Kate Garraway forced to sell £2 million home amid £800k debt

Kate Garraway has been forced to sell her second home after being left in £800,000 debt due to caring for her late husband Derek Draper.

The TV presenter, 58, was left the mammoth bill after Derek fought a brave four-year battle against Covid before tragically passing away in January last year.

She is also battling company debts after Derek’s psychotherapy firm Astra Aspera Ltd went bust owing hundreds of thousands to creditors including a huge sum to HMRC with Kate currently trying to pay back some of the debt.

Now the Good Morning Britain star is flogging a stunning three-bed, four-storey townhouse in Islington, north London, which the couple bought for £550,000 in 2004.

The property had been up for rent for £6,750-a-month, but is now in the process of being sold, confirmed by the Land Registry Office, and should fetch around £2 million.

In January last year, the Mail on Sunday reported that Kate was faced with having to sell her five-bedroom family home in Muswell Hill, but by selling her second home, this appears to have been avoided.

Daily Mail have contacted Kate’s representatives for comment.   

One source said at the time: ‘It is so sad for Kate. Not only has she had to watch her beloved husband suffer for almost four years but her financial worries have never been far away from her thoughts.

‘It has cost hundreds of thousands of pounds to look after Derek and do everything she could to get him better but it’s left her struggling.

‘The house is about all she has left financially and she is now facing up to the fact it might have to be sold.’

According to the rental listing for her Islington pad, it has a roof terrace and private garden.

‘This beautifully presented 3-bedroom terraced house offers a perfect blend of modern living and period charm. Spread across four spacious floors, this property is ideal for those seeking comfort, style, and convenience.

‘The ground floor features a welcoming living area with original features and ample space for relaxing or entertaining. The fully fitted kitchen is stylish and functional, leading directly to a private garden, perfect for outdoor dining or enjoying the fresh air.

‘On the first and second floors, you’ll find well-sized bedrooms, each offering plenty of natural light and built-in storage. The top floor boasts a stunning roof terrace with panoramic views across London, making it the perfect spot to unwind or entertain guests,’ states the blurb.

An identical property on the same street sold for £1.865M in June last year.

The most recent liquidator’s report for Astra Aspera Ltd shows that Kate has been trying to repay some of the debt she owes – and HMRCS have dramatically decreased their tax demand.

The directors’ loan account was overdrawn by £139,849, but the liquidator, Greenfield Recovery, hired solicitors, The Wilkes Partnership, ‘to assist in the recovery… and the sum of £21,000 has been received in this report period’.

According to the latest liquidator’s report, HMRC has submitted a new preferential claim of £288,054.

This is a third of its previous submission of £716,822. It’s not known why the HMRC has dropped its demand.

There are also creditor claims of £196,548 from four other firms including a £50,000 bank loan.

It looks like there’ll be no pay out for creditors.

In 2012, two other companies jointly controlled by Kate and Derek were wound up by creditors.

Fulfill Media Ltd had debts totalling £922,807, which included £88,486 owed to HMRC, £90,882 to trade creditors, and £462,808 in ‘third party loans’.

Countrymouse Media Ltd was liquidated owing £189,121, which included £98,944 to the taxman and £48,000 on an overdrawn directors loan account. 

Derek and Kate were both personally owed £24k each by the business.