Justin Bieber has a massive debt he still needs to settle with an old friend…
Over the past few months, there has been talk the pop star is struggling financially. Remember how he canceled most of the Justice World Tour following his Ramsay Hunt syndrome diagnosis in 2022? Fair enough, right? But according to a scoop from The Hollywood Reporter this year, Justin received a $40 million advance from tour promoter AEG. When the singer called the whole thing off, he had to pay that money back — and his then-manager covered the bill. Scooter Braun reportedly shelled out over $20 million via a loan to Justin! Wow! But apparently the Yummy artist only paid a portion of it back so far! And he may be unable to settle the debt!
Related: Justin Bieber Upsets Fans With ‘Vile’ Mother’s Day Post!
Last October, insiders for Page Six claimed Justin’s spending habits are “out of control,” as he’s dropping loads of money on private jets, houses, and donations to his pastor and church — despite having no stream of income. The guy hasn’t released an album since 2021 or toured since canceling Justice. He’s no longer part of Drew House and has yet to launch his new company Skylrk. So the Biebs is apparently living well beyond his means! Sources for THR, who were familiar with his finances until recently, added that he financially overstretched himself due to his tour debt, real estate portfolio, and expensive vacations.
Yikes!
On top of the financial issues, Justin also has a lot going on in his personal life! He’s burned a lot of bridges lately, including with Scooter! They’re reportedly no longer on good terms because of the Drew House debacle! However, JB can’t cut ties with him entirely yet! Remember, Hailey Bieber’s hubby still owes him money! But get this! The massive debt is what TMZ now claims was the cause of their current rift in the first place! Whoa! Justin reportedly believes Scooter sneakily took millions — but that is not what happened! At least, not according to the outlet! Here’s the deal!
Multiple sources with direct knowledge told TMZ Justin was completely broke when the Justice tour ended three years ago. He owed AEG $24 million since he received a $40 million advance, and the performer stopped the shows early. Scooter’s company HYBE agreed to pay the debt but had Justin sign a note promising to pay them back over 10 years. However, JB made just one payment… and Scooter never saw another dime!
Why? As we mentioned before, it all comes down to the fact that Justin doesn’t have the money! Scooter insiders claim Justin’s team called to inform the company he couldn’t pay at the moment. The musician wasn’t blaming his inability to settle the debt on himself, though! Instead, Justin sources then say his business manager, Lou Taylor, began digging around and found Scooter was overpaid in commissions by $26 million! What?! Does he think his longtime pal underhandedly took money from him? No wonder he doesn’t want to pay him the money again — if he thinks that’s less than was taken from him!
HYBE launched an internal audit from there but determined Scooter didn’t take anything extra! In fact, they determined he was actually underpaid in commissions, and Justin owed him $1 million! But the record executive didn’t hold it over him! He reportedly waived the amount. That sounds really nice considering, right? Well, Justin’s people weren’t satisfied! TMZ claimed they still believed the audit was corrupt and felt HYBE just protected themselves. Well, it was an internal investigation… we know how those sometimes go…
So to prove their innocence, the company got an independent auditor, PricewaterhouseCoopers or PWC. You know, the ones who keep the Oscar ballots safe. The auditor conducted a 6-month audit, which was finished in April, and came to the same conclusion… HYBE was right — Justin did owe Scooter! However, they got the number wrong! He owed his former manager a lot more — $8,806,000, to be exact! FYI, TMZ stated they saw the PWC audit report, and it does say Justin owes Scooter $8.8 million. Oof.
Justin sources noted his team did not fight back against the PWC audit but conducted its own investigation. What was found is unknown at this time. Regardless, it sounds like he does owe Scooter millions of dollars! But can JB pay him back? It doesn’t sound likely at this time! Things aren’t looking good for the Biebs!
The Grammy winner hasn’t responded to the new report. His rep previously shut down THR’s report about his financial issues, saying:
“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.”
Will Justin deny everything again or not say anything at all now? What do YOU think, Perezcious readers? Sound OFF in the comments below!
[Image via Adriana M. Barraza/MEGA/WENN]
The post The Real Reason For Their Feud? Justin Bieber Owes Former Manager Scooter Braun MILLIONS For Canceled Tour! appeared first on Perez Hilton.
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