Britney Spears’ $57m fortune at risk
Britney Spears' $57 million fortune is at risk by her "refusal to perform" and a "burn rate" of lawyer fees, new court documents obtained exclusively by The Sun claim.
The paperwork also reveals Britney, who this week stripped down to tights and a crop top as she filmed herself dancing around her LA home, won't consider getting onstage or in a recording studio again until she gets to run her finances the way she wants.
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The star, who last performed in Las Vegas in December 2017, is trying to employ a new legal team so that she can appoint the New York-based Bessemer Trust to manage her affairs.
But her dad Jamie, who controls the pursestrings to her cash as head of her conservatorship, says the cost is too high.
Britney wants to employ the Loeb & Loeb law firm to replace her father and make the independent Bessemer Trust her conservator.
But their fees said to be between $590 and $945 an hour is not "in the best interest of Ms. Spears given the inevitable, very substantial expense that would be incurred" her dad says in the paperwork.
Jamie's attorney says in new documents: "The 'burn rate' that the Estate is experiencing is high, and Ms. Spears has determined not to work at this time.
"Mr. Spears remains concerned about the 'burn rate' and at the same time, believes it is in Ms. Spears' best interest to ensure that Ms. Spears may return to work with ease if she wishes to do so in the future.
"Of course Mr. Spears acknowledges that her decision to work is completely up to Ms. Spears."
The 38-year-old mum of two has been trying to remove her dad from her conservatorship for several months now.
Britney's legal rep, Sam Ingham, says in reply: "Britney simply does not share Jamie's vision of a future in which she resumes performing and leaves the management of her estate completely to him as she did in the past.
"Instead she has nominated Bessemer Trust as an independent, extremely well qualified full service financial advisor with whom she can work collaboratively to plan for her future needs, whether or not she ever chooses to perform again.
"The only way to ensure Britney's voice is heard will be for her to have qualified litigation counsel available in order to place her on a level playing field with Jamie."
He argues there won't be an "inevitable, very substantial expense" by employing new lawyers, adding that her father's reps just need to pick up the phone to sort the problem out.
"His counsel are always welcome to pick up the phone to discuss a resolution," the docs say.
The paperwork also reveals that Britney's estate spent $300,000 on lawyer fees fighting a separate case against her former manager, Sam Lufti.
He and Britney fought a long-running libel case which started in 2009 and ended in 2016 when he was awarded a figure reportedly in the low six figures.
Britney has her own court appointed lawyer Sam Ingham while her dad uses the law firm Freeman, Freeman & Smiley.
Britney's estate pays all its costs, said to have run into "millions" since her affairs were taken over by the conservatorship in 2008 following her well-publicised breakdown.
Dustin Strand, one of the organisers of the Free Britney movement which is trying to end her conservatorship, said: "Britney's dad is just delaying things so that he maintains control which ironically is also costing a huge amount of money.
"Britney has spent millions in legal fees over more than a decade because of this unfair conservatorship.
"Her dad is now fighting her every step of the way and it's really sad for them both to have got to this stage."
Britney's conservatorship will be back in court in Los Angeles on October 14.
This article originally appeared on the Sun and was reproduced here with permission
Originally published as Britney Spears' $57m fortune at risk