Ben Goldsmith and his wife have been left 'devastated' by the death of their 'beautiful, charming, intelligent' teenage daughter in a 'quad bike' accident on the family farm.
Ambulance crews were called to the Goldsmiths' home in the Somerset village of North Brewham on Monday afternoon after the millionaire financier's eldest daughter Iris Annabel, 15, was involved in a crash.
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.
A family friend told the 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.
'Ben and Kate are completely devastated. They are numbed to their core and united in their grief.
'Iris captured the charm of Ben and the sense of Bohemian charisma of Kate. All the family are rallying round Ben and Kate.'
Financier Ben Goldsmith's eldest daughter Iris Annabel (pictured) has been tragically killed in a quad bike crash at the family's farm in Somerset
Locals in the quiet village told of their shock as the high-profile family comes to terms with Iris Goldsmith's (pictured) death
Iris Annabel (pictured with her mother and father) was heir to two of Britain's, and the world's, most powerful dynasties, the Goldsmith and Rothschild families - as the daughter of Ben and his ex-wife Kate Rothschild
A man who lives nearby added: 'Everyone here who's heard what happened is devastated by this
'I heard Iris died in a crash involving a quad bike in a field next to the farm. She is the the daughter of Ben Goldsmith and his ex-wife Kate Rothschild.
'The whole village has been affected by this, as you can imagine. Our hearts go out to her parents and family. It's a very sensitive time.'
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 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.
Locals in the village of North Brewham said today they are devastated by Iris' death
'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,' they added.
Iris was the first child of environmentalist and finance boss Ben and his former wife Kate who are understood to have a joint fortune of over £300million.
The former couple also have two sons; Frank, 13 and 11-year-old Issac.
They separated in 2012 when Kate began a relationship with U.S rapper Jay Electronica.
Miss Goldsmith was studying at Wycombe Abbey, a £12,980-a-term independent girls' boarding school in High Wycombe, Buckinghamshire, consistently ranked as the top all-girls school nationally in academic results.
A conscientious and popular pupil, she had just completed her first year of studying for GCSEs, and was just starting the summer break at her father's farm when the accident took place.
An inquest is expected to be opened in the coming days.
Last night James Hooke, the headmaster of her former school, The Harrodian in Barnes, south-west London, said: 'The school community is united in its grief over the tragic and sad news of the passing of its former pupil Iris Goldsmith.
'Our thoughts, love and sympathies are with her family and friends at this awful time. Iris was the most wonderful, dedicated and talented pupil during her seven years at Harrodian.
'She was a kind, gentle and caring student who adored her school and her friends and was impeccably behaved. It is tragic that such a talented and vivacious child has been taken from us so young.'
Iris died after an accident involving a 'ranger vehicle', a cross between a quadbike and a small Jeep (stock image)
Iris was heir to two of Britain's, and the world's, most powerful dynasties, the Goldsmith and Rothschild families.
Together the two society bloodlines are worth billions of pounds and have had a powerful influence over the UK's financial and political systems for decades.
Ben Goldsmith married catering company boss Jemima Jones, with whom he has two young children, Eliza and Arlo, two years after splitting with Kate.
Last night another friend of Mr Goldsmith said: 'Ben could not have had more of a joy in his step about his life, new wife and children.
'Although there have been challenges in his life, his family and children have always come first. What has happened has been a total shock and is just a horrific freak accident.'
Ben married catering company boss Jemima Jones (pictured) two years after his split from Kate and the couple have 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.
Ben's older brother is the Tory MP Zac Goldsmith and his sister is documentary and film producer Jemima Khan, the former wife of retired cricketer and current Pakistan Prime Minister, Imran Khan.
He married Kate, heiress to the multi-billion pound Rothschild banking empire, in 2003.
The Old Etonian was appointed a non-executive director at the Department for the Environmentalist , Food and Rural Affairs last year and is an advisor to Environment minister Michael Gove.
He is also chairman of the Goldsmith family's JMG Foundation, which funds campaigning and advocacy work on environmental issues.
Last year Kate suffered a £500,000 break-in at the London home she shared with her current boyfriend, entrepreneur Paul Forkan.