Toni Braxton net worth: Toni Braxton is a Maryland-born singer, song writer and actress who has a net worth of -$50 million dollars. Toni Braxton was born October 7, 1967 in Severn, Maryland. During her nearly 25 year career, Braxton has won multiple Grammy Awards and sold over 40 million albums internationally. As of September 2013, she has released seven studio albums which have produced many top ten singles. To date, five of her studio albums have achieved Gold or Platinum status.
Toni Braxton Bankruptcy and Money Issues
Despite all of her commercial success, Toni has had a long history of money problems. She first filed for bankruptcy in 1998, at which time she was $5 million in debt. Her financial situation showed some signs of recovery after Toni released her hit album "The Heat" in 2000 which went on to sell over two million copies. Unfortunately, Toni was forced to file for bankruptcy again in October 2010. In this filing, Toni was reportedly as much as $50 million in debt. She owed money to a wide range of creditors including the IRS, Tiffany & Co, AT&T and Neiman Marcus, just to name a few. She reportedly spent $2.5 million on makeup, clothing and hair alone in under two years. In July 2013, Toni lost the rights to 27 of her most famous songs, including "You're Making Me High", "Always" and "How Many Ways", as part of her ongoing bankruptcy case. That means she is no longer eligible to recieve the lions share of royalties of the sales of her own music. Toni also does not receive significant royalties from her biggest hit "Un-Break My Heart", because it was actually written by Diane Warren. Fortunately, Ms. Braxton is still a popular live act, especially oversees. She reportedly earns between $750,000 and $1 million per year from live shows and personal appearances, including her reality show Braxton Family Values, but much of her income can potentially be garnished for creditors.