- (Photo: Reuters/Johannes Eisele)
Whitney Houston's fortune has reportedly been spent, and the singer is bordering on homelessness.
Houston, 48, who has overcome a very public cocaine addiction which threatened to ruin her career, allegedly spent all of her money, including a reported $100 million record deal, Mail Online reported.
"Whitney's fortune is gone. Music industry heavy hitters are supporting her and her label is fronting her cash against her next album, but no one knows when that will be released," a source told Radaronline.com.
According to reports, the singer is being financially supported by her record label, Arista, which also gave her an advance on her next album.
"She might be homeless if not for people saving her. She is broke as a joke. She called someone to ask for $100. It is so sad. She should have Mariah Carey money, and she's flat broke," the source added.
A spokesperson for Houston avidly denied the rumors to Mail Online.
"That is ridiculous and not true! She stars in 'Sparkle' out in August which she also Exec produced. She just wrapped the film," the spokesperson said.
Whitney will co-star in a remake of the 1976 film "Sparkle," opposite fellow crooner Jordin Sparks.
Sparks spoke highly of working with Houston to People magazine.
"She was so cool and very motherly toward me. If I ever looked like I needed something, here she came saying 'Are you okay?' I sang her songs into a hairbrush when I was little. Now she's acting as my mum and scolding me. It was a dream come true," the young singer and actress said.
In 2001, Houston signed the largest record deal in music history at the time with Arista/BMG when she renewed her contract with the label for $100 million for six new albums.
Her last LP, "I Look to You," was released in August 2009. The album went certified platinum in December of that year.
According to the Guinness World Records, Houston is the most awarded female artist of all time, with six Grammy Awards, two Emmy Awards, and 30 Billboard Music Awards. Houston has also received 22 American Music Awards, a record she holds with pop legend Michael Jackson.