Singer Dionne Warwick has filed for bankruptcyÂ in U.S. Bankruptcy Court in Newark. Warwick says she has just $25,500 in assets and $10.7 million in debts, according to her 50-page filing.
Her publicist, Kevin Sasaki, said “negligent and gross financial mismanagementâ€ during the 1980s and 1990s is the reason for her current financial woes.
As court papers show, the 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, and after 50 years in show biz, Warwick says all she has to show for is $1,000 cash; assorted pieces of decades-old furniture; clothes; artwork and paintings; two fur coats, and two pairs of diamond earrings.
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