The Caradeuc family were turned down for a council house when officials discovered they had spent a quarter of a million pounds in just a year.
Keith Caradeuc, 53, inherited the money from his father's estate – worth around £500,000 – which he split with his brother.
The dad-of-two admits he bought cars, moved to a nicer rented house, and paid for pricey weight-loss ops for wife Tania Caradeuc, 42 when they inherited the cash in 2015.
But now the Caradeucs, from St Peter Port, Guernsey, say they have no money left to pay their rent.
Former Sports Direct employee Tania said: "In hindsight the money should have lasted longer.
"I was excited when I found out about the money because I came from a not very well-off family and I've never seen money like that in my life, it was very overwhelming for both of us.
"But it's ruined everything, in a way it was the worst thing that could have happened.''
Keith, a former delivery driver, and his brother sold their father's house in June 2017 and shared approximately £420,000 from the sale which topped up their inheritance.
The family went on a spending spree – moving from their council house in St Jacques to a nicer property in St Martin.
But their lavish lifestyle ended abruptly in March this year, just nine months after the house sale.
Tania said the pair were shocked to realise they had spent around £250,000, including the inheritance money and the income from the property sale.
She explained: "I said, 'What do you mean all the money's gone, it can't be?'"
Her £30,000 surgery mostly took place in 2015 and included a gastric sleeve, "tummy tuck" and loose skin removal.
She also had further surgery on her arms in late 2017.
"It was Keith's idea," she said. "I lost ten stone, it was for medical reasons, my doctor said I have added years to my life, I wanted to make sure I was around for my children.
"Some people have acted negatively about that, they have said it was the easy way out, but it hasn't been easy."
Keith and Tania, who have two children, say they are able to work due to mental or physical disabilities.
The family still receive disability and carers allowance for one of their daughter's who has a rare chromosome deficiency condition.
But they don't have enough income to pay the rent at their new home, and have now applied for a council house.
During the application the Caradeuc's had to supply bank statements and as a result their application was refused due to "depletion of capital".
A spokesman from Employment & Social Security on Guernsey said it treated everyone who applied for social housing fairly.
They said: "When social housing tenants come into substantial sums of money, typically through an inheritance, they are required to vacate their States house.
"We communicate clearly with tenants who leave in such circumstances and inform them of the length of time that they are expected to accommodate themselves away from social housing.
"It is important that the system treats everyone fairly, given the demand for social housing.
"People unable to support themselves, in terms of day-to-day living and rent, are encouraged to apply for income support."
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