#SHOWBIZ: Justin Bieber reportedly near financial ruin before RM850mil music catalogue sale
NEW YORK: Justin Bieber was reportedly on the verge of financial ruin before selling his music catalogue for US$200 million (RM853.92 million) two years ago.
Sources close to the pop star told TMZ's "What Happened To Justin Bieber" that he was facing "financial collapse" when he made the sale to Hipgnosis Songs Capital.
Bieber, 31, had reportedly spent the entirety of his estimated career earnings, ranging from US$500 million to US$1 billion (RM2.13 billion to RM4.27 billion).
His manager, Scooter Braun, had reportedly advised him against such an early sale, suggesting Bieber wait until early 2023 to secure a tax advantage.
Although the sale was not publicly reported until late January 2023, TMZ revealed that the Grammy winner completed the deal in December 2022, making him the youngest musician to sell his catalogue.
Despite these reports, Bieber's team has denied claims of "financial distress" following the cancellation of much of his 2022 Justice world tour.
They also refuted allegations that he owes Braun's company US$20 million (RM85.43 million).
"Any source that is trying to sell you a story about alleged financial distress either doesn't understand the entertainment industry or, more likely, is trying to paint an unflattering portrait of Justin, which bears no resemblance to reality," Bieber's team informed The Hollywood Reporter.
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