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I was on the brink of being bankrupt after US lifestyle firm failed, says Duchess
Ellen Widdup26.10.09
The Duchess of York today revealed how she lost £600,000 after taking the advice of an unnamed money "mastermind".
Sarah, former wife of Prince Andrew, was left on the brink of bankruptcy after ploughing her life savings into Hartmoor, her own lifestyle company in the US.
Today she blamed her decision to start the business on advice from someone who claimed to have masterminded the careers of several big entertainers. She had been so convinced about the future of the company, which produced health foods and vitamins, that she signed a contract that prevented her working for any other firm.
"It's been a difficult and challenging time," she said. "I wasn't on the management team, I was an employee and an investor and, yes, of course I am very disappointed and upset at what happened.
"I could write a really interesting book about finance for women and the first bit of advice I would give is never sign away your intellectual property. You won't have any control over your own life. That's what happened to me."
It is understood that Hartmoor collapsed after the Duchess failed to land major endorsement deals and allegedly fell out with her majority business partner, US multi-millionaire investment banker Todd Morley, who was not her adviser.
Last month the Duchess was taken to court by three UK firms over £21,539 in unpaid bills. She said she had toyed with declaring herself bankrupt but decided that was the "easy option."
She told Hello! magazine that her daughters, princesses Beatrice, 21, and Eugenie, 19, had helped her through her darkest hour. "It's very hurtful for them," she said. "Eugenie says everything she reads about me is so far removed from the mother she knows that it makes her laugh."
She said that Prince Andrew was "the best ex-husband anyone could ever have, and a total support to me".
The Duchess has signed a deal for her children's book series and hopes her family has come through the worst.
"I am not and never will be a victim," she said. "I know I am the luckiest woman in the world.I've just been facing difficulties like so many other people. The good news is I don't want to be perfect. I'm just me and I'll never change. I always come out fighting."
Reader views (4)
I wish this publicity seeking parasite would return to the US where she claims she is "loved" - but most Americans admit they haven't a clue who she is. She could do tax payers a huge favour if she also took her work-shy ex-husband and two daughters with her. We are sick of having to fund the lifestyle enjoyed by this dysfunctional family.
- R.F.York, Yorks, UK
That's it, Ma'am, don't ever change. Don't ever learn and don't ever grow up.
- Bloke, Lambeth
The sooner her and her obnoxious daughters disappear into the obscurity they deserve the better.
- Jm, London
We don't care, says British people.
- Frank, Home Counties, England.
