Justin Bieber was near ‘financial collapse’ when he sold catalog for $200M
Sources say Justin Bieber was nearly broke when he sold his music catalog for $200 million, reportedly against the urging of manager Scooter Braun.
Justin Bieber was reportedly very nearly broke before selling his catalog for $200 million two years ago.
Insiders in the “Love Yourself” pop star’s camp told TMZ’s “What Happened to Justin Bieber” doc that he was on the brink of “financial collapse” when he made the sale to Hipgnosis Songs Capital. Bieber, 31, had reportedly spent the entirety of the estimated $500 million to $1 billion he’d made in his successful career prior.
Manager Scooter Braun reportedly tried to steer his hotshot client away from such a deal as he’s still early in his career. Short of that, Braun advised Bieber to hold off on selling until early 2023 so he could snag a tax break.
Though the sale wasn’t reported until late January 2023, TMZ reports the Grammy winner was chomping at the bit and sold in December 2022, making the Canadian the youngest musician to do so.
The TMZ doc, available to stream on Hulu, comes less than a month after Bieber’s camp denied reports he’s in “financial distress” thanks to canceling much of his 2022 “Justice” world tour. They also denied that he owes Braun’s company $20 million.
“Any source that is trying to sell you a story about alleged financial distress … either doesn’t understand the entertainment industry or, more likely, is trying to paint an unflattering portrait of Justin, which bears no resemblance to reality,” Bieber’s team told The Hollywood Reporter.
In recent months, the newly minted dad — who welcomed son Jack with wife Hailey in August — has ranted at paparazzi on multiple occasions, essentially calling them parasites, and in March opened up about contending with longstanding imposter syndrome.
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