Boyzone’s Stephen Gately had £2m debt

Reports out yesterday reveal a £2m debt for the late Boyzone star Stephen Gately.

The much loved Boyzone star had a £3.3m fortune when he sadly and suddenly passed away late last year but it is believed he had racked a £2m debt on various tricks and treats. This news has seen the value of his estate drop significantly.

At the time of his death, Stephen was thought to be worth £10million, but the Probate Registry released these new figures yesterday showing the real sums.

Once all the debt has been paid the a remainder will be divided between his widow Andy Cowles and his parents.  Andy, who has made his own fortune as an internet tycoon, will get £450,000 and half of the rest of Stephen’s money – £519,000 – as well as all of his personal possessions. Leaving £519,910 to Stephen’s parents.

As he did not leave a written will, though there has been speculation that he did write one but a copy went missing, his sister and three brothers will all inherit nothing.

It is not yet certain whether Andy will accept the money or stick by his vow shortly after Stephen’s death to give anything handed down to charity.

Stephen and Andy met in 2002 and a year later had a commitment ceremony in Las Vegas. They entered a civil partnership in 2006. Stephen sadly passed away suddenly in October last year leaving his husband, band mates and thousands of fans devastated.