Pete Doherty is `completely broke`

Updated: May 19, 2010, 09:04 AM IST

London: Pete Doherty is "completely broke" and has reportedly rented a "squalid" flat in a bid to save money.

The Babyshambles rocker, who has a history of drug addiction, has reportedly been forced to rent a flat in north London to save money, while performing low-key acoustic shows nearby in a bid to generate more cash, reported Sun online.

"Pete is completely broke. He`s found this squalid pad and he`s doing shows for any cash landlords will offer," said a source.

However, Doherty`s money troubles may be shortlived. The rocker recently admitted he will use his share of the 1.2 million pounds he is to receive for his former band `The Libertines` comeback shows at the Reading and Leeds festivals to pay his tax bill.

"What`s appealing about the money is what`s left after tax obviously. Which turns out is just enough to pay last year`s bill," said Doherty, who was kicked out of the group in 2004 because of his drug use, causing them to disband shortly afterwards.

This is not the first time the 31-year-old rocker has had money troubles. Two years ago he held emergency meetings with his band to find out where their cash was going.