Will Reality Show Clear Up Toni Braxton's Debts And Financial Troubles

Toni Braxton

In 2010, Grammy Award winning singer, Toni Braxton, filed for bankruptcy - the second time in a decade. In 2010, Braxton lost her $2,400,000 Las Vegas home to foreclosure. She also gave up her primary residence, a 7 bedroom, 7 bathroom, $1,500,000 Duluth mansion, set in the Sugarloaf Country Club.

Braxton initially fought to keep the attractive, sprawling home. However, her creditors forced foreclosure, but due to the property having negative equity, Braxton was advised not to challenge it. She ended up surrendering the property, in what had to be a very difficult blow.

Braxton's former home in Duluth, lost to foreclosure

In the 1990s, LaFace Records, gave Braxton a reported settlement of $20,000,000 as apart of a renegotiation fee on her recording contract, after the bad publicity from her first bankruptcy. Label mates, TLC, were reportedly given the same, as they too had filed bankruptcy.

Braxton's former home in Las Vegas, gone to foreclosure

In 2006, Braxton signed a lucrative Las Vegas performance deal with the Flamingo hotel, but fell ill a year and a half into the multi-million dollar run. This is where her troubles began, as she'd taken on new debts and insurers refused to pay when she became ill, stating she hid her medical condition from them, which is a violation of the performer's policy. Braxton is battling lupus, angina and breast cancer.

Braxton's Las Vegas show was cancelled due to illness

It is regrettable that Braxton did not buy a home outright, when she had cash surpluses, rather than obtaining mortgages, as she would not have lost her main residence, which was clearly distressing. She is also older now, 43, with her health problems impacting her appearance. There also exists a pathetic ageism in the vain entertainment industry.

Braxton Family Values

However, with the success of her reality show "Braxton Family Values" that has brought in a moderate amount of money, with residuals and DVD sales to come, will Braxton get back in the black. That depends. Her 2010 bankruptcy filing was filed with debts to luxury retailers and establishments, such as Tiffany's, BMW, Neiman Marcus and the Four Seasons.

Braxton's spending would have to drastically change, in order to rebuild her finances from the ground up and maintain a solid financial profile. Her health is also a factor, which should indicate to her to save up for a rainy day.

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Toni Braxton Fails To Refute Spendthrift Claims

Toni Braxton

Bankrupt singer, Toni Braxton, who stars in the reality show "Braxton Family Values" tried but failed to dispute claims she is a spendthrift, in a recent interview with Black Enterprise magazine. Ironically, she contradicted herself, while trying to prove to the public she does not overspend.

Braxton stated to the decades old publication, "People were reporting things like I bought Gucci flatware. Yes, I treated myself, and it was only $500. If I bought 1000 count sheets, they were from TJ Maxx for about $49, so I wasn’t living extravagantly."

"Braxton Family Values" cast covers Kontrol magazine

However, she contradicted herself that same week, via a separate interview she gave HDNet, where Braxton stated, "I live well. But instead of having three houses like I had, it’s just not like that anymore." That's overspending, as no one needs three homes. That's a luxury, not a necessity.

Once again, one moment she states she shops at bargain store TJ Maxx, but in the next breath she reveals she had three homes. Her bankruptcy filing further reveals, she ran up massive debts at the Four Seasons, Neiman Marcus and Tiffanys, three high end luxury establishments.

"Braxton Family Values" publicity shot

Years ago, former Laface labelmate, Usher (Raymond), threw Braxton under the bus in an interview, where he stated of her, if you make one hundred dollars you don’t spend ninety-nine. He too indicated the root of her financial problems were due to overspending.

Hey, it’s Braxton’s money. She can spend it how she chooses. No one is trying to tell her how to conduct her financial affairs. But when one is a big spender, then files for bankruptcy twice, one cannot expect to be exempt from public criticism.

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Toni Braxton: On Bankruptcy, Beating Her Illnesses and the Braxton Family Values

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Toni Braxton Files For Bankruptcy Again

This week it was announced, one time LaFace Records recording artist, Toni Braxton, has filed for bankruptcy again. Previously, she filed for Chapter 7 bankruptcy protection in 1998, after selling millions of records. She blamed her financial state on LaFace Records, which was owned by Kenneth "Babyface" Edmonds and Antonio "L.A." Reid and the low royalty rate they gave her. However, labelmate, Usher, commented at the time, Braxton simply spends too much money and it led to financial ruin. Both Braxton and Usher were right.

Braxton used her earnings to purchase a $1,000,000 Westwood condo, a $400,000 Atlanta mini-mansion, hundreds of thousands in designer clothes, shoes and jewelry, which she could have gotten for free for being famous, a $250,000 silver tea set, Faberge eggs, Gucci silver wear and a baby grand piano, among other things. The singer also owed lawyers and managers almost $3,000,000. With no available means to repay her debts, she filed for bankruptcy. Braxton was later schooled by talk show host, Oprah Winfrey, on how to manage her money. Well, it didn't work.

After being given a $10-$20 million dollar settlement from LaFace and restarting her career in the early 1990's, Braxton resumed her old spending habits. Fast-forward twelve years and she is in the same dire financial predicament once again. She is blaming her current financial woes on insurer, Lloyds of London, for failing to pay an insurance policy she purchased, in the event she fell ill, during a string of Las Vegas, Nevada shows, which went on for a few years.

However, Lloyd's refused to honor the claim, as she did not disclose she has a preexisting heart condition,, which could reoccur and it did, forcing Braxton to cancel a number of Las Vegas show dates. Irrespective of those claims, frivolous spending did play a role in her current financial decline. One look at the list of luxury creditors attached as apart of the bankruptcy filing, makes it abundantly clear. Braxton owes between $10 to $50 million dollars to a long list of creditors that include BMW, Tiffanys and the Four Seasons. Artists often make the mistake of believing their careers will always be hot and fail to plan for the time it is not.

STORY SOURCE

Toni Braxton broke ... again