I'VE BLOWN MY £700K... NOW I'M HOMELESS

Nickell-ordeal Stagg broke & living in council 'shelter

-  NICOLA SMALL

THE man who was wrongly accused of murdering young mum Rachel Nickell has revealed he is living in a homeless shelter after blowing his £706,000 compensation.

Colin Stagg was handed the payout by the Home Office in 2008 to help "rebuild his life" after being the victim of a Met Police honey-trap operation.

But he admits that getting the cash felt "a bit like winning the lottery" and he splashed out on cars, holidays and gifts for loved ones because he wanted "to live for the moment" after his ordeal.

Now, he has burned through the payout and turned 60 last month living in a council emergency shelter after his girlfriend kicked him out in April.

Colin said: "It's a terrible shock being homeless at my age. All I've ever wanted is a quiet life.

"I never had big ambitions but I certainly didn't see myself spending my 60th birthday in a homeless hostel.

Former model Rachel, 23, was stabbed to death in front of her twoyear-old son while walking her dog on Wimbledon Common, South West London, in July 1992.