Justin Bieber faces mounting debt to former manager Scooter Braun. The abrupt cancellation of the 2022 Justice Tour has reportedly worsened his financial troubles. As per reports, Bieber owes concert promoter AEG $24 million after receiving a $40 million advance payment.
Justin Bieber owes Scooter Braun millions, claims report
Justin Bieber’s financial relationship with his former manager, Scooter Braun, has reportedly deteriorated. TMZ revealed Braun’s company, Hybe, allegedly covered Bieber’s Justice tour debts with a repayment agreement.
The music conglomerate agreed to pay for Bieber’s debt with a signed note that the singer will repay within a ten-year period. The singer reportedly made only one installment before stopping payments on the repayment plan.
Moreover, the singer’s representatives have acknowledged financial difficulties. Reportedly, a source close to Bieber has claimed the singer’s business manager, Lou Taylor, discovered that Scooter “was grossly overpaid in commissions by $26 million.”
Another source told Page Six that Braun wanted to “help him” after the canceled Justice tour caused a financial strain for the “Stay” singer. On the other hand, a second source told the publication that Bieber faces financial crises over his spending habits.
The insider alleged, “He spends eye-watering amounts per month. At one point, he couldn’t even get a credit card.” Furthermore, the source claimed that the people around the Guinness World Records maker artist may not have the “best interests” for him.
Previously, a report detailed Bieber’s financial gains and spending in recent times. As per The Hollywood Reporter, he cashed out approximately $200 million from his catalog publishing rights deal in early 2023. But despite the obvious income, he faces financial pressure. Sources familiar with his finances reveal the pop icon is overextended.
His glamorous real estate portfolio seems to drain his resources significantly. The “Love Yourself” hitmaker owns six properties, including a $26 million Beverly Park estate, a $16 million La Quinta residence, and a home at the exclusive Gozzer Ranch Golf and Lake Club in Idaho—a Kardashian-Jenner vacation hotspot.
Meanwhile, the singer’s representatives have denied the “financial distress” claims. The rep opined that the sources could be trying to draw an “unflattering portrait of Justin.” They added that it bears “no resemblance to reality.”
Originally reported by Arpita Adhya on ComingSoon.
