Pamela Anderson has spoken for the first time about her huge debts after building her dream home left her millions of dollars in the red.

The actress has been forced to move into a trailer park during construction of her beach home in Malibu, California.

Assets stripped: Pamela Anderson is having to live in a trailer

But the 42-year-old now fears she may have to sell it after going over budget.

She said: “I am $3m over budget and I should have moved in over a year ago. I'm tiling the whole pool in platinum — that's expensive!”

The Playboy and Baywatch star sobs whenever she visits the house, which she bought for £850,000.

She said: “I'm going to sell it. I hate it. People commit suicide over constructions. Relationships break down over constructions and I can see why. It rips your heart out.”

Anderson was speaking to former EastEnders star Joe Swash for a documentary called Pamela Anderson: At Home With Joe for Living TV.

She showed Swash, 27, and his film crew round the house and told him the financial situation was so bad that she lives in a trailer with her electrician boyfriend Jamie Padgett, 42, and her two sons Brandon, 13, and Dylan, 11.

She reportedly has just $4,000 (£2,400) in the bank and needs to spend at least $800,000 (£480,000) more to make the house habitable.

Last week it was revealed that she has signed up for a two-week stint as the Genie in Aladdin at the New Wimbledon Theatre.

When her guest appearance was announced, box office takings increased by 800 per cent, but she will reportedly earn only £375 a day.