Price declared bankruptcy for the first time in November 2019, at a time when her net worth was estimated to be around £40 million. Her initial bankruptcy claim was filed over unspecified unpaid debts. She was officially declared bankrupt for a year in December 2019 and agreed to pay £12,000 a month to creditors to alleviate some of the debt. The plan failed, and she returned to a bankruptcy hearing in July 2020.

Following her first bankruptcy, she faced other legal troubles, including paying nearly £8,000 in fines to avoid a court appearance in 2022. Since then, her net worth has continuously dwindled to reportedly less than £1 million in late 2023.

Her Second Bankruptcy

At a hearing in February of 2024, Price was ordered to pay 40% of her monthly earnings from her OnlyFans page, where she makes most of her income. This agreement was reached with trustees from her first bankruptcy case. She had also reportedly reached a separate agreement with trustees from the first case, according to barrister Darragh Connell, who claimed that Price had agreed to 36 payments of £12,500 and a lump sum.

Following these financial blows in February, Price once again filed for bankruptcy the following month, in March 2024. This bankruptcy was not associated with her previous debts but rather an unpaid tax bill of over £750,000 owed to HM Revenue & Customs (HMRC). The court was told that "the bill derives from self-assessments" and includes income tax, VAT, surcharges, and interest.

Price was supposed to deliver some of her personal vehicles, including her personalized pink Range Rover, to the trustees involved with her cases as financial collateral, but after the vehicles were not delivered and Price was unable to be reached by the trustee, she was summoned to court.

Where Did Her Money Come From?

Recently, Price's primary source of income has been supposedly OnlyFans, an adult entertainment site. When Price was younger, she was a glamour model and had her own reality show, "Katie Price: My Crazy Life." Her TV deals and modelling jobs reportedly dried up in 2018, and her clothing brands, House of KP and KP Boutique, are long silent.

How Did She Lose Her Money?

Price is known as a frivolous spender, dumping hundreds of thousands of pounds into cosmetic procedures. She has undergone sixteen different breast augmentations, gotten Botox and fillers, and buttock enhancements. She is estimated to have spent over £130,000 on cosmetic procedures. She also spends money on lavish vacations, travelling to destinations such as Spain and Thailand in 2023. She has several tattoos and quite a car collection, all of which are expensive investments.

Things are not looking good for Price, legally and financially, though some question whether or not she cares. In October 2023, she claimed that she was "fed up" with the constant threat of legal persecution and would just go to prison to be "done with it all." On a podcast, she also revealed that she "genuinely" wouldn't care if she went to jail. At this point, this may be the only solution to her troubles.