Lady Gaga’s Debt of $3 Million Forced Her Into Bankruptcy

You don’t really think that Lady Gaga & debt would go hand in hand, but apparently it’s true. Mother Monster revealed that she had amassed a $3 Million debt during the first leg of her Monster Ball tour.

With the large amount of debt hanging on her shoulders, she had no other choice but to file for bankruptcy. It’s hard to believe that with the enormous success she had that it came to that. She told the Financial Times:

“I put everything in the show, and I actually went bankrupt after the first extension of the ‘Monster Ball’. And it was funny because I didn’t know! And I remember I called everybody and said, ‘Why is everyone saying I have no money? This is ridiculous, I have five number one singles’ — and they said, ‘Well, you’re $3 million in debt.’ “

What led to the pop superstar finding herself in the red? Those elaborate costumes, backup dancers and the like. It cost more to put on her show than what she was taking in at the time.

So why wouldn’t anyone have told her sooner that she was running into financial trouble, rather than later telling her, oh, ‘you’re $3 million in debt’. I mean come on, certainly she has people who watch out for these things, don’t you think? I think someone needs to go through the books, just sayin’.

Now just to clarify, Lady Gaga is speaking of going bankrupt in the middle of her Monster Ball Tour, and as we all know, the Paparazzi singer is doing quite nicely for herself NOW. A few weeks ago she topped the Forbes Celebrity 100 List, besting out Oprah who fell to No. 2. Her Monster Ball Tour made bank, grossing $227.4 million and her latest album, Born This Way, released last week, already has gone platinum.

So no worries, all you Little Monsters, Mother Monster is by no means in financial ruin.

Photos: www.wenn.com
Credit: Will Alexander/WENN.com, PNP/WENN.com

This entry was posted on May 31, 2011 at 8:31 am and is filed under Latest Entertainment News. You can follow any responses to this entry through the RSS 2.0 feed.