Fergie, Duchess of York, is $8 million in debt and according to a senior financial adviser to Buckingham Palace may have to claim bankruptcy. The debts stem from personal and business debts on both sides of the Atlantic, though the majority come from legal fees in the US.
The Queen is highly embarrassed, and “deeply concerned.” No senior member of the hoity-toity Royals has ever been this financially strapped.
Her Highnessis not likely to dig into her pockets to help out, but Fergie’s ex-husband the Duke of York is said to be making a rescue plan.
He is likely coming to her aid to help stave off embarrassment for himself and their children Princesses Beatrice and Eugenie.
This isn’t the first time Fergie has dragged their family name through the mud. Back in May she tried to sell access to the Duke and was filmed taking $40,000 down payment from an undercover reporter. She apologized for her “serious error of judgment” and said the Duke of York knew nothing of her actions, but the damage to their status was done.
A spokesman for the Duchess declined to comment yesterday on the size of her debts. “There is currently a review of the Duchess’s finances under way and a number of options are being considered,” he told the Telegraph. ”No decision has yet been taken. She has a number of options for rebuilding her career and she is in talks for new contracts regarding licensing, books, television, photography, public speaking and other projects.”