Toni Braxton had to go bankrupt due to her home decor shopping habit. The American R & B singer-songwriter, record producer and actress has let it out about to what led to the road towards bankruptcy, she admits that she did some unnecessary spending on things like expensive bedding and kitchenware.
It was back in 1998 when there was word about her financial troubles, when she was at the beginning of her fame that’s when she had filed. Her fans wondered if the Un-Break My Heart singer more than one hundred and seventy million dollars (£106 million) in album sales. The forty five year old is also letting it out that her label , LaFace Records, had taken a big cut of her money.
She tells U.S. TV news show 20/20, “
What happens is they will give you an advance million on the next record and the next record so you kind of stay in debt in a sense.”
However, Braxton confesses she’s partly to blame because she went overboard on buying lavish items for her home:
“I love dishes and house things so I kind of lost it a little bit on the house ware… One-thousand thread-count sheets… that’s what I indulged in. I’m a little odd.”
Then back in 2012 Braxton’s money problems did return when she let it out that she owed ten million dollars (£6.25 million) and fifty million dollars (£31.25 million) following the cancellation of a series of self-financed Las Vegas shows following her diagnosis with a strain of lupus.
The Gremmy winner recently lost her Georgia mansion to foreclosure, but she insists she has learned a lesson in managing her funds, adding,
“I have to monitor myself because I’m definitely on a budget.”