Spendthrift Britney Spears continues to burn through her once vast fortune – meanwhile, her financial woes just got worse, with the IRS claiming she owes $600,000 in back taxes and penalties.
Fears are mounting the troubled songbird could wind up totally broke and even homeless unless she finds a way to stem the cash bleed before it’s too late, RadarOnline.com can reveal.
Britney’s Wild Spending Finally Catches Up
Spears allegedly continues heavy spending despite mounting financial strain.
“People around Britney are seriously alarmed because this isn’t just about one tax bill or a bad month,” said an insider. “The money has been flying out the door for a long time and it’s finally catching up with her.”
“But when anyone tries to talk sense to her about her spending, she brushes them off and acts like they’re crazy to worry that she’ll ever run out of cash,” the source said.
As readers know, the ‘Oops!… I Did It Again’ singer loves a five-star vacation with her whole entourage – cost be damned.
She thinks nothing of spending $50K for a private plane to take them all down to Mexico, where she’ll shell out $20K a night just for a villa.
Spears will also blow wads of cash on room service, spa treatments and shopping sprees.
Lavish Lifestyle Leaves Britney Broke
Spears allegedly continues heavy spending despite mounting financial strain.
“She insists on living like she’s still on top of the world, including footing the bill for all her so-called friends who never seem to leave,” said the insider.
But the years of endless splurges – and little income – have made a big dent in her bank balances.
“She’s pulled millions from pension and savings accounts, borrowed against the house, and piled up debts that still haven’t been settled,” said the source.
Wake-Up Call for Britney’s Finances
Sources said proceeds from the biopic adapted from ‘The Woman in Me’ will not cover Spears’ reported debts.
Though Spears said the IRS is wrong and is disputing the figures, it’s been a huge wake-up call to people around her because it’s exposed how dire her financial situation actually is, according to the source.
While she’s expected to get a chunk of change from the biopic being adapted from her memoir, The Woman in Me, that won’t come close to covering what she owes, said the insider.
“Unless something changes fast, she really could burn through everything she has left and lose her house,” the source added.
