Tori Spelling, Dean McDermott, Family

Gabriel Olsen/Getty Images

Tori Spelling is not bankrupt, you guys, and she's working very hard to make sure her children know the value of money.

The 42-year-old Beverly Hills, 90210 alum, who's headed a slew of her own reality shows, had sparked speculation of financial trouble in January when it was revealed American Express was suing her for failing to pay a credit card balance of $37,981.97. Court documents showed Tori was unable to complete a payment of $1,070 last June. It is unclear if she and husband Dean McDermott, 49, have since paid off or settled their debt.

"I just want that story to go away!" Tori told People in an interview posted Thursday. "We're doing a great new series, I'm really happy, we're doing a new show on Cooking Channel—we're not bankrupt, we're not struggling, we're fine!"

"[The] kids [are] good, family's good, I'm healthy, finances [are] good," she added.

Tori, McDermott and their four children—Liam, who will turn 9 this weekend, Finn, 3, Stella, 7, and Hattie, 4—are currently living in a 3,900-square-foot home in Encino, California, which they are renting for $7,500-per month, People reported.

Tori grew up in Beverly Hills with her parents, Candy Spelling and famed multi-millionaire Beverly Hills, 90210 producer Aaron Spelling.

"I don't blame anyone, but that probably set me up for not knowing too much about how to handle money a little bit, and I don't want the same thing to happen with my children, so we're open about stuff," the actress told People.

"My husband and I work really hard," she said. "I mean, I'm constantly out there working," she says. "It's so important for my children to see that both their parents are working, and we talk to them about it. My kids are like, 'It's not fair, why aren't you home more?' And I explain [things] to them and we talk about money."

Aaron died in 2006. Tori said last she received $800,000 in inheritance money.

The actress told People rumors of financial trouble began even before the credit card story, after she wrote her 2013 memoir, Spelling It Like It Is. In the book, she writes, "It's no mystery why I have money problems. I grew up rich beyond anyone's wildest dreams. I never knew anything else. Even when I try to embrace a simpler lifestyle, I can't seem to let go of my expensive tastes."

In her book, Tori reveals her family took a financial loss when they sold a home and that in between house moves, closing her antiques shop InvenTORI, the reality show Tori & Dean being canceled, their "bank account has taken a major hit."

"We're not perfect, we have made a lot of choices financially with real estate that didn't work out," the actress told People. "And that just escalated into this story about financial struggles, bankruptcy."

Tori's last reality show, True Tori, aired for one season in 2014. During one episode, the actress said she felt "overwhelmed" with her financial issues. She is set to appear with party planner David Tutera on the new season of his WE tv reality show CELEBrations, which premieres Friday.

McDermott hosted Chopped Canada for two seasons until 2015. He currently stars on the new Chiller TV series Slasher, which premiered last week and was filmed in his native Canada.

Tori and her husband also appeared in a Thanksgiving special on the Cooking Channel last year and the family has also filmed a Spring Picnic special set to air on the cable network on March 20.

PHOTOS: Look back at Tori and Dean's romance

  • Share
  • Tweet

We and our partners use cookies on this site to improve our service, perform analytics, personalize advertising, measure advertising performance, and remember website preferences. By using the site, you consent to these cookies. For more information on cookies including how to manage your consent visit our Cookie Policy.