05/11/2012 08:08 GMT | Updated 22/05/2015 06:12 BST

They Might Be Worth Millions But My Girls Spend Too Much On Shoes, Says Bernie Ecclestone

Bernie Ecclestone justifies his daughters' spending - but not on shoes and handbags! PA

It would seem that despite his wealth, Bernie Ecclestone is a dad like any other in that he thinks his daughters spend too much on shoes and handbags!

The multi-millionaire tycoon and Formula One boss told the Independent that he doesn't think Tamara, 28, and Petra 23, SHOULD splash so much cash on designer accessories, even if they are 'in the fortunate position of being able to'.

The girls - who are Bernie's daughters from his now-collapsed second marriage to Croatian model Slavia Radic - had access to their trust fund millions when they turned 18.

They have subsequently not held back in spending it, investing millions in property around the world. Older sibling Tamara currently lives in a £45m pad in Kensington, west London, while her younger sister resides in a £56m grade II-listed Georgian townhouse. Last year, Petra forked out on a 14-bedroom mansion in Los Angeles, which boasts its own bowling alley and 100-car garage.

Her dad reportedly told her at the time 'my God I can't imagine living in a house that big'.

But proud dad Bernie admitted that although he does not approve of some of his girls' more frippish spending habits, he can justify it in terms of the financial security their bigger purchases have resulted in.

"All the properties that my daughters have bought they could sell today for big profits so any handbags and shoes they have bought fall into insignificance," he said.