Sources Indicate Whitney Houston Squandered Her Fortune

Whitney Houston had a long, storied and successful career, but her drug and alcohol problems may have left her flat broke upon her death.

With her immense popularity in the 1980s and 1990s, it is certainly hard to imagine that Whitney Houston would die young and have lost most of the money she earned during a highly successful career. Known as one of the original divas of the modern age, Houston leveraged golden pipes to a career that included not just singing, but acting as well. Back in the heady days of her career, Houston’s "The Bodyguard" soundtrack sold over 17 million copies and she once earned millions to work in films.

She was also ranked in the top 20 by Forbes among the most powerful entertainers. By the early part of the new millennium, Houston’s problems with drugs and alcohol came to light, and though she battled back and forth with those demons, she was able to launch a successful album in 2009. Still, when she passed away, it was clear that she had not been managing her money properly. A few weeks ago, before her death, rumors began to surface that Houston was flat broke.

Notes an insider with knowledge of the situation, "Whitney’s fortune is gone. Music industry heavy hitters are supporting her and her label is fronting her cash against her next album, but no one knows when that will be released. She might be homeless if not for people saving her. She is broke as a joke. She called someone to ask for $100. It is so sad. She should have Mariah Carey money, and she’s flat broke." Sony music executive Clive Davis actually loaned Houston over $1 million in an attempt to get clean, but it doesn’t appear to have worked. Says Dr. Sack, a rehabilitation specialist, "When people become addicted they become more impulsive and often have impaired memory and attention. In addition to squandering money on drugs, they are easy prey for unethical financial managers and consultants who exploit their vulnerabilities. It’s certainly possible that Ms. Houston fell victim to either or both of these problems."

By Buzzle Staff and Agencies