Michael Winner leaves his widow with £12m headache

The late Michael Winner loved to boast about his lavish and opulent lifestyle — but it seems it ended up leaving him with £12 million debts.

The director and food critic made no secret of his largesse, with a multi- million-pound London mansion, classic cars, rented helicopters and an annual £90,000 holiday to the Caribbean.

But, although he admitted borrowing £9 million three years ago, it has been claimed the flamboyant celebrity’s actual debts were even greater because of huge loans taken out against his seven-bedroom Holland Park home.

His gross estate is understood to be £16.8 million but, after debts are paid, that fortune shrinks to £4.75 million even before inheritance tax at 40 per cent is factored in.

Lawyers have been seeking to untangle the numerous loans Winner took out to fund his lifestyle, but also to provide for ex-lovers and staff after he set them up in various flats around London.

Winner died in January aged 77 after battling ill health for some time.

His widow Geraldine was said to be expecting to receive £5 million as well as his luxurious property — once said to be worth £60 million but valued at closer to £20 million.

An added complication, if she were to sell, is that the house — owned by Winner’s company, Parc Holdings — has just 32 years left on the lease.

Prospective purchasers would probably be given the option to acquire the freehold, which belongs to the Ilchester estate, but that could cost a further £15 million. Latest documents lodged at Companies House show Winner’s company has assets of just over £1 million after a £2 million loan taken out against the property in 2007 is considered.

He claimed to have “millions” stashed in Guernsey, but it has emerged there are other debts — believed to have been taken out as an individual — that have dwindled his fortune.

One former live-in lover, Catherine Nielson, was left her flat plus £1 million cash. Another was left her flat plus £600,000. However, both are understood to have received hefty tax demands.