Justin Bieber has apparently been “very upset” with his former business managers for “grossly mismanaging” his fortune for years and is considering taking legal action.
Sources told TMZ that he believes he’s “lost a ton of money as a result of terrible decisions made by business managers”. The alleged offenders haven’t been named, but it’s been reported that more than one manager is involved.
The insider claimed it’s not clear how much Bieber believes has been lost, but it’s said to be a “huge amount”.
According to the source, Bieber has been talking about suing the alleged offenders, but his current team isn’t all on board.
The reason why some of his team are reluctant for Bieber to take legal action? Well, apparently the “Sorry” singer racked up some pretty big bills during a period of his life, and spent his cash “wildly”. So he could be partially to blame for his dwindling fortune.
That’s not to say he’s poor by any means! He recently sold his music catalogue in 2023 for $200 million USD (approximately $301 million AUD) to Hipgnosis Songs Capital. But it’s interesting timing — did he perhaps need a lil’ cash injection because of money mismanagement?
Considering Bieber first shot to fame when he was just 13 years old with “Baby” in 2010, you’d expect him to be pretty cashed up. Prior to the sale of his music catalogue, he was reportedly worth $100 million USD (approximately $150 million AUD).
A previous source told Daily Mail that his wife Hailey Bieber played a part in convincing Bieber to sell his catalogue, something that usually happens nearer the end of a musician’s career. Basically, Bieber will now no longer receive royalties on tracks he released prior to December 31, 2021.
“Justin was advised against selling. Hailey played a part in convincing him to do it,” the insider claimed.
The same report said that his wife was a “seriously high spender”, but the couple hit back and called these allegations “salacious”.
It’s unclear whether the money Bieber received in the sale was mismanaged, but hopefully we will hear more about this saga soon.
Lead image: Getty
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