Sting keeps up his spirits in the material world with real estate deals netting more than £30m in profit

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The claims by Sting that there will not be much money for his children to inherit might sound implausible but accounts just filed by the former Police frontman are in the red.

The latest figures from Steerpike Limited, of which Sting is the major shareholder, reveal the company recorded sales of £14.1 million for the year to December 31, 2016, but it made an overall loss of £1.2 million.

The company now has net liabilities – meaning the value of its assets is less than the amount it owes – of nearly £40 million.

Rock on: Sting, with wife Trudie and four of his children, isn't short of cash with his property deals proving to be very lucrative 

However, that does not necessarily mean the singer-songwriter is short of cash.

Just days ago the star sold his luxury New York duplex for an impressive $50 million (£38 million). This was $6 million less than the asking price but was still a hefty return on the $27 million (£20 million) he paid in 2008.

Sting, whose real name is Gordon Sumner, grew up in a working-class family in Wallsend, North Tyneside, and is one of Britain’s most successful musicians having carved out a chart-topping solo career after his years as lead singer of The Police.

He is estimated to have sold more than 100 million records worldwide with hits including Roxanne and Spirits In The Material World.

Sting and his wife Trudie Styler own several properties including Lake House, an Elizabethan manor house in Wiltshire

He and his wife Trudie Styler own Lake House, an Elizabethan manor house in Wiltshire with 300 acres of land, as well as a wine and olives estate in Tuscany, a modern beach house in Malibu which he rents out for £161,000 a month, and a house in Grasmere in the Lake District.

Some of his property investments have proved stunningly successful. A nine-bedroom Central London townhouse, which he bought from Labour MP Shaun Woodward in 2003 and sold in 2015, made a £13.3 million profit – amounting to £3,000 a day.

Sting has two children – Joe and Kate – from his first marriage, and four – Brigitte Michael, Jake, Eliot Pauline and Giacomo Luke – from his marriage to Styler.

He says he can get through cash rapidly because he has so many staff. 

The latest accounts mention 77 employees. Staff costs, including social security and pension payments, totalled nearly £2 million, with the highest-paid director earning £168,000, down from £199,000 the previous year. 

The company is involved in music and films, as well as wine and food production and distribution. 

Sting owns 74 per cent of the business, Styler has 1 per cent and the rest is held in a trust. Steerpike owed Sting £5.3 million at the end of last year.