Justin Bieber was reportedly on the verge of financial collapse when he sold his music catalog for $200M two and a half years ago amid new details of his split from his ex-manager.
The 31-year-old pop star - who recently boasted about drug use in a shameless post - made somewhere between $500million and $1billion but blew it all and was in rough financial shape before selling to Blackstone-backed Hipgnosis Songs Capital according to TMZ on Thursday.
Sources for Justin claimed he was on the verge of 'financial collapse' back in 2022 to the point that he had to sell the rights to his music at the end of the year.
Insiders also allege that his manager Scooter Braun had tried to tell him it was a bad idea to sell so early in his career or at least wait until January 2023 in order to get a tax break but Justin did not want to wait to he ended up selling December 2022.
Justin remains the youngest artist to ever have sold their catalog and the publication reports that being in dire financial straights had a lot to do with the decision.
Source: Dailymail
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