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However, the legendary musician ultimately lost $12 million of his own money fighting a losing legal battle.
According to a recent one report On the situation, John, who grew up near destitute in British council housing, decided to file a massive lawsuit against PriceWaterhouseCoopers in 2000.
The “Rocket Man” singer and his legal team alleged that his PWHC representative, John Hapgood, and Andrew Haydon, the former CEO of John Reid Enterprises (JREL), had been negligent in their management of the tour’s expenses. pop star.
John and his camp claimed that “several millions” he had spent while touring abroad should have been placed under a JREL management deal.
In addition, the lawsuit suggested that the “Tiny Dancer” star had been “ripped off” by Reid, who was both her former business manager and her former lover.
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When John appeared in London’s High Court on 5 November 2000, he testified: “I don’t have anyone to leave my money to. I’m a single man. I like to spend my money.”
Since then, John and his longtime partner David Furnish have had two sons, Zachary, 11, and Elijah, 9. However, the 75-year-old icon doesn’t intend for the boys to inherit all his wealth.
told him earlier Mirror“Of course I want to leave my children in a very solid financial state. But it’s terrible to give children a silver spoon. It ruins their lives.”
During legal proceedings in 2000, it was revealed that the “Candle In the Wind” singer had personal problems becoming filthy rich seemingly overnight. He spent $36 million in less than two years, which works out to $1.8 million a month for 20 months.
Hapgood said on the stand that his client had gone “spending crazy.”
The lengthy trial resulted in 43 days of hearings and five weeks of jury deliberations. In the end, John did not receive the $30 million.
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Although the music legend was not present when the verdict was handed down, he was charged $12 million in legal fees. At the time, Judge Andrew Ferris stated in his ruling: “I have found this case to be flawed on the facts.”
Reid eventually settled out of court and paid John $5 million.
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