Dionne Warwick owes $10 million to the IRS and has filed for bankruptcy protection.
The five-time Grammy winner, 72, had only $1,000 in her bank account and has personal debt amounting to $10.7 million according to a 50-page document filed by the entertainer in U.S. Bankruptcy Court in Newark, New Jersey.
Contained in the court filing was a declaration of claimed assets worth $25,500. The veteran singer listed a two-year-old laptop computer, furniture, books, artwork, two fur coats and two pair of diamond earrings.
Warwick declared her average monthly income as $20,950 and her typical expenses at $20,940 … leaving $10 in discretionary cash.
The ‘Walk On By’ singer owes the vast majority of the money to the IRS and the State of California. She also owes a former manager $500,000.
Her publicist Kevin Sasaki issued this statement: “Due to several consecutive years of negligent and gross financial mismanagement, Dionne Warwick has realized the current necessity to file personal bankruptcy. The singer has repeatedly attempted to offer repayment plans and proposals to the IRS and the California Franchise Tax Board for taxes owed.”
Dionne has racked up more than 30 hit singles and sold 100 million records. She and the late Whitney Houston are cousins.
Photo: Lia Toby-WENN