Court documents show the extent of debt accumulated by Whitney Houston and Bobby Brown.
Bobby Brown claimed in court documents that items he owned with Whitney Houston in a storage facility had to be auctioned off because neither of them could afford to pay the bill, RadarOnline.com is exclusively reporting.Jacked from Radar Online
As previously reported, Houston passed away on February 11 at the Beverly Hilton Hotel after she was found unresponsive in the bathtub.
During their contentious divorce in 2007, Brown submitted a sworn declaration revealing that the former couple hadmounting money problems.
"It was no secret that I (as well as Whitney) had financial commitments we could not meet. In fact, just after the first of the year, our possessions held in storage were auctioned off due to a default judgement obtained for unpaid fees. Additionally, after Whitney and I separated I had no where to go and very little money to live on. I was for all intents and purposes, homeless," the New Edition star claimed in court docs.
Whitney Houston filed an income and expense declaration during the divorce proceedings and the documents reveal that she had a life insurance policy worth only $300k, had under $29k in her checking account and had debts of more than $4 million dollars.
The Grammy award winning singer filed the docs in 2007 and stated she had $40k in cash, $225k in stocks and earned in excess of $1 million for performances. Whitney's real estate assets included one property in New Jersey, which was worth $6.5 million but she owed $3.247 million on that estate. She also owned a townhouse in Atlanta, Georgia, which is where Bobbi Kristina is now living, which was worth $1.244, but she owed $1,046,603 on the property.
Just weeks before Houston’s tragic death, RadarOnline.com reported that she was in dire financial straights. “Whitney’s fortune is gone,” a source said. “Music industry heavy hitters are supporting her and her label is fronting her cash against her next album, but no one knows when that will be released.”
The six-time Grammy winner had blown through an enormous fortune that she amassed over decades of stardom.
“She might be homeless if not for people saving her. She is broke as a joke. She called someone to ask for $100,” the source said.
“It is so sad. She should have Mariah Carey money, and she’s flat broke.”
5 comments:
It is no secret that entertainers are 'hood rich' like people that aren't in the spotlight. They have some of the same bills to pay but they also have to pay the record company, lawyers, for video's, dancers, choreographers, stylists, make-up and many other people. Some of these people don't even have health insurance to take care of themselves.
Did Whitney 'OWN' the NJ estate and ATL townhouse and the money that is owed on these properties are property taxes or did the bank still OWN the properties? A person only OWNS a house when the mortgage is paid off.
Also,Whitney didn't write none of her hits. they were written by others."I will always love you" was Dolly Parton's.
Her estate will make some money off recent record sales but her bills will need to be paid first. Her daughter won't be destitute by any means, and if her inheritance is handled correctly, she'll never have to work a regualr 9-5. Anyone who thinks Whitney wasn't broke should look at some of the footage of her most recent tour. She was terrible. Only someone truly desperate for cash would have done that.
Why is EVERYBODY WORRIED about that woman's FINANCES...............SMH
whitney was a feen PERIOD. and that's what feens do, die broke, smh
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