Former The Only Way Is Essex star Mick Norcross left just £42,000 of his £6million estate after losing his self-made fortune to spiraling debts.
Businessman and regular cast member of the reality TV series, he took his life at 57 years old. He left behind assets such as a seven-bedroom Essex home.
But taxes, settlement of debts and various other fiscal matters has reduced the original £5.93million fortune to just £42,381, according to probate files.
Tragic: Former The Only Way Is Essex star Mick Norcross left just £42,000 of his £6million estate after losing his self-made fortune to spiraling debts
Norcross, father to former TOWIE actor Kirk Norcross and owner of Essex nightclub The Sugar Hut (which he died without leaving a will), will leave the remainder to Kerry.
It’s understood that the businessman also owed £554,503 to nine separate lending agencies, including more than £22,000 in tax.
The Willow bar and restaurant he owned closed down in December 2020. This was weeks before his passing.
Norcross was also believed to be unsuccessful in a £1.5million property deal in Bulphan, Essex, while a separate endeavour to restore the Grand Hotel in Leigh-On-Sea had also hit a financial stumbling block.
Mick used to live in a beautiful seven-bedroom Essex home (pictured).
Devastated: The businessman – a regular cast member in the long running reality show and the father of ex TOWIE co-star Kirk (pictured) – took his own life on January 21 aged 57
He was building five luxury houses in Bulphan, called the Bonham Grange Estate, where the asking price for a five-bedroom property is £1.75million.
Some of these properties, however, had been available for sale since November 2019.
Norcross lived in the mansion he had built in his village. He had an antiques shop near Brentwood.
Millionaire: Norcross, who was known for being the businessman in Essex on the hit TV show, eventually sold Brentwood’s nightclub in 2019. (pictured)
Sources told MailOnline he was set to make £5million on the Bonham Grange project but due to drainage issues and the financial cost of repairing damage, his payout was expected to be slashed to £3.5million.
The financial loss is thought to be the latest in a string of problems Mick has had over the past two years, which was made more difficult by the COVID-19 pandemic.
According to the source, Mick was in serious financial trouble. He was worried about the financial health of a few of his companies.
Starring role: The ex Sugar Hut owner and reality star, who rose to fame as the man behind the nightclub on the hit ITV2 series, was discovered at his home in Bulphan, Essex, by emergency services
‘He was hoping to receive £5million from the Bonham Grange estate which would have provided a timely boost, but drainage issues and the subsequent effect on the development saw his big pay-day slashed by around 1.5million. This was devastating for him.
The firm of his father stated in April that it hoped to have the project completed in 18 months.
Accounts for 460 Leisure filed in November, showed that the firm was £984,908 in the red and the books said bank loans stood at £5,216,666 for 2019 – up from £2.6m the previous year. The outfit had just £3,600 in its coffers at the time the figures were compiled.
Project: He was developing five luxurious houses in Bulphan called Bonham Grange Estate (pictured), which were located close to his family’s home. But it is said to have had drainage problems and he was looking at making £1.5million less than expected, an insider told MailOnline
Lavish: The executive properties (pictured) have an asking price for a five-bedroom property is on the market for £1.75million. One of the properties has been available since 2019.
Norcross spoke out about the project one year ago, saying that there was much work left to do in building the five floors and had to steelwork the foundations.
He pointed out that existing hotel chimneys are not safe and will be removed.
‘Nevertheless, we are getting on with the work, but it will cost us over £1million above our original estimate,’ he explained.
Work in progress: Before his death he was developing the famous Grand Hotel in Leigh-on-Sea into 18 luxury flats (pictured today) but owed £5.2m in loans and it was already £1m over budget
In July an inquest heard how Norcross took his own life amid financial concerns and deteriorating mood through COVID-19 lockdowns.
Kirk found him dead after smashing a window with his hammer in order to get to the property. He was not able to reach Kirk and the hearing was held.
Norcross first appeared on Towie in 2011 during the show’s second series. Kirk Norcross was his son.
Mick Norcross’ TOWIE moments
MARC 2011 Mick’s TOWIE appearance is when Kirk attempts set Gemma Collins up as a father-daughter duo. Gemma had expressed her wish to meet a Danny Dyer-Tony Soprano style older man. Kirk said Mick would be the perfect choice. He was not able to resist the lure of Chloe Sims, another newcomer.
APRIL 2011 Gemma kept her eyes on Chloe, but Gemma did not stop searching for Mick. Gemma left Mick an apple tart. He does not realize that it was a gift from her boutique owner.
Gemma kept on her search for Mick, and famously left Mick an apple pie.
MAJOR 2011 In one of the show’s most iconic scenes, Gemma is left heartbroken when she believes Mick is approaching her with a bottle of champagne at Mark Wright’s pool party however he is in fact heading toward Lauren Goodger’s sister Nicola. He said later that Gemma had been so distraught. It is possible that someone told Gemma I would come over to her instead of Nicola. She was not meant to be hurt. “I hate to think of upsetting anybody.”
SEPTEMBER 2011 Mick strikes up a romantic relationship with Maria Fowler, an enemy of Kirk. However, he splits from the couple the next month over the rumors flying about the couple.
Gemma, who believes Mick was approaching her with champagne and is about to break down in tears, is one of the iconic scenes from The Simpsons.
OCT. 2011 Kirk is shocked to hear Mick tell Mick he feels lonely.
Although I wasn’t there for you enough growing up, I want you to know that I’m still here for you. I’m willing to try the things that we couldn’t and can still do. It’s hard for me to express my feelings. I am a very hard person.
“Don’t get mad if you’re upset. Talk to me. This is where I push buttons with women. I’m surrounded by women ranging in age from 20 to 35. Kirk raised concerns about Mick’s women abuse and he responded: ‘Really Kirk Kirk? It’s not YOUR decision. You might think that I’m having fun, but each night, I arrive at this house alone, it is empty.
APRIL 2012 Mick is left in shock when a blaze breaks out at his Essex mansion after which he was treated for smoke inhalation while Kirk suffered minor cuts after attempting to put out the fire that broke out an upstairs rooms around 2.30pm. Mario Falcone saw the extent of the flames on-screen, and Mick spoke out about it.
MAI 2012 Mick invites a number of the TOWIE boys around for a poker night to christen his new man cave since his home renovation
March 2013, Mick announced his departure from the show after five series and banned filming in his club after becoming displeased with the reputation of fighting and fury among castmembers within the luxury establishment. Mick stated that his club was a luxurious venue, where guests come to enjoy champagne and be spoiled. All these rows they keep filming don’t show the club in a good light and I’m worried it’s putting people off coming, which is the last thing I want.’
Mick announced Mick’s resignation from the show following five series. He also banned filming at Mick’s club.