Sunday, April 10, 2011

Sharon and Ozzy Osbourne face losing their US home over £1million tax debt

By Paul Revoir

In debt: Ozzy and Sharon Osbourne owe more than £1million to the US tax authorities and could face losing one of their homes in the US

Now so long ago they were ranked among the wealthiest couples in Britain, having accumulated a £100million fortune.

But now Ozzy and Sharon Osbourne have run up £1million in tax debts and are at risk of losing one of their homes, it has emerged.

They are being chased by U.S. authorities over two years of unpaid tax, according to a Sunday newspaper.

Documents filed by tax authorities show that ‘John and Sharon Osbourne, ‘self-employed’, owe $718,948 (£440,000) in tax from 2008 and $1,024,175 (£625,900) from the following year, making the total owed $1,743,123 (£1,065,000).

In 2005 they were included in a list of the UK’s most wealthy couples.

But on Saturday Mrs Osbourne posted a message on Twitter which said: ‘You can’t rely on anyone but yourself. You have to be on top of your own business affairs. My fault … lesson learned.’

At risk: The family's £7.5million mansion on the Hidden Hills estate in Los Angeles could be seized by the IRS

The couple, who are thought to own seven properties, are said to have been hit hard by the recession. However, if they sell one of their homes, it is likely they would be able to pay the tax they owe.

Former X Factor judge Mrs Osbourne, 58, who is thought to have spent more than £120,000 on plastic surgery in the past and is renowned for her love of shopping, is, according to friends, ‘mortified’ by the situation.

The couple are also known for being generous to charitable causes, with Mrs Osbourne donating a £100,000 diamond necklace and ring to a tsunami charity in 2005.

On the market: The Osbourne's Malibu home is up for sale for $10million and would clear their debts if it is sold

Her husband, 62, famously gave a £3,000 gold crucifix to a beggar who asked him for spare change.

An American legal expert, Peter Haven, told the Sunday Mirror there was a serious risk that the Internal Revenue Service, the U.S. tax office, could seize their £7.5million house in LA suburb Hidden Hills or their £6.1million beach house in Malibu.

He added that the couple’s 2010 tax is expected to be paid in the next week. If that goes unpaid then the money owed could increase significantly.

Family crisis: The Osbournes (L-R Jack, Ozzy, Kelly, Sharon and Aimee) in a rare snap together at a music awards night in LA last summer

Documents filed in Los Angeles are also said to reveal that their daughter Kelly, 26, owes £21,000 in unpaid taxes from 2009.

A spokesman for the family was unavailable for comment.


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