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A recent TMZ documentary suggests that Justin Bieber was nearing “financial collapse” when he sold his music catalog in 2022.
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The artist reportedly sold his catalog to Hipgnosis Songs Capital for around $200 million.
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The financial troubles are said to have stemmed from the cancellation of his Justice World Tour.
Justin Bieber experienced significant financial difficulties before he sold his song catalog in December 2022, as per a new documentary from TMZ.
At 31 years old, Bieber sold nearly 300 songs to Hipgnosis Songs Capital for approximately $200 million, because he was reportedly on the brink of “financial collapse,” according to a documentary titled TMZ Investigates: What Happened to Justin Bieber?
In the documentary available on Hulu, TMZ executive producer Harvey Levin mentions that the “Peaches” singer had earned between $500 million and $1 billion over his career but “had to sell his music catalog because he was broke,” partly due to debts from the 2022 cancellation of his Justice World Tour.
“I was on a call with multiple people — Justin’s side acknowledges that in 2022, he was on the verge of… the words were ‘financial collapse.’ And that’s why he had to sell his catalog,” Levin asserts in the documentary.
When contacted by PEOPLE, a representative for Bieber declined to comment.
Joseph Okpako/WireImage
Justin Bieber on his Justice World Tour in 2022.
Levin further claimed that when Bieber’s former manager Scooter Braun learned about the sale, he advised the star to wait until January 2023 for a tax advantage.
“Justin insisted he needed to sell it immediately. He sold it in December. That illustrates how dire his financial situation was,” Levin noted.
Although the exact reasons for Bieber’s spending habits remain unclear, one TMZ staff member suggested he had eight buses for his Justice World Tour, spent $2 million on renovations for one, traveled on private jets, and had purchased multiple luxury mansions in cash.
In another part of the documentary, TMZ executive producer Don Nash remarked that Bieber could have earned $90 million had he completed his Justice World Tour, which he canceled in September 2022 to prioritize his health.
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Justin Bieber and Hailey Bieber attend the premiere of YouTube Originals’ “Justin Bieber: Seasons” at Regency Bruin Theatre on January 27, 2020 in Los Angeles, California.
This TMZ documentary was released shortly after an article from The Hollywood Reporter reported similar claims that Bieber had accrued significant debt following the cancellation of his tour.
A spokesperson for Bieber condemned the outlet’s sources, stating to PEOPLE: “This is just clickbait stupidity based on unnamed — and clearly ill-informed — ‘sources’ who are disappointed they no longer work with Justin. As Justin moves forward, these unnecessary stories and inaccurate assumptions will continue, but they won’t distract him from his commitment to the right path.”
Additionally, a source informed PEOPLE that the Grammy winner — who welcomed son Jack Blues with wife Hailey Bieber in August — is “dealing with numerous challenges at the moment.”
“He has been making some very poor choices recently, which have negatively impacted friendships, finances, and business. People are genuinely concerned for him,” the source shared.
For the full article, visit People.
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