London, UK – June 11, 2025, 07:20 AM BST – Former This Morning presenter Phillip Schofield has traded his opulent lifestyle for a modest new home after selling his entire property empire to address a shocking debt crisis, a development that has left fans reflecting on the steep decline of a once-iconic TV figure. The 63-year-old, who exited ITV in May 2023 following an affair scandal with a younger colleague, has offloaded his £1.2 million south London penthouse, £2 million Chiswick bachelor pad, and £2.5 million Oxfordshire family mansion, relocating to a humble two-bedroom cottage in rural Devon, a move that underscores his financial struggles.
Exclusive sources reveal that Schofield’s debt crisis stems from exorbitant legal costs and a sharp decline in income after his ITV departure. Facing over £1.2 million in legal fees from defending himself against claims related to the affair, coupled with the loss of his lucrative hosting gig, the presenter was forced to liquidate his assets. The south London flat, linked to the scandal, sold for £1 million after a price cut, while the Chiswick property and Oxfordshire home fetched their full valuations. “He had no choice but to sell everything to clear his debts and secure some stability,” a close friend disclosed, noting that his Cornwall holiday home may also be on the market.
The new Devon cottage, bought for £300,000, offers a stark departure from his former luxury. The quaint home features a compact kitchen with vintage appliances, a snug living room with a fireplace, and a small garden where Schofield has been seen planting flowers. “It’s a far cry from the grandeur he once enjoyed—simple, but it’s his now,” the friend added. Social media posts on X reflect a wave of regret, with fans writing, “Phillip selling it all is heartbreaking—wish we could turn back time” and “From £2.5m homes to this—his debt crisis is a shock.”
Schofield, who has kept a low profile since his 2024 Cast Away stint on Channel 5, appears to be embracing a quieter life in Devon, possibly with support from his estranged wife Stephanie Lowe. The debt crisis, a consequence of the scandal’s fallout, has eroded much of his £9 million net worth, leaving him to rebuild from scratch. As viewers mourn the loss of his TV presence, the humble new home stands as a poignant symbol of resilience amid a shocking financial reckoning.