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Dionne Warwick

I'M BANKRUPT

Owes $10 Mil in Taxes

3/26/2013 8:45 AM PDT BY TMZ STAFF
breaking news

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Dionne Warwick is broke as hell ... like "Nic Cage" broke ... and owes more than $10 million in unpaid taxes, this according to the singer's rep.

The "Do You Know the Way to San Jose" singer filed for bankruptcy in New Jersey claiming she only had $25k in assets ... but owes more than $10.2  million in taxes and fees to the IRS and the State of CA.

Warwick's rep, Kevin Sasaki, says Dionne's financial disaster was caused by "negligent and gross financial mismanagement" in the late 1980s through mid-1990s.

According to the court docs, the 72-year-old claims she makes $20,950 ... but spends $20,940. Translation -- her monthly net gain is TEN DOLLARS!!

Warwick claims she only makes $1,000 per month from music royalties.

In the docs, the 5-time Grammy winner says she's still in possession of the following assets:

-- 2 fur coats
-- 2 pair of diamond earrings
-- various gowns (worth $5k)
--  living room furniture, dining set, bedroom sets, over 10 YEARS OLD

Warwick says she spends $5,000 per month on housekeeping ... and $4,000 per month on a personal assistant.

Warwick's rep offered the following explanation -- "In light of the magnitude of her tax liabilities, Warwick has repeatedly attempted to offer re-payment plans and proposals to the IRS and the California Franchise Tax Board for taxes owed. These plans were not accepted, resulting in escalating interest and penalties."

For the record, here are just SOME of her hits:

"Raindrops Keep Falling on My Head" ... "This Guy's In Love with You" ... "I'll Never Fall in Love Again" ... "Do You Know the Way to San Jose" ... "Don't Make Me Over" ... "Walk on By" ... "I Say a Little Prayer" ... "Alfie" ... "Anyone Who Had a Heart" ... "Close to You" ... "What's New Pussycat" ... "Deja Vu" ... and "The Look of Love."

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248 COMMENTS

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1.

IwuvTMZ    

No sympathy for these stars that blow their fortune.

484 days ago
2.

Jay W.     

Sounds like she needs to sell a Christmas album...

484 days ago
3.

Derek    

No wonder this state is broke

484 days ago
4.

Justice    

Confer with Lindsay Lohan.

484 days ago
5.

Queen.of.the.Obvious    

Most of Whitney's family is bankrupt and unable to earn any sort of living on their own. That's why they all clung to her - she was their cash cow. Is anyone really surprised by this? It's why they are all clinging to Bobbi Christina now. Bobbi is the sole heir to Whitney's fortune and the rest of the family is trying desperately to control her so they can get their grubby little hands on it. Smh....

484 days ago
6.

Peter Popoff    

Where's Ms Cleo

484 days ago
7.

TheTruth    

That a girl. Have your attorney blame someone else for your stupid spending habits. At some point didn't you think, hmm, I have taxes I skipped out on and I live to beyond my means. NO! You lived like a queen for years, didn't pay your taxes and know you are in deep shiiit. I don't have any sympathy for you.

484 days ago
8.

fenuchi    

Bet her psychic friends didn't see that coming.

484 days ago
9.

Melissa1987    

She didnt get that Whitney money she was expecting...

484 days ago
10.

Kelly    

We knew Dionne was a nut job, bully, and bitch after seeing her on The Apprentice. Now we know she's a scrub, too.

484 days ago
11.

PhilipMarkum    

Some of you may remember when she was hawking "Psychic Friends Network" and all I can say is that her friends -- the psychics -- should have told her a long time ago that she was going to go bankrupt in the future?

484 days ago
12.

NOT ELMO    

Dionne Warwick
I'M BANKRUPT
Owes $10 Mil in Taxes..................OLD AND BROKE, LOCK HER UP !

484 days ago
13.

yepitsme    

Why can't she clean her own house and get eid of the assistant?

484 days ago
14.

dave    

Clean your own house and answer your own phone!!

484 days ago
15.

NOT ELMO    

Warwick says she spends $5,000 per month on housekeeping ... and $4,000 per month on a personal assistant.....................LOCK HER UP !

484 days ago
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | Most Recent | Next 15 Comments

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