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Dionne Warwick may have a slew of top ten singles and five Grammy awards to her name, but that doesn’t mean she has a lick of good financial sense. In fact, the beloved singer’s financial problems are so bad she was forced to file for bankruptcy earlier this month.
According to TMZ, Warwick has only $25,000 in total assets and owes the Federal Government and the State of California a combined $10.2 million. Once upon a time, it may have been possible for the hitmaker to work her way out of such an egregious hole, but given her age and popularity now, it’s highly unlikely she’ll ever be back in the black. If her court documents are to be believed, she only makes around $21,000 a month now and almost all of that money goes back out to personal assistants, housekeepers, bills, etc.
Here’s what her representative had to say…
"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."
The average famous person might make a whole lot more than the average man on the street, but if taxes aren’t paid as the money is coming in, people can get behind the eight ball in a hurry. That’s apparently what happened to Warwick during the 80s and early 90s when financial mismanagement led to her avoiding her taxes.
The singer didn’t exactly come off very well during her recent run on Celebrity Apprentice, but by all accounts, she’s actually a delightful woman with a big heart. Here’s to hoping she can figure out some way to repay her debt to society.