Singer, godmother of the late Whitney Houston and television psychic Dionne Warwick is in deep shit. After finding out she owes over $10.7 million in back taxes, she was forced to file for bankruptcy, claiming that a business manager had, well, not managed her money so well. It’s so dire, The New York Daily News reports that Dionne only has $1,000 in her bank account and after budgeting has only $10 of disposable cash per month. Whaaaat?
Warwick claimed just $25,500 in assets, including a two-year-old laptop computer; various gowns and other clothing; an assortment of well-worn furniture, including a decade-old dining room set; and books, artwork and paintings worth $5,000.
Her remaining big-ticket items were a pair of fur coats and two pairs of diamond earrings, with a value of $13,000.
Though she sold more than 100 million records and racked up 30-plus singles, the papers contain no mention of what happened to memorabilia like her gold and platinum records.
Warwick listed her average monthly income as $20,950, and her typical monthly expenses as $20,940 — leaving just $10 in monthly disposable cash.
The singer, who still performs live, collects most of her money from Social Security and a pension. Warwick was spotted Tuesday at her suburban South Orange, N.J., home — which costs her $5,000 a month.
The vast majority of her debt is $10.2 million in tax claims from the IRS and the state of California. She also owes a former manager about $500,000, and ran up $20,000 in Visa credit card debt, court papers showed.
Damn, that’s rough. But also, how do you not realise that your money is being SO badly mismanaged until there’s only $1,000 of it left? Are celebrities THAT disconnected from their financial goings-on that they have no idea that some business manager is embezzling or poorly investing or whatever the fuck to all their money? Dionne Warwick was a massive star at one point and no doubt had more than enough money to let her live the lifestyle of a queen for the rest of her days. It’s a shame, but I’m tight as hell on my own measly ass bank account. I know I’d be 10x worse if we were talking millions.