Details Of Singer Dionne Warwick Bankruptcy And $10 Million Tax Debt
Music legend Dionne Warwick, whose string of gold and platinum hits stretched through the 1960s, ’70s and ’80s, is nearly broke.
Warwick, 72, has just $25,500 in assets and $10.7 million in debts, according to her 50-page filing last week in U.S. Bankruptcy Court in Newark, New Jersey..
The golden-voiced Grammy-winning singer is left with just $10 a month after covering her expenses, the court documents said.
Warwick, owes $10.7 million in taxesand fees to the IRSand the state of California. Warwick filed her petition on March 21 in U.S.Bankruptcy Court in New Jersey, the state where she was born, started her career and where she lives, TMZ reports.
After 50 years in show biz, all she had to show for it was $1,000 cash.
In the bankruptcy filing, Warwick said she still possesses two fur coats, two pairs of diamond earrings, gowns worth $5,000 and 10-year-old living room furniture, dining and bedroom sets, according to court documents obtained by TMZ.
The Celebrity Apprentice alum also spends $5,000 a month on housekeeping and $4,000 a month on her personal assistant.
She also owes a former manager about $500,000, and ran up a $20,000 Visa card debt, court papers showed.
Warwick’s publicist Kevin Sasaki said the filing was a result of “negligent and gross financial mismanagement” in the late 1980s until the mid-1990s, when her average monthly income was $20,950. Her taxes from the 90s have mostly been paid, but the interest and fees has sent her to bankruptcy court.
Warwick, 72, claims her monthly income is $20,950 but her monthly expenses are $20,940. She also claimed she only receives $1,000 a month in music royalties.