Toni Finally Takes Some Responsibility For Going Broke: ‘I Kind Of Lost It A Little Bit On The House Ware.’

16 Comments
December 3, 2012 ‐ By

 

Source: WENN

 

Toni, Toni, Toni. If the R&B singer thought Oprah was harsh on her back in 1998 when she questioned her about having Gucci flatware, I’m curious how she feels about the outcome of her recent 20/20 interview in which she was basically asked to rehash every money woe she’s ever had in her life. Everybody knows Toni has been on the financial struggle bus since the ’90s, having filed for bankruptcy twice since making it big. Though she already recently revealed the source behind those filings on her VH1 Behind the Music special — shady business deals and sickness– Toni has pretty much neglected to take any personal responsibility for her mishandling of funds. But in her 20/20 chat, she sort of did just that.

When asked how it was possible for someone who sold 50 million albums to go flat broke, she said:

“I love dishes and house things so I kind of lost it a little bit on the house ware. That kind of stuff, the girly things that’s what I indulged in — 1,000-thread-count sheets.”

Mmm.

Unfortunately for her, all of that stopped when out of $170 million in album sales she took home less than $2,000 — $1,972 to be exact. Most people are more concerned with how that happened, as opposed to her having to file for bankruptcy, and Toni explained:

“What happens is they will give you an advance million on the next record and the next record so you kind of stay in debt in a sense.”

It’s not hard for people to wrap their heads around the shadiness of the record industry, but what most do have trouble understanding is how the singer ended up in debt to the tune of $50 million a second time. A lot of fans know that the singer being diagnosed with lupus and a heart condition caused her to cancel her Vegas shows, and that she was subsequently sued by all of the vendors for the cash they missed out on. But when the reporter brought up $15,000 debts to Tiffanys in the last filings, I’m sure some wondered whether Toni actually learned her lesson the first time around. All she had to say was:

“Some of the things you read aren’t true because I heard I owed BMW too and I don’t own a BMW.”

She does own a rather extravagant LA home, though. The type that makes you wonder, is this the fruits of no labor? But the truth is Toni has now gotten into the private global concert sector and claims the “money is yummy” but now she keeps her checks properly balanced.

“I have to monitor myself, she said, “because I am definitely on a budget.”

Let’s hope so.

Check out Toni’s #20/20Confessions special on the next page. Do you think her financial situation is really in order now?

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  • Caramel_cookie

    Toni had a shi**y contract, she had her whole family on her payroll, had heart complications & lupus. Give her a break. If I worked so hard doing shows all over the world, there is nothing wrong in treating myself to 1000 thread count sheets & Gucci Flatware. At least she is not strung out on drugs.

  • Just saying!!

    Leave her alone. Des been through enough. I couldn’t imagine going through what she did with the faulty contract and then the health issues….we should be encouraging her to get back on her feet. Besides from my understanding her debt is from performance stuff involving her shows…not personal expenses. Either way, go Toni! Lol you can do it!

  • NONEYA

    She also sued Laface after the 1st album and got a huge settlement!!

  • http://twitter.com/MauMau1067 Mau67

    I’d also like to know why no one questions why it is that pretty much ALL of the big acts on the now defunct LaFACE record label, ended up bankrupt or broke? T-Boz said the group sold like $75 million records and only got about $75,000 a piece? Follow THAT money trail. The record business is shady is an apparent gross understatement.

  • http://www.facebook.com/lashton Leah Ashton

    not really sure what to say, but why all this criticizing Toni on her financial issues? She isn’t strung out, a ho, or anything like that so why should we care? I never understood the media and why they care so much about celebrities and their lives.

  • Tehara

    I don’t think so… If you take away her money management problems, no one has anything negative to say about her. I just think that during the 80/90s, the business was very different.. Now even Real Housewives get their own shows, cosmetic lines, haircare products etc… With Jennifer Lopez, Beyoncé, Barbra Streisand, Celine Dion, Gisele Bundchen etc… women in entertainement became really smart when it comes to business, and actually became their own business, they all try to capitalize on their fame and sell whatever they can, which allow them to have artistic freedom in return, Some of them are SO famous that even their mother have clothing lines ! You didn’t see that in the 80s & 90s. The Braxtons are only now catching on to the trend with their show.

    • Tehara

      I don’t look at women like Mariah Carey… but ok lol :)

  • realadulttalk

    I’d have told 20/20 that unless they are writing a check to cover some of my bills–we need not discuss that. I don’t need to explain my situation to anyone who is not feeding, f*cking or financing me.

    • brooklynarcher

      I love this! the 3 f’s. hahaha

  • http://pulse.yahoo.com/_LBSPSV27VXWMQ62NT7IIYVKWD4 NaomiH

    Toni should not discuss her personal business its okay to respectfully say my personal life and my business is just that my business. If its not about a show or a new album why put your business out there for others to pass judgement on.

  • Limeaide724

    What Toni Braxton does with her money is her business, and her business alone. I don’t feel she needs to give a public account on how she chooses to spend her hard earned money. If she goes broke over overspending, that too is her business and only she will have to account for that. Shopping is therapeutic for some folks and over spending on house ware might be just that way for Toni. She has had lots to deal with personally. A divorce, autistic child, lupus, my goodness, give the woman a break already. Why are people so harsh and judgemental. We have all been broke and over spent at times. She is very talented and well deserved to spend her hard earned money on what she pleases too. When she dies, none of that money is going with her, so she might as well spend it, just not to the point where she puts herself or her family in the red. I respect and admire her and wish her only the best and the media needs to learn to mind their business. If you are not feeding, clothing or taking care of her or her kids, what is it a person’s concern anyway. Some people really need to get a life already.

    • Jade

      It sounds like the only one who needs to get a life as you put it is Mrs. Braxton, she’s the one doing interviews with anybody who will listen. Personally I agree with you it is her business and I’m sure I speak for quite a few people when I say I could care less, I’ve got my own problems.

    • brooklynarcher

      She made it our concern by speaking on it. I just don’t understand why 20/20 cares after all these years. They should’ve just spoke on her new business ventures and what she’s doing differently as opposed to the last 2 financial fails.

  • Nope

    I remember reading about her 1000 count bed sheets in a Vibe interview she did back in the 90’s. That’s the first thing I thought about when I clicked this article. To this day for some reason she comes to mind whenever I buy new sheets. smh.

  • kierah

    At a certain point, Toni needs to exercise financial responsibility. What a horrible example for her boys. After the first bankruptcy, most people wouldn’t want to be in that position again. Hopefully this is last of her major financial woes.

  • brooklynarcher

    I don’t know how I feel about 20/20 feeling the need to scrutinize her finances with a fine comb. I think that chapter should’ve remained closed. However, I think it was a hot a** mess that she went stark-raving mad on some Gucci flatware. I love dishes too and if I have the money, I’ll get crazy as well but I’ll for darn certain make sure I was speaking with financial advisors. I’m just so surprised by all of these celebrities who can afford the luxury of advisors but they don’t utilize it. I get the baller mentality but geez