We all know that Chris Brown is a big spender. His ex-manager said that his reckless spending habits will soon dry out his bank accounts and that he is getting too close to bankruptcy. If he doesn’t act quickly, a financial disaster could come even this year.
Michael Guirguis, Chris’s former manager, testified on the court that the star is spending an enormous amount of his money and that it is way beyond his means. He also said that at this pace, Chris won’t be able to get out of this situation and that his bankruptcy is inevitable.
Court paperwork is saying that the biggest problem is that Brown is spending more than he is earning by far. If you combine that with his unpaid bills and debt that is getting bigger and bigger, a major financial disaster doesn’t seem that weird.
His manager Michael Guirguis, who in the business world goes by “Mike G”, has seen these large amounts of money being spent with his own eyes. On December 22nd, Guirguis outlined Brown’s great amount of unpaid debt and his serious spending habits in a sworn statement for LA Superior Court.
“Brown’s Spending Habits and Solvency” is the title of one section of Guirguis’s testimony where he explains some aspects of Brown’s finances. The testimony says:” I have worked with Brown since 2012 and have witnessed firsthand Brown’s lavish spending habits. For example, Brown’s music video shoots often have exceeded his record label’s budget and Brown has paid out-of-pocket for the additional costs. These were, at times, six-figure overages.”
Brown also has a private jet and when it comes to traveling, the only transportation vehicle is that jet. Guirguis said:”Brown also travels on private jets domestically and internationally, and spends anywhere from $50,000 to $200,000 per trip. He pays for this himself.” Another interesting fact is that Drai’s Nightclub in Las Vegas, who paid Brown almost 3 million dollars a year, fired him in July 2016 for unprofessional and violent behavior. This was just one of Brown’s self-destructing and self- sabotaging acts. On that matter, Guirguis stated in the testimony:”In July 2016, Brown was fired from his Las Vegas residency at Drai’s Nightclub. Drai’s had paid Brown approximately $3 million a year. Prior to terminating Brown, Drai’s Management Group, LLC had sent a letter warning Brown about his behavior.” Should we say that this gig was easy millions?
Guirguis gave the testimony because NiteVision, his management team, and he are suing Chris Brown after a violent argument between them. To make it short, after a disagreement, Brown attacked Guirguis, and the result was a break-up and subsequent lawsuit. Guirguis has a concern that if he wins at this court, Brown won’t be able to pay after all. We are talking millions in damages. Guirguis said:”As NiteVision’s chief executive officer, I am concerned about Brown’s future solvency and his inability to satisfy a judgment in NiteVision’s favor. NiteVision will suffer great or irreparable injury if Brown is allowed to continue dissipating funds that are unlikely to be replenished through new sources of income.”
Chris Brown is not the only musician who managed to spend all of his money and drive himself to bankruptcy. Among many others, that list includes Toni Braxton, DMX, Lauryn Hill, Scott Storch, Rick Ross and 50 Cent.
LA Superior Court will proceed with a trial against Chris Brown on March 7th.