Toni Braxton, Bankrupt: Singer Attributes Home Decor Shopping Habit to Bankruptcy
After filing for bankruptcy in 1998 and again in 2010, Toni Braxton opened up recently about what spending mistakes led to that, including splurging on expensive bedding and kitchenware.
Although Braxton had made close to $170 million in album sales, she says that LaFace Records took a big cut of that and alleges that she only received $1,972. "What happens is they will give you an advance million on the next record and the next record, so you kind of stay in debt in a sense," she told 20/20 in a new interview.
But Braxton admits, her spending habits on expensive items for her home certainly didn't help. "In the beginning it's all new .. you want it all ... I love dishes and house things, so I kind of lost it a little bit on the house ware," she said. "See, I was a boring rockstar...[I liked] the girly things ... One-thousand thread-count sheets ... that's what I indulged in."
Since losing her mansion in Georgia to foreclosure, and dealing with a lupus diagnosis in 2010, the "Un-break my Heart" singer, (who says she said "no" to posing for Playboy because of her sons), now shares she's smarter about her finances. "I have to monitor myself because I'm definitely on a budget," Braxton said.
Performing private shows overseas has helped the star some earn her money back. "The money is lovely," she told 20/20, not disclosing the full amount. "I can't deny the money is yummy ... I love Russian audiences. They love to be entertained. I don't know if it's the vodka or what, but they love it, and I'm just their girl."
Braxton is hopeful and excited to try new things in the future, like acting. She's even starring in an upcoming Lifetime movie "Twist of Faith," which premieres in February.
"I'm slowly getting comfortable in the acting world," she said. "It's really nice. I like pretending so it's great. I think it's important for an artist to graduate and try new things even if it doesn't work. But of course I'm Toni Braxton, the entertainer, the singer. That's my love."
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