Hell's Kitchen Star Sells Ferrari to Stay Afloat

Hell’s Kitchen star Gordon Ramsay was hit so badly by the credit-crunch that he had to sell his prized Ferrari to keep his restaurant chain afloat, it has been revealed.

The wealthy Scottish chef’s business was threatened with ruin after amassing over $10 million in unpaid taxes.

Firey Ramsay faced his very own ‘kitchen nightmare’ after his accountants urged him to give-up control of his business so they could sell off large chunks of it.

But the dad-of-four refused the proposal and raised $7.5 million of his own cash including the sale of his $250,000 Ferrari.

The celebrity chef devised a plan to save Gordon Ramsay Holdings which he runs with his father-in-law Chris Hutcheson which meant some personal sacrifices.

He told The UK’s Sunday Times newspaper: “We were told to go into administration and Tana, my wife, discussed selling our house.

“There was no way I was going under – I couldn’t let down my staff and suppliers – but the car had to go.

“God, I loved that Ferrari but we got rid of our losses. We’ve got strong trading. Stop now? No way. The best is yet to come.”

Ramsay – who has become a household name in America through Hell’s Kitchen and Kitchen Nightmares – was worth an estimated $100 million fortune before the recession hit.

Last year, he cheated death after he plunged off an 85 ft high cliff in Iceland while filming a segment about puffin hunting – his film crew rescued him after throwing him a rope and pulling the chef out of the water.

(Photo: Wenn)