Times are tough for the fomer model

Katie Price has been forced to sell the engagement rings that Peter Andre gave her in a bid to rectify her financial turmoil.

Katie Price

Friends of Katie, who was officially declared bankrupt last week, say she’s keen to flog two of the three engagement rings Pete bought her.

“Katie’s got three engagement rings from Peter – she wants to keep the first one for Princess but the other two ‘upgrades’ she’s willing to sell,” an insider told The Sun Online.

READ MORE: Katie Price BLAMES Peter Andre for bankruptcy in bizarre ‘tipsy’ train rant

“She says they’re worth nothing to her anymore and she wants a fresh start.

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Friday night family time with my @officialjunior_andre 💙

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“She’s not sure if she’ll sell them in a private auction or a public sale but she wants to sell them to the highest bidder and cash in.”

The rings are thought to be worth a whopping £230k in total.

“The first ‘upgrade’ was worth around £150,000 at the time – and the second one cost around £80,000,” claims the insider.

Katie and Peter got married in 2005, after he popped the question following their romance in I’m A Celebrity Get Me Out Of Here in 2004.

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Bista making us laugh 😆

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The pair split in 2009, and Katie has been married twice since – to Alex Reid and Kieran Hayler.

She recently split from her fiance, Kris Boyson.

News that Katie will flog the rings Pete bought her comes after it was reported that her first husband feels sorry for her.

A source told new! magazine: “Pete had a feeling this was going to happen, but he is far from happy about it. He feels sorry for Katie.

“He has a soft heart and, despite their differences, he wouldn’t want to to see the mother of his kids suffer.”

Peter also apparently called Katie to tell her he “was sad to hear about the bankruptcy”, told her “not to worry about the kids” and that “he’s happy to look after Junior and Princess financially.”