Singing Legend Dionne Warwick Is Bankrupt

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Singing legend Dionne Warwick has filed for bankruptcy in New Jersey claiming she only has $25k in assets, but owes more than $10.2  million in taxes and fees to the IRS and the State of California.  The singer is known for her hits “Raindrops Keep Falling on My Head,” “I Say a Little Prayer,” “Do You Know the Way to San Jose,” among-st many other classics!

dionne warwick Singing Legend Dionne Warwick Is Bankrupt

(Photo Credit: Eva Hambach/AFP/Getty Images)

The court documents state that the 72-year old only makes $20,950 but spends $20,940, which leaves her with a net gain of only $10.  The singers rep, Kevin Sasaki says that Dionne’s bankruptcy was caused by, “negligent and gross financial mismanagement” in the late 80′s and early 90′s.  Apparently Dionne Warwick, the 5-time Grammy winner, only makes $1,000 a month in music royalties.

According to the docs, Warwick still has assets such as 2 fur coats, 2 pairs of diamond earrings, gowns worth $5k, living room furniture, dining set, and bedroom sets over 10-years old.  Dionne spends $5,000 a month for housekeeping and $4,000 a month on a personal assistant.  Warwick’s rep claims the singer attempted to set-up re-payment plans with those she owes money to but it was a no-go, which resulted in higher interest rates and penalties which forced her into filing for bankruptcy.

 

SOURCE: TMZ

Singing Legend Dionne Warwick Is Bankrupt