Michael Schumacher Latest News: Wife Sells His Private Jet & Holiday Home

Michael Schumacher's wife decided to sell the F1 racing champion's private jet and the family holiday home. According to Travel AOL, Schumacher's wife, Corinna, has been taking care of her husband's $770 million "business empire" since the F1 racer's skiing accident in 2013.

The seven-time F1 world champion's business still reportedly makes millions, according to Travel AOL. Corinna looks after several aspects of the business including bank accounts, lawyers, business advisers and the personnel involved.

According to Daily Mail, a report in Germany said about this about Corinna: "As a woman, she is alone. Alone in a golden empire."

"Bunte," a German magazine, states, "When it became clear that the old Schumi perhaps never would return, Corinna had to accept her new life. She had to act."

The wife of Michael decided to sell his private jet for $38 million after realizing that her husband might not be able to ever fully recover, states Sydney Morning Herald.

The report adds that along with the private jet, Corinna also sold their holiday home in Norway. Travel AOL states that she sold the home in Norway for $3 million.

It seems that the wife of the F1 racer is also planning to sell their chalet at Meribel in the French Alps, reported Sydney Morning Herald. The chalet was where her husband was staying when the skiing accident occurred, added Travel AOL.

According to Daily Mail, a German report explains Corinna's decision. "She knows her husband, who requires care and therapy around the clock, will never enjoy these things again," the report stated.

Sydney Morning Herald revealed that Schumacher is taken care of 24/7 in his home in Gland, Switzerland. The report added that the former F1 champion is "unable to speak or walk."

According to Christian Today, the Formula One racing champion is mute but "shows signs of awareness." It added, "[Michel Schumacher] cries when he recognizes people in his room, particularly his children."

Michael won seven world championships as an F1 racer, stated Daily Mail. He has won more championships than any other F1 racer in history, the report added.

Daily Mail reports that on the official Formula One website, Schumacher is described as "statistically the greatest driver the sport has ever seen."

His son, Mick, seems determined to follow in his father's footsteps as he recently won his first Formula 4 race in Germany last month, reported Travel AOL.