FORMER The Only Way Is Essex star Mick Norcross left just £42,000 of his £6million estate after losing his self-made fortune to spiraling debts.
Businessman and regular cast member of the reality TV series, he took his life at 57 years old. He left behind assets such as a seven-bedroom Essex home.
But taxes, settlement of debts and various other fiscal matters has reduced the original £5.93million fortune to just £42,381, according to probate files.
Former The Only Way Is Essex star Mick Norcross left just £42,000 of his £6million estate after losing his self-made fortune to spiraling debts
Norcross, father to former TOWIE actor Kirk Norcross and owner of Essex nightclub The Sugar Hut (which he died without leaving a will), will leave the remainder to Kerry.
It’s understood that the businessman also owed £554,503 to nine separate lending agencies, including more than £22,000 in tax.
The Willow bar and restaurant he owned closed down in December 2020. This was weeks before his passing.
Norcross was also believed to be unsuccessful in a £1.5million property deal in Bulphan, while a separate endeavour to restore the Grand Hotel in Leigh-On-Sea had also hit a financial stumbling block.
The businessman – a regular cast member in the long running reality show and the father of ex TOWIE co-star Kirk (pictured) – took his own life on January 21 aged 57
He was building five luxury houses in Bulphan, called the Bonham Grange Estate, where the asking price for a five-bedroom property is £1.75million.
Some of these properties, however, had been available for sale since November 2019.
Norcross lived in the mansion he had built in his village. He had an antiques shop near Brentwood.
Norcross, who was known for being the businessman in Essex on the hit TV show, eventually sold Brentwood’s nightclub in 2019. (pictured)
Sources told MailOnline he was set to make £5million on the Bonham Grange project but due to drainage issues and the financial cost of repairing damage, his payout was expected to be slashed to £3.5million.
The financial loss is thought to be the latest in a string of problems Mick has had over the past two years, which was made more difficult by the COVID-19 pandemic.
According to the source, Mick was in serious financial trouble. He was worried about the financial health of a few of his companies.
he ex Sugar Hut owner and reality star, who rose to fame as the man behind the nightclub on the hit ITV2 series, was discovered at his home in Bulphan, Essex, by emergency services
‘He was hoping to receive £5million from the Bonham Grange estate which would have provided a timely boost, but drainage issues and the subsequent effect on the development saw his big pay-day slashed by around 1.5million. This was devastating for him.
The firm of his father stated in April that it hoped to have the project completed in 18 months.
Accounts for 460 Leisure filed in November, showed that the firm was £984,908 in the red and the books said bank loans stood at £5,216,666 for 2019 – up from £2.6m the previous year. The outfit had just £3,600 in its coffers at the time the figures were compiled.