Pete Doherty 'Broke' and Forced to Rent 'Squalid' Flat

Pete Doherty is reportedly close to penniless and having to rent a "squalid" flat to save money. The latest installment in the Babyshambles singer's sorry tale sees him living in a small North London flat and performing local acoustic shows in order to scrape by.

A source was quoted by The Sun saying, "Pete is completely broke. He's found this squalid pad and he's doing shows for any cash landlords will offer."

It is not the first time Doherty has been in financial trouble. Two years ago Babyshambles were forced to hold emergency meetings to work out where their money was going. Doherty said at the time, "I've got a few concerns at the moment over issues to do with management -- where the money has been going and distribution of wealth."

However, his latest spell of poverty is not likely to last, with the reunion of the Libertines, who perform at this year's Reading and Leeds festivals, netting Doherty a share of the band's £1.2 million ($1.7 million) payday. Doherty has said he will pay off his tax bill with the money.