Singer Dionne Warwick has filed for bankruptcy and is reportedly nearly broke. She has just $25,500 in assets and is $10.7 million in debt. After paying her monthly bills she is left with just $10, the court documents said. Her average monthly income is $20,950, and her monthly expenses as $20,940.
Dionne list her assets in the filing as:
– $1,000 cash
– assorted pieces of decades-old furniture
– artwork and paintings
– two fur coats, and two pairs of diamond earrings.
The majority of her debt is $10.2 million owed to the IRS and the state of California. She also owes a former manager $500,000, and credit card debt of $20,000.
Her publicist tells the NY Daily News that “negligent and gross financial mismanagement” during the 1980s and 1990s are the source of her financial problems. He added the tax debt came from penalties and interest on back taxes where the principal has been paid off.