Gemma Collins issues bankrupt star Katie Price HUGE financial warning after she’s forced to sell Mucky Mansion
GEMMA Collins has issued bankrupt star Katie Price a huge financial warning.
The Sun revealed last week that Katie’s £1.5m Mucky Mansion was snapped up just a week after being placed on the market.
The home was repossessed after the former glamour model, 46, failed to meet payments for two mortgages on the sprawling pad.
Gemma, who has teamed up with Pay Your Pension Some Attention campaign, insisted Katie will come back stronger – saying she’s a “smart” businesswoman.
Speaking exclusively to The Sun about Katie Price‘s recent bankruptcy news, Gemma said: “She’s a very smart woman, she’s on the ball, she knows what she’s doing. Katie Price knows what she’s doing.
“I read her book funnily enough on holiday and I absolutely loved it.
“And I do love her.
“I do think when she’s being pictured with her bandages on, and getting put into a meat wagon, she’s not silly.
“That paps there and she’s making money on those pictures, she’s not silly.”
Gemma admitted that Katie’s weakness has been men in the the past – but said it’s only a matter of time for her to “rise like a phoenix”.
The TV favourite continued: “I just think Katie Price just went with the wrong men, I’m not blaming the men but in our business it’s ‘feast or famine’ – but she’s not going anywhere yet.
“She’s the woman, she’s a rising phoenix, she’s going to come up through these flames and she’ll be alright.
“She knows how to turn it around, she knows what to do.
“When she’s on the sunbed in Thailand, I know how that all works, she’s getting paid thousands.
“She can put that into her pension.”
Gemma then begged Katie to take advice from her, saying: “KATIE PRICE…IT’S THE GC, I LOVE YOU AND I WANT YOU TO HAVE A PENSION LIKE ME WHEN YOU’RE OLDER.”
The much-loved reality star, who previously admitted that her dad Alan previously put her on a £3,000 a month allowance after she spent £50,000 in just two months, said her family stopped her from blowing her fortune like Katie Price.
Gemma said her dad no longer helps her budget, saying: “He doesn’t need to, I show him how to budget now.
“I’m very savvy now, if I can get a bargain, I’ll get a bargain, I’m very mindful now.
“I’m a woman of 43, I’m in charge of my finances and it’s having that responsibility.”
But Gemma praised her family for stepping in and supporting her with her finances in the early days after she admitted she was more frivolous with money then.
She continued : “I used to drop £50k in Gucci a day.
“I was bored. I had a very normal upbringing and when you go from this to that, everyone goes through it. I
“’m a very spiritual person. I’ve done a whole 360.
“Happiness is an inside job, it’s not with a bracelet or ring. And no one is better than anyone else if they’ve got money.
“I’m not better than anyone.
“There is no shame in being poor at the end of the day.
“We’ve all got one mission in life and everyone just wants to be happy.”
She’s got a great relationship with her brother, sister, mum and her step-dad looks nice.”
But the star has turned it around as she opened up about her own future investments.
The reality star features in a parody beauty advert tackling getting older and the effects of ageing, which is one of the top concerns of UK adults over the age of 35.
Gemma is urging Brits to forget fears of fine lines, or worries about wrinkles, and instead prioritise pension provision when thinking about later life.
Pension Attention is an industry-led engagement campaign coordinated by the Association of British Insurers (ABI) and the Pensions and Lifetime Savings Association (PLSA) and funded by a large proportion of the pensions industry.
New research found that six in 10 (57%) Britons bought anti-ageing products in the last 12 months, such as moisturiser, anti-wrinkle creams, grey hair treatments and collagen tablets, while just one in five (23%) organised their finances for later life.
She told us: “When they came to me, I was like oh my god, I don’t think I’ve got a pension.
“When I spoke to my friends from their 20s to 55 and me included was not really that concerned about it.
“So many people have started to think about physical aging, everyone is spending money on face creams and injections.
“At the end of the day, they’re taking steps to prevent it but they’ve not organised their finances for later life.
“This is why me, the GC is fronting Pay Your Pension Some Attention campaign, because as a nation we really need to get on board with this. We are not thriving in this country, we are just barely surviving.
“There are no many people out there that can barely eat in this county.
“This is when it hits home and you’re going to want a nice retirement when you get older. We’re all guilty of buying stuff we don’t need but it’s time to take stock of your life and get your life admin in order and sign up for your pension.”
Gemma’s advice comes after Katie put her home up for sale earlier this month for £1.5m and estate agents handling the sale have revealed that a full asking price bid has been received.
But Katie won’t see a penny of the proceeds as the cash will be swallowed up by the debts she ran up against the Sussex home.
A source told The Sun: “Despite all the problems with the place, the asking price was a steal and priced to sell.
“Katie won’t be benefiting, however, as all the proceeds will go to pay off the mortgages she had leveraged on the place.”
Katie – once worth £45million – moved into the mansion ten years ago.
But the pad fell into disrepair as her chaotic personal life and finances spiralled out of control.
In 2022, her attempts to renovate the home featured in Channel 4‘s Katie Price: Mucky Mansion.