‘Clueless’ Britney Spears Receives Bankruptcy Warning Amid Financial Losses: "The Bills Are Pouring In"
Britney Spears might be broke at the end of the year as per her "financial advisors." Specifically, the Toxic singer experienced a financial setback when she agreed to sell her Calabasas mansion for a $2 million lower price than her original ask.
Spears is currently dealing with significant financial commitments. She is making substantial payments to her legal team and fulfilling her responsibilities to provide child support for her sons, Jayden and Sean, which are directed to her ex-husband Kevin Federline.
According to OK! Magazine, unless Spears establishes a stable source of income and curbs her spending habits, she could be on the verge of experiencing financial bankruptcy in the near future.
Following her release from the conservatorship in November 2021, Spears is now responsible for managing her own affairs. However, there are concerns that she may face challenges in handling her finances, as stated by a reliable source. The insider also disclosed that Spears lacks knowledge and understanding of financial matters, which is further exacerbating her existing difficulties. "The bills are pouring in and Britney’s financial people are telling her if it carries on this way, she’ll be broke by the end of the year, if not sooner. She doesn’t really understand how things work."
According to the source, Spears has reportedly approached her record label requesting financial assistance, but they "shut her down." The insider added that she is still responsible for covering legal fees and child support payments, "She’s still on the hook for lawyers’ fees and child support payments." According to The New Yorker, Spears had to bear the cost of her former lawyer Sam Ingham's yearly salary, which amounted to $520,000. In addition, her personal living expenses for the year 2019 totaled $438,360.
The source also mentioned that Spears is determined to retain control over her finances and views it as a way to experience a sense of freedom. "She isn’t going to let anyone tell her what to do with her money. It’s a way for her to feel freedom." After 13 years, Spears was finally liberated from her conservatorship, granting her increased control over the money she has earned.
According to The New Yorker, when Spears' conservatorship was put in place, she had already earned a "few million dollars." Despite her wealth increasing during the conservatorship period, she allegedly had limited control over her own funds. During this time, she released four albums, participated in a Las Vegas residency that purportedly paid $300,000 per night (with an additional $35 million from the extended agreement), and embarked on a tour that generated $131 million in revenue. Additionally, she served as a judge on The X Factor, earning a salary of $15 million. Remarkably, Forbes reported her earnings at a staggering $34 million in 2017.
As Spears' conservator, her father Jamie Spears reportedly paid himself a monthly salary of approximately $16,000, along with an additional $2,000 per month for office space. Moreover, he obtained a percentage of Britney's business deals. In 2011, Jamie received 1.5 percent of the gross revenues generated by his daughter's Piece of Me residency in Las Vegas.
Celebrity Net Worth asserts that Spears possesses a wealth exceeding $70 million. In January 2022, a court ruling granted her complete control over her finances and relieved her of the obligation to cover her father's legal fees. Regrettably, it appears that Spears' net worth is declining following the conclusion of her conservatorship.
