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Sir Elton’s £30m spending spree

Elton John made news recently for singing at Rush Limbaugh’s wedding for a estimated fee of US$1 million. This is another story about Elton and money, from 10 years ago. It really was a different era them, when record companies would sign deals and pay £42 million in advances to an artist.

Pop superstar Sir Elton John once spent £30m in just under two years – an average of £1.5m a month, the High Court in London has heard.

The singer’s lavish lifestyle saw him spend more than £9.6m on property and £293,000 on flowers between January 1996 and September 1997.

The performer is suing Andrew Haydon, 45, former managing director of John Reid Enterprises (JREL), which for many years was his management company.

Sir Elton alleges Mr Haydon was negligent in allowing JREL to charge him “several millions” in overseas tour expenses – including booking agents, accountants and producers.

He also accuses City accountancy firm PricewaterhouseCoopers – formerly Price Waterhouse – of negligence in managing his affairs.

Sir Elton defended his spending, telling the court: “I have no one to leave the money to. I’m a single man. I like spending my money.”

Mr Hapgood suggested to Sir Elton that he went “spending mad” following a £42m deal with recording company Polygram in February 1996.

via BBC News | UK | Sir Elton’s £30m spending spree.

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