Grammy-award winning singer Dionne Warwick, whose string of gold and platinum hits stretched through the 1960s to 1980s has filed for a bankruptcy protection--owing the IRS $11 million in debt stemming from the 80s.
The 72 year-old reportedly has $25,500 in assets and $10.7 million in debts according to her 50-page filing last week in the U.S Bankruptcy Court in Newark, New Jersey.
The NYdaily reports: "After 50 years in show biz, the singer said all she had to show for it was $1,000 cash; assorted pieces of decades-old furniture; clothes; artwork and paintings; two fur coats, and two pairs of diamond earrings."
The vast majority of her debt is $10.2 million in tax claims from the IRS and the state of California. She also owes a former manager about $500,000, and ran up a $20,000 Visa card debt, court papers showed.Her publicist, Kevin Sasaki, blamed "negligent and gross financial mis-management" during the 1980s and 1990s for her current financial woes.
Warwick also listed her average monthly income as $20,950, and her typical monthly expenses as $20,940 — leaving Warwick with just $10 each month.