Grammy Award-winning singer Dionne Warwick is the latest celebrity to hit rough financial waters.
Warwick filed for bankruptcy less than a week ago in New Jersey, blaming her money problems on tax liabilities and financial mismanagement, Reuters reports.
The numbers are pretty staggering. Warwick reportedly owes $10.7 million in back taxes (state and federal) and other debts and has just over $25,000 to her name.
“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,” her publicist, Kevin Sasaki, said in a statement Tuesday. “These plans were not accepted, resulting in escalating interest and penalties.”
Most of her money woes can be traced back to the late 1980s and mid-1990s. For this kind of gross mismanagement to go on under Warwick’s nose for more than two decades, it’s hard to imagine why she hasn’t threatened to sue whomever is responsible.
A month ago, best-selling crime writer Patricia Cornwell walked away with a massive $51 million award in a lawsuit against her financial advisory firm. Her advisors allegedly squandered nearly $90 million of her fortune.