Justin Bieber will not pay his multimillion-dollar debt to Scooter Braun’s former company immediately … he will not have to ante up until money from the sale of his wife’s Rhode beauty company hits their bank account, TMZ has learned. Sources…
Justin Bieber will not pay his multimillion-dollar debt to Scooter Braun’s former company immediately … he will not have to ante up until money from the sale of his wife’s Rhode beauty company hits their bank account, TMZ has learned. Sources…
Justin Bieber will not pay his multimillion-dollar debt to Scooter Braun‘s former company immediately … he will not have to ante up until money from the sale of his wife’s Rhode beauty company hits their bank account, TMZ has learned.
Sources with direct knowledge tell us, the settlement between Scooter and Justin has one key provision — Justin doesn’t square his $31-million-plus debt until the Rhode deal is closed and fully funded.
TMZ broke the story … an independent audit showed Justin owed Scooter’s company, Hybe, $26 million after Hybe paid AEG that amount to bail Justin out for cancelling his “Justice” tour. Justin also owed Scooter $11 million in back commissions. There was another $8 million debt Justin owed Scooter for other commissions, but Scooter waived that amount.
Under the terms of the settlement, Justin agreed to pay Hybe the $26 million and half of the $11 million in back commissions. The total comes to around $31.5 million.
Our sources say, Justin doesn’t have the cash to repay the loan until the Rhode money comes in. The sale price of Rhode is around $1 billion, but there were a number of investors. Hailey gets a big chunk of the money, but Justin is also an investor. Our sources say his cut is around $50 million, so that’s enough to cover the Hybe settlement.
In case you’re wondering why Justin couldn’t cover the debt with the $200 million sale of his catalog about 18 months ago — our sources say there’s not enough left, after taxes, managers, accountants, lawyers, spending, etc.
TMZ.com
The good news for Justin, the settlement gives him ownership of his masters … which is a big deal for an artist.
BTW, Scooter does not actually get any of this settlement money — it all goes to Hybe, and Scooter has left the company.
TMZ.com
As for when Rhode gets the loot, one source says, “probably in a month or two.”
A rep for Hailey Bieber tells TMZ … “The historic sale of Rhode is a huge accomplishment for Hailey and is completely separate from her husband and his business affairs.”