Bernie Ecclestone worried about daughters spending off their kids' inheritance

Billionaire Bernie Ecclestone has expressed his exasperation at his daughter's spending habits, saying that they are squandering away the money he kept aside for their future children.

The Formula 1 boss said he had put £3 billion in a trust fund for his glamorous daughters Tamara, 27, and Petra, 22, to invest in property.

And instead, that money has been used to fund Petra's lavish 12 million-pound wedding, and to renovate both girls' luxury mansions to cater to their whimsical, indulgent tastes.

"I gave my wife the things that she put in a trust for herself and the children, and the girls have had access to that money," the Daily Mail quoted Ecclestone as saying.

"The idea was that they'd buy super-quality property that would be long-term, for their children and everything else," he said.

"It didn't happen. They haven't done that. So they've had access to money which they've spent," he added.

The trust is an account known as Bambino Holdings, which contains money Mr Ecclestone made from his ownership of the Formula 1 commercial rights.

Registered to his Croatian ex-wife Slavica Radic, 53, from whom he was divorced three years ago after 24 years of marriage, the trust fund has allowed his girls to indulge their amazingly extravagant lifestyles.

Despite his reservations, Ecclestone has still attempted to justify his daughters' spending habits.

"I suppose it's because —— one wonders —— and this is not in her defence —— how many other girls her age would do the same if they could?” he said.