February 16, 2008
Britney Spears loses control of own money
Britney Spears has been stripped of control of her $100 million fortune due to her psychiatric condition.
"This was a decision made some time ago and signed off on by Britney, before she was married to Kevin, before she had kids."
LOS ANGELES -- U.S. pop star Britney Spears is no longer in control of a significant portion of her estimated $100 million fortune, a report said.
People magazine said court documents released this week showed a trust containing a sizable portion of the "Toxic" singer's assets is now under the control of Spears' brother and a lawyer.
Britney reportedly lost her trustee powers in relation to her SJB revocable trust after being labeled "legally disabled" by the court. That ruling came in the wake of the 26-year-old's recent stay at a Los Angeles psychiatric ward.
Spears' brother, Bryan, said his sister willingly relinquished her trustee powers long before the court ruled on the matter.
"This is nothing new," Bryan Spears said. "This was a decision made some time ago and signed off on by Britney, before she was married to Kevin, before she had kids."
People said the legal move means Bryan Spears and attorney Ivan Taback are now in charge of the troubled star's basic expenses, but must still obtain a court order to make any significant financial moves.