The Babyshambles rocker – who has a history of drug addiction – has reportedly been forced to rent a flat in Camden, north London, to save money, while performing low-key acoustic shows nearby in a bid to generate more cash.
A source told The Sun newspaper: “Pete is completely broke. He’s found this squalid pad and he’s doing shows for any cash landlords will offer.”
However, Pete’s money troubles may be shortlived.
The rocker recently admitted he will use his share of the £1.2 million he will receive for his former band The Libertines’ comeback shows at the Reading and Leeds festivals to pay his tax bill.
Pete – who was kicked out of the group in 2004 because of his drug use, causing them to disband shortly afterwards – said: “What’s appealing about the money is what’s left after tax obviously. Which turns out is just enough to pay last year’s bill.”
This is not the first time Pete has had money troubles.
He revealed two years ago he was holding emergency meetings with his band to find out where their cash was going.
He said at the time: “I’ve got a few concerns at the moment over issues with management – where the money has been going and distribution of wealth. Babyshambles need to sit down as a band and talk about the future. After two years of a***ing about, we could actually make money out of this job.”