Posted on 02/25/2008 8:30:49 AM PST by abb
Britney Spears’s klieg-lighted meltdown sent her to the psychiatric ward twice, and left her long-divorced parents, her brother, and a SWAT team of lawyers and accountants grappling with how to protect her from predatory hangers-on, from the paparazzi who dog her every move and from her own erratic behavior.
Beyond the psychodrama being played out on tabloid covers, celebrity-news shows and gossip Web sites is another serious subject for the Spears family: how to protect the millions of dollars that Ms. Spears, 26, has amassed over a decade as one of America’s biggest pop music, merchandise and endorsement engines.
It’s impossible to say how much money she has. Published estimates of her net worth have varied wildly, up to $125 million. But one of her former financial advisers, speaking on the condition of anonymity because of his relationship with his client, estimated her current fortune at around $50 million.
That’s an enormous amount, but, as Michael Jackson proved, being a wealthy cultural phenomenon doesn’t make one impervious to financial disaster. Celebrities, like athletes, often have a small window to make their money, typically at a young age when they are probably not thinking about the future.
As a result, many child stars like Macaulay Culkin are dragged into family squabbles over money while others — too numerous to mention — end up looking to revive their careers long after the money has run out.
Ms. Spears will not run out of money anytime soon, but her longer-term prospects have taken a hit in the last year because of bizarre behavior — her public scenes, questionable parenting skills and a shaky comeback performance at the MTV Awards — and her tortured personal life after her divorce from Kevin Federline, formerly one of her backup dancers.
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(Excerpt) Read more at nytimes.com ...
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