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Saturday, March 10, 2012

Whitney Died $4 Mil in Debt and $29k in Bank

The late singer's financial situation was disclosed during her divorce from Bobby Brown in 2007, and it showed how she had managed to blow many of the millions she had earned during her career.

But while the star, who sold more than 170 million albums, had blown vast swathes of her fortune, she still managed to leave assets worth around $6m to her daughter. The information has emerged from an income and expense declaration filed by the I Will Always Love Yoy star, and according to RadarIOnline the documents also revealed that she had a life insurance policy worth only $300k.

The Grammy award winning singer stated she had $40k in cash, $225k in stocks and earned in excess of $1 million for performances. But it was her real estate situation that truly underlined how she was in a financially precarious situation.

Her assets included one property in New Jersey which was worth $6.5 million, but she also she owed $3.247 million on the estate.  In addition she owned a townhouse in Atlanta, Georgia, where daughter Bobbi Kristina now lives, which was worth $1.244m.  

However the property was far from paid off, as she owed $1,046,603 on the home.
Big inheritance: Whitney has left almost $6m to her daughter Bobbi KristinaThe singer's other assets included the life insurance policy, which was worth $312k, and $1.8 million dollars in jewelry and art.

Amazingly her retirement account was worth only $226, however her recording contract is listed as confidential, as it was considered separate property due to a prenuptial agreement she and Brown had.
Bobbi Kristina is Whitney's sole heir, and the pop idol left everything to her.
With a total of $10,242,931 in various assets, and debts totaling $4,294,014, in theory it leaves her with an inheritance of $5,948,917.

Meanwhile Whitney's former on/off boyfriend Ray J says that he is 'still hurting' over the death of Houston last month, according to Us Weekly. 
Speaking at a Brotherhood Crusade/Mothers in Action press conference on Friday, he said: 'It's just such a tough time for me. 
I've been through a lot in these past few weeks,' he explained.  'I'm able to look at life in a whole different way. I always look at my phone because I got a picture of somebody I really love and it helps me through the day.'

The singer and actor donated several items to the charity, including school supplies and clothes, according to Us Weekly.
In pain: Whitney's former on/off boyfriend Ray J says that he is 'still hurting' over the death of Houston last month
In pain: Whitney's former on/off boyfriend Ray J says that he is 'still hurting' over the death of Houston last month
'I love giving back to kids and helping my community,' he said. 'I've been part of the Brother Crusade and working with them since I was 16 years old, so this is nothing new for me to come out and give back.

'I'm here to spend time with them, laugh with them and make sure they have everything the need to move on in a positive way with their education in life. He continued to talk about his emotional state. 'I'm really emotional right now and I really don't know what to say,' he said.

'But I will say I love and hurt. I enjoy being around people that support me and give me a sense of peace. That's what these kids mean to me and what the Brotherhood Crusade does for me.
'The most important thing of all is that God is talking to me. God is talking to me right now, and now is the time to listen. My ears are open.'

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