Just £118,000 Of Amy’s £10 Million Fortune Is Left

Amy Winehouse HomeThis report from the Mirror quotes just £118,000 of Amy’s £10 million fortune is left as Amy’s family have been forced to use much of the money to settle bills and debts since her death nearly two years ago.

While sources close to Amy’s family explained that the estate has had a lot of expenses, including legal fees, mortgage payments, security and taxes.

Speaking recently about the sale of Amy’s home, Mitch said: “It was an incredible drain on our resources. We had to have a lot of security and it cost us an absolute fortune.”

Amy Winehouse: Just £118,000 of singer’s £10 million fortune is left

Her family have been forced to use much of the money to settle bills and debts since her death nearly two years ago…

Amy Winehouse’s family have been forced to use much of her fortune to settle bills and debts since her death nearly two years ago.

Latest available accounts published this week reveal that there is less than £180,000 left in her six music companies, despite the singer being reportedly worth £10million at the height of her success.

Amy’s parents have had to take out loans of £600,000 to cover the costs of dealing with her financial affairs.

Dad Mitch, who was expected to share £3million from the will with Amy’s mum Janis, recently revealed that sorting out her estate had cost them an “absolute fortune.”

A source close to the family yesterday said new accounts due to be published in August would show royalties from her albums sold since her death would substantially boost her legacy.

But this week accounts were published for Lioness Records, which showed accumulated losses at £238,993 for the year ending February 28, 2013.

Also out this week are accounts for AW Promotions, which show a £140,176 profit, but another of her companies, Essney, showed a loss of £4,191 last November.

Accounts for the three other companies were published last August, including Cherry Westfield, which suffered a drop in profits of more than £1.7million to just £257,455. The total value of all six firms stands at only £176,991.

Just weeks after Amy’s death from alcohol poisoning in July 2011, aged just 27, her divorced parents Mitch and Janis set up a new company, Villeston Limited.

That firm also published its accounts this week, reporting a profit of £466,758. Mitch and Janis had each borrowed £299,297 from the business but it is understood the loans were recently repaid with the proceeds of the sale of Amy’s £1.9million home in north London.

A source close to the family says that when the later accounts for Cherry Westfield are published they will show a big increase in profits thanks to royalties from the 1.7 million sales of her records in the first 12 months since her death.

Amy’s two studio albums, Frank and Back to Black, both saw a noticeable jump in sales following her death, as did those of her hit single Valerie.

The source explained that the estate has had a lot of expenses, including legal fees, mortgage payments, security and taxes.

Speaking recently about the sale of Amy’s home, Mitch said: “It was an incredible drain on our resources. We had to have a lot of security and it cost us an absolute fortune.”

Following his daughter’s death Mitch set up a charity in her memory called The Amy Winehouse Foundation, which helps youngsters suffering from addictions.

Mitch donated all the royalties from his book, Amy, to the foundation.

A further £1 for every copy of his daughter’s posthumous compilation album, Lioness: Hidden Treasures, also goes to the charity.

Amy’s Camden home was recently sold where a Couple Hope To Live Quiet Life In Amy Winehouse’s Home.

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