Marguerite Marie Alibert was born on December 9, 1890, in Paris, France, to Firmin Alibert, a coachman, and Marie Aurand, a housekeeper. At the age of 16, she gave birth to a daughter named Raymonde. In the years that followed, Marguerite led a nomadic life until she met Madame Denant, who ran a high-class brothel catering to elite clientele. Under Denant's guidance, Marguerite transformed into a high-class courtesan, engaging in relationships with several notable figures.

In April 1917, during World War I, Marguerite met Edward, Prince of Wales (later King Edward VIII), at the Hôtel de Crillon in Paris. Edward, stationed in France as an officer of the Grenadier Guards, became infatuated with her. Their affair lasted until the end of the war, after which Edward ended the relationship. 

In 1922, Marguerite married Ali Kamel Fahmy Bey, a wealthy Egyptian aristocrat, and was often referred to as "Princess Fahmy" by the media, although the title was unofficial.

On July 1, 1923, Marguerite and Ali arrived in London for a holiday, staying at the Savoy Hotel. In the early hours of July 10, following a series of arguments, Marguerite shot Ali multiple times from behind, using a .32 caliber semi-automatic Browning pistol. Ali was transported to Charing Cross Hospital but succumbed to his wounds shortly after.

Marguerite was arrested immediately and charged with murder. Her trial began on September 10, 1923, at the Old Bailey and lasted until September 15. During the proceedings, Marguerite portrayed herself as a victim of her husband's brutality. The court notably excluded any mention of her past as a courtesan or her prior relationship with the Prince of Wales. The jury acquitted her of all charges.

After the trial, Marguerite attempted to claim her late husband's property but was unsuccessful. She lived the remainder of her life in Paris, passing away on January 2, 1971.