Toni Braxton has had more than her fair share of financial crisis in the music business, due to bad business deals and her two bankruptcies. It’s been more than a year since Braxton last filed for bankruptcy, yet her money problems are coming back to haunt her as the superstar singer recently lost the rights to 27 of her hit songs in a bidding war.
According to The Urban Daily, in her bankruptcy proceedings, she was able to strike a deal with her creditors to settle her debts, and a part of that deal was that she could buy back her catalog of hit songs for $20,000. However, the catch was that Braxton’s catalog was open to the entire market and she had to outbid all competitors to win back her own songs.
Apparently Braxton lost a bidding war with a man named Ross M. Klein, who bought 27 of Braxton’s songs after paying more than double her offer. Some of those songs include hits like, “How Many Ways,” “You’re Makin’ Me high,” and “Always.”
Luckily, for Braxton, her signature hit, “Un-Break My Heart,” was not up for sale, meaning she will not have to pay him a fee every time she performs the song, as she will now have to do every time she performs the songs of hers that he did buy.
This is definitely a sad situation for Braxton. Now she has enough material for another drama-filled episode of a “Behind The Music” special. She’s not the only star to be burned by the business. Check out some other artists who lost it all after the cut. – nicholas robinson
