Francis Bacon fortune spent by companion

LONDON, Aug. 31 (UPI) -- Francis Bacon's companion squandered most of the acclaimed 20th century British artist's $20 million estate on high living, it was reported Tuesday.

The net worth of Bacon's estate, a decade after the artist's 1992 death at age 82, is now less than $2 million because of the lavish lifestyle of John Edwards, Bacon's sole heir, Britain's Telegraph said.

Edwards reportedly spent the inheritance on homes for his parents and other family members, a farm for himself in Suffolk, England, and extravagant parties.

Edwards died of cancer last year in Thailand where he had lived for the past nine years in a penthouse apartment in Bangkok. He was 63.

At the time, some experts speculated Bacon's estate could have grown to a value of $30 million.

Probate records show, however, the estate to be worth approximately $5 million, but reduced to $1.3 million after liabilities.

Edwards left his estate to the John Edwards Charitable Foundation, a trust set up by Edwards a year before his death to promote Bacon's work.