Toni Braxton Files For Bankruptcy, Foreclosed House Sold

by Deidre Woollard (RSS feed)
Oct 7th 2010 at 2:01PM

TMZ reported this morning that Toni Braxton has filed for bankruptcy again citing debts of $10 million and $50 million in unpaid debts with assets in the $1 million to $10 million range. Creditors include Cedars-Sinai Medical Center, the Internal Revenue Service and Neiman Marcus. She had previously filed bankruptcy in 1998. Earlier this year the IRS filed a lien against her for $396,000. One thing Toni won't have to worry about is her Nevada home, the one we checked out back in August.

The six-time Grammy winner and her husband, Keirston"Keri" Lewis bought the home in Henderson, NV home in 2007 for $2.6 million. The home was listed as a foreclosure on Realtor.com for $1.15 million. Listing pictures show that the home has been completely cleaned out. The home in the Seven Hills area of Henderson Nevada has four bedrooms, a pool, three-car garage and views of the surrounding desert. Realtor.com shows that the home was sold on September 17 for $1.060 million.

Gallery: Toni Braxton's Foreclosed Nevada Home

Tags: bankruptcy, nevada real estate, toni braxton

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Reader Comments (Page 3 of 6)

lynn Oct 8th 2010 12:21AM

Why do these stars and athetes always have to buy these houses big enough for 50 people to live in? And why can't they pay cash for it since they make so much money. And why don't they pay the IRS because they are going to come after you with claws, knives and hefty fines when they don't get paid.

daksmom Oct 8th 2010 12:35AM

You'd think that when she filed for bankruptcy once, she would have learned a lesson, and she would be more careful with money. However she comes out of this, maybe she should lower her standards, and not be so materialistic. But, people go through life living beyond their means, then file for bankruptcy more than once, and don't feel an ounce of guilt for screwing anyone out of any money owed to them. LEARN TO LIVE ON A BUDGET, TONI. A SMALL ONCE, SO THIS DOESN'T HAPPEN TO YOU AGAIN.

dnruff Oct 8th 2010 8:22AM

GOD BLESS YOU TONI BRAXTON....MAKE SURE YOU TAKE CARE OF YOUR SON.

Don Oct 8th 2010 12:32AM

If you took all the black entertainers who blew their fortunes you could put a serious dent into black poverty. Geez these blackfok can't handle money. Hate to stereotype a race but damn they can do a massive job at screwing up money..

missburdines Oct 8th 2010 1:40AM

Wealthy African Americans spend no more than anyone else. Some of them are as frugal and tight with their money as any other race. You just don't pay as much as attention to other races; because U are set on negativity on African American. There has been many white entertainers, comedians athletics etc losing and filing bankrupcy.Donald Trump filed bankrupcy, Ed McMann lost all and U know he made the big bucks. Just the other day Tom Jones filed bankrupt, and some white football players also.. To you poor folks bankrupcy means broke.....not so to millionaires. Bankrupcy means you keep your "goodies" and walk away from debts with a smile. Lenders then rush in to loan you more MONEY!

lynn Oct 8th 2010 12:18PM

And of course we never ever heard of a white person or people of any other race filing for bankruptcy have we.

Don Oct 9th 2010 11:43AM

"And of course we never ever heard of a white person or people of any other race filing for bankruptcy have we."

Of course there are others that file for BK but the percentage of Black entertainers losing their fortunes is overwhelming. There is a cultural mindset that repeats itself over and over and over again. Fame, money then back to poverty. There is some sort of a moral disconnect in black culture that IMO that perpetuates dysfunction at so many levels for Black entertainers. Perhaps their shattered history of enslavement and all the socio psychological fracturing that occurred created a generational, systemic pattern for so many making it so difficult to establish behavior that will enhance rather than destroy ones economic success..

April Oct 8th 2010 1:10AM

I understand about medical conditions, I do. But I would never, ever be able to afford a home like this and I've never gone bankrupt. If you go bankrupt and buy a home like this, you don't know how to manage your money. But don't worry. Just keep spending and go bankrupt and you don't have to pay any of your debts. Nice plan, I guess, if it works. Wow. And I do love her music.

javaarhya Oct 8th 2010 1:20AM

please live a normal life whenever you get back on your feet, god bless you.

Diane Oct 8th 2010 2:02AM

perhaps peolpe are upset because she spent money on expensive shoes and what not , and knew she had trouble , but continued to plunge deepe in debt , of her own choice .

so many of us work so hard and just cant relate to her spending habits . we have to watch , cut out , tone it down . she did not , or so it seems

miss braxton has used system before, she is again , and thats a form of bailout .

not cool

jonchcgo38 Oct 8th 2010 2:13AM

Toni,

You are a great talent! Just get out a new CD and your fans will buy it!
I will be the first in line. I am sorry for your financial troubles--sign of the times I guess. Get well, our prayers are with you.

Judy Newman Oct 8th 2010 2:51AM

What?? A second bankruptcy. And since the last one 10 years ago she is $50 million in debt!!! What a country to allow people to that do. I'm such a sucker for living on a budget so I can pay my bills! I have no sympathy for people like her, but they are out there in droves bilking the system and guess what: taxpayers are picking up the bill.

apercu001 Oct 8th 2010 3:38AM

How do successful "singers" fall so hard some asks? Because they don't know the music business. They sign bad contracts, they have no publishing rights because they either sold the rights to the songs they wrote or because they let the producers write the songs --pay the producers these huge fees and then even though their voice makes it a hit, the holder of the publishing rights (most likely the producers) makes the money from their performances. In order to tour the singer will have to pay for all of the production costs and pray that they make enough money from their concerts to cover their costs and make them money. This is what happened to Toni Braxton and if memory serves TLC. They basically got pimped. Toni's problems are compounded because of poor health. And if you cancel a show because you're sick the promoter want his money and you still have to pay everyone else involved.
After what happened to the Back Street Boys, N-Sync, Grand Funk Railroad and numerous artists that are penniless although they've make others filthy rich-
when will people aspiring to be entertainers take the time to learn the business, sign their own checks and find a good lawyer before signing a contract?!

Donna Oct 8th 2010 6:15AM

Its tough for me to feel any sympathy for anyone who makes as much money as Toni. The first thing anyone should do is pay their house note. Some people count their chickens before they hatch.
I can almost understand why people file bank ruptcy, but twice?
Two times means they dont know how to handle money, then the tab is on us all.
No sympathy here,, none.

beverly Oct 8th 2010 6:21AM

When a person files bankruptcy twice it means they haven't learned a thing and the second time throw the book at them.

alex smith Oct 8th 2010 6:54AM

That was too much money. I own a house in Vegas. The house should have sold for about 600K (if it sold at all) times are really, really hard out there. Especially the big ones are not selling. Henderson is also old hat. People with money buy up in Summerlin. My house is a million dollar house and it is currently worth 250K. Stop printing these untrue articles.

lee Oct 8th 2010 7:26AM

someone with her income potential should never have been allowed to file bankruptcy once let alone twice!!!

falcon38a Oct 8th 2010 7:40AM

Debts of up to $10MM? Her poor creditors! Why would anyone need to borrow that much money. Did the first bankruptcy not teach her anything?

liz Oct 8th 2010 8:10AM

It must be nice to live in a home worth millions of dollars and not pay a dime. Unbelievable! And for those of you who keep defending her because she had to pay her medical bills out of pocket, I'm sorry but I doubt those bills racked up to millions of dollars. How about her other bills - Neiman Marcus, DMV in 2 states, Tiffany, please. She doesn't even know if her debt is 10 mill. or 50 mill. That's a 40 mill. difference. How can a person not know their debt amount? Maybe if she said between 10-12 mill. I could understand, but 10-50 mill.? People should only be allowed to file for bankruptcy one (1) time in their lives. How is she gonna pay this back or will we the taxpayers have to foot the bill?

Marilyn Oct 8th 2010 10:15AM

I can't believe some of these nasty uncaring posts. Toni
Braxton was a nice well liked LADY. Very talented. I am
saddened by the news of her illness and loosing everything
she has earned in her life. I am sad for her family also.