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Dionne Warwick, down to $1,000 cash, files for bankruptcy

7:52 PM, Mar 26, 2013   |    comments
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(CNN) -- Dionne Warwick, one of the most recognizable pop voices of the 1960s, filed for bankruptcy last week, citing more than $10 million in tax debt dating back to 1991.

"Due to several consecutive years (the late '80s through the mid-'90s) of negligent and gross financial mismanagement, Dionne Warwick has realized the current necessity to file personal bankruptcy," Warwick publicist Kevin Sasaki said in a statement to CNN Tuesday.

Warwick, 72, made hits out of many Burt Bacharach and Hal David songs, and won five Grammys in a 50-year career. The singer is down her last $1,000 in cash and only owns furniture and clothing worth $1,500, according to the Chapter 7 filing in New Jersey.

The bankruptcy documents filed in New Jersey on Thursday outline a sad financial situation for Warwick, a cousin of the late Whitney Houston.

Along with $7 million in federal IRS debt, Warwick said she owes more than $3 million to the state of California in franchise taxes. Another $500,000 is owed to a lawyer and a business manager, the filing said.

"In light of the magnitude of her tax liabilities, Warwick has repeatedly attempted to offer repayment plans and proposals to the IRS and the California Franchise Tax Board for taxes owed," Sasaki said. "These plans were not accepted, resulting in escalating interest and penalties. Although the actual amount of back taxes owed have been paid, the resulting penalties and interest has continually accrued."

Warwick's total assets are worth just $25,500, mostly because of two fur coats and two sets of diamond earrings valued at $13,000, the documents showed. She also claimed clothing worth $5,000, art worth $5,000 and furniture valued at $15,500.

Warwick recently took a credit card debt management class, it said, perhaps relating to a $20,000 Visa debt.

Her monthly income was listed at $20,950, although she is eligible for a pension from the SAG/AFTRA union, the filing said. Warwick listed her employment with Star Girl Productions, an entertainment management company.

She has been touring in recent months, singing her hits for fans in Europe and South America, according to her website.

Warwick's success began in 1962 with "Don't Make Me Over," followed by 18 consecutive Top 100 singles.

Other Bacharach/David classics include "Walk on By," "Anyone Who Had a Heart," "Message to Michael," "Promises Promises," "A House is Not a Home," "Alfie," "Say a Little Prayer," "This Girl's in Love With You," "I'll Never Fall in Love Again," "Reach Out For Me" and the theme from "Valley of the Dolls."

"Warwick has spent many years of her career raising funds for several humanitarian and philanthropic causes without compensation," Sasaki said. "Aside from carrying the banner for world hunger, she was the first musical artist to donate all sales and proceeds from her landmark recording, 'That's What Friends Are For' to AIDS and The American Foundation For AIDS Research (amfAR)."

 

CNN

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