Ben Goldsmith's 15-year-old daughter has been killed in a quad bike accident at the family's farm in Somerset.
Ambulance crews were called to the home in the village of North Brewham after the millionaire financier's eldest daughter Iris Annabel was involved in a crash.
The teenager was the heiress of two of Britain's most powerful dynasties - the Goldsmith and Rothschild families. She was the first child of Mr Goldsmith and his ex-wife Kate Emma Rothschild, who are believed to have a joint fortune of more than £300million.
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On Tuesday night a family friend told the Daily Mail: "This is the most awful accident. Iris was a complete firecracker – an absolute delight. Everyone in the family loved her to bits. She was beautiful, charming, intelligent, wonderful company and absolutely the loveliest person you could meet.
Emergency services confirmed they had attended the scene. A spokesman for South Western Ambulance Service said: "We were called on Monday at 3.15pm to attend an incident involving a vehicle at an address in North Brewham, Somerset.
"We sent the following resources to attend the incident: an air ambulance crew, a critical care team, a land ambulance crew, and two other paramedics."
Iris was the niece of Zac Goldsmith, the Conservative MP for Richmond Park and North Kingston. Mr Goldsmith and Ms Rothschild have two sons; Frank, 13 and 11-year-old Isaac. They separated in 2012 when Ms Rothschild began a relationship with US rapper Jay Electronica.
Mr Goldsmith married catering company boss Jemima Jones two years later with whom he has two young children, Eliza and Arlo. He is the youngest child of the late billionaire tycoon and politician Sir James Goldsmith and Lady Annabel Vane-Tempest.
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First to break the tragic news... from the Daily Mail Online. Locals in the quiet village told of their shock as the high-profile family comes to terms with the teenager's death, who is the daughter of heiress Kate Rothschild.
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Kate, 37, was staying at the country estate when the accident happened and her ex-husband Ben, 38, was playing in a cricket match in Surrey at the time.
Ben was at the cricket match when he received the call about the accident.
He had entered his own team at a private match held at Charterhouse School in Godalming, Surrey, and rushed back to Somerset to see Iris in hospital.
He told fellow players that she had been involved in a collision, but at that stage her injuries were not believed to have been life-threatening.
The game was abandoned when Ben sped away from the match with his two elder sons /Frankie, 13, and 11-year-old Isaac.
Kalim Khan, who was playing, told MailOnline: 'We were in the field and Ben's team was batting when he got a call to say that something was wrong.
'Two guys came onto the wicket to say that something serious had happened and Ben had to leave.
'His two sons were with him and half the team were his family and friends so we took the decision to abandon the game.
'We were told at the time the accident wasn't serious and that it wasn't a life-threatening situation. We were told that his daughter was ok, but that she needed to go to hospital.'
Mr Khan went on: 'Ben was on the phone constantly. Even when he got into the car he was on the phone to someone.
'We were told she would be fine, but that he had to go. He looked worried, obviously. He seemed concerned as any parent would be, but he wasn't panicking at that stage.
'It absolutely devastating what has happened to Ben and we are all thinking about him and his family.'
The vehicle Iris was riding with a friend is described as a 'ranger vehicle' - an all-terrain buggy with a roll-cage that resembles a cross between a quadbike and a small Jeep.
A spokesman for Avon & Somerset Police confirmed: 'We were called at about 3.15pm on Monday July 8 to a farm in the North Brewham area following the sudden death of a teenage girl.
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