Legendary singer Dionne Warwick is apparently bankrupt and is in debt to the IRS up to her eyeballs. Who even knew that she was suffering from such financial difficulties? Not us, that’s for sure!
She has had to file for bankruptcy in New Jersey and claims that she only has $25,000 in assets. The worst part is that she claims to owe over $10 million in back taxes to the IRS and the state of California. TMZ reports:
Warwick’s rep, Kevin Sasaki, says Dionne’s financial disaster was caused by “negligent and gross financial mismanagement” in the late 1980s through mid-1990s.
Warwick claims she only makes $1,000 per month from music royalties.
In the docs, the 5-time Grammy winner says she’s still in possession of the following assets:
— 2 fur coats
— 2 pair of diamond earrings
— various gowns (worth $5k)
— living room furniture, dining set, bedroom sets, over 10 YEARS OLD
Warwick says she spends $5,000 per month on housekeeping … and $4,000 per month on a personal assistant.
Warwick’s rep offered the following explanation — “In light of the magnitude of her tax liabilities, Warwick has repeatedly attempted to offer re-payment plans and proposals to the IRS and the California Franchise Tax Board for taxes owed. These plans were not accepted, resulting in escalating interest and penalties.”
It’s kind of hard to feel sorry for those who have mismanaged their fortunes, isn’t it? Still, we’re guessing her psychic friends network never saw this coming….