Singer Dionne Warwick has filed for bankruptcy 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 mismanagement” 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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