Kate Jackson Says She's in "Financial Ruin"

Actress Kate Jackson is the latest celebrity to have money troubles. Jackson says she's in "financial ruin." INSIDE EDITION has the story.

Kate Jackson claims she's in "financial ruin."

The 61-year-old Charlie's Angels' star has lived a reclusive existence since making that now famous reunion with her fellow Charlies Angels stars at the 2006 Emmy's.

Kate was a no-show at last month's TV Land awards honoring her late pal Farrah Fawcett. Now we know, she's been desperately concerned about money.

Kate Jackson says her money problems began when her financial advisor suggested she buy a home in Santa Monica for more than $2 million. Kate says he knew she was overpaying for the property and that she couldn't afford it. Now she says the home has lost much of it's value in the real estate crash, which has hit southern California particularly hard.

The house is just 1,800 square feet with 2 bedrooms in a not-so-great part of Santa Monica.

Now Kate is suing her financial advisor, Richard B. Francis, for $3 million. Her claims are contained in her lawsuit, she also says she's on the verge of bankruptcy and has "suffered financial ruin at the hands of the very person she entrusted with her finances."

Francis was also the late Farrah Fawcett's financial manager. He is denying any wrongdoing, and was quoted as saying, "this case will never go to court."