Britney Spears Wants New Conservator To 'Investigate Her Finances' As 'Money Is Missing', Says Source
As Britney Spears and new attorney Mathew Rosengart seek to remove her father, Jamie Spears, from her conservatorship, a new report claims that they also want to hire a new conservator to investigate her finances.
Rosengart has reportedly filed papers requesting that Jamie be replaced by Jason Rubin as conservator of her estate.
An insider told The Sun that the "intention of hiring a third party CPA for Britney" is not only about handling her funds but to "investigate her finances as well."
"She has made millions that her attorney believes are unaccounted for and Britney doesn’t know where it went," the source said. "The opposing counsels’ team hasn't answered many questions about it either."
"If her money was stolen or used in an unlawful manner, Jason will look into the person or persons responsible and where the money went," the source explained, as "the conservator cannot use the conservatee's bank account like an ATM."
"There are a lot of protocols set in place that need to be followed," the source explained. "If those were not followed properly in this particular case, either by a family member or a business representative, that would be a criminal offense."
According to the insider, even "jail time would be on the table for whoever unlawfully handled her finances."
In documents filed on Monday, July 26, the "Toxic" singer and her attorney say that her "net worth is shockingly low and that, although no one knows what she would have done had she been in control of her fate and fortune, it’s hard to imagine how she would have done worse than her estranged dad."
- Jamie Spears' Potential Replacement Reportedly Hopes To Audit Him Amid Britney Spears' Conservatorship Drama
- Britney Spears' Attorney Mathew Rosengart & Team Increasing Efforts To Remove James Spears From Conservatorship
- Britney Spears' Lawyer Files Official Request To Have Jason Rubin Replace Jamie Spears As Conservator Of Her Estate
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According to the documents, the pop icon has a net worth of approximately $57 million, which is much lower than other artists who have been on less tours and sold fewer albums.
"Mr. Spears is not a professional business or financial manager. In fact, the Spears family struggled financially under his leadership and filed for bankruptcy in 1998," the papers allege.
"In addition to that monthly compensation, Mr. Spears has paid himself a share of the revenues generated by Ms. Spears’s performances," the documents claim. Jamie reportedly was given 1.5.% of the gross revenue from performances and merchandise sales from her Las Vegas residency and 2.95% commission on the gross revenues from her Femme Fatale tour in 2011.
Jamie reportedly took home $2.1 million from the Las Vegas residency, which had a box office gross revenue of approximately $137.7 million, and got an estimated $500,000 from the Femme Fatale tour.
"Although it is common for managers, agents, and other industry professionals to receive a percentage of an artists’ earnings, Mr. Spears is none of those," the documents argued. "He is a conservator and, as a conservator, his role is to be burdened by, rather than benefit from, the conservatorship."
The "Womanizer" singer slammed her father and his role in the conservatorship in recent court documents as "traumatizing, insane and depressing", noting that the relationship with her father "impairs Ms. Spears's mental health, her well-being, and her ability to pursue and continue with her extraordinary career.”
“Since receiving professional medical care at the outset of this conservatorship over thirteen years ago, Ms. Spears is clearly in a different place now, and she has been for many years," the documents read.
