Rihanna’s Bankruptcy Blamed On AccountantBy: Ellisha Rader Mannering - February 13, 2014
When documents about Rihanna’s close call with bankruptcy leaked, many people could not believe it. The bankruptcy scare happened in 2009, but by this time Rihanna was already a superstar and had made millions with her first album and hit tracks, SOS, Take a Bow and Umbrella.
While it’s hard to imagine that someone so popular and successful could have financial problems so early on in her career and with so many hits under her belt, Rihanna defended herself and claimed that her accountant was to blame.
Rihanna made the claims public and filed documents that stated that in 2009 she had $11 million dollars in cash. Her accountant’s bad money handling left her with only $2 million and a list of expenses by the end of that same year.
She said the problems first started when her accountant told her it would be a good idea to buy a home that was listed for between $7 and $7 1/2 million. Although the accountant saw the home as a good investment, Rihanna ended up selling it and taking a $2 million loss.
In 2012 Rihanna had had enough and filed a lawsuit against the accounting firm that had caused her money troubles. Rihanna didn’t let her money troubles get her down and in spite of her financial losses, she was able to pull herself out of bankruptcy and in 2013 alone, made $43 million.
She continues to release amazing hits and increase her earnings. As of this year, she has a net worth of $85 million. As time goes on and if Rihanna can find an accountant to handle her finances properly, her net worth will only get higher.
Were you surprised to hear about Rihanna’s money troubles and do you believe that her accountant should have to take all of the blame?
Image via Wikimedia Commons.