'She's flat broke': Whitney Houston 'has spent her $100m fortune'

Bad finance: The star reportedly signed a six-album deal worth $100 million in 2001

She’s about to make her big screen comeback in the remake of Sparkle with popstar Jordin Sparks but Whitney Houston is reportedly 'broke'. The 48-year-old singer - who has overcome crack cocaine addiction - has allegedly spent all of her fortune, including a reported $100million record deal. 

Whitney is being financially supported by her record label Arista, which has given her an advance payment on her next album, according to reports. ‘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. ‘She might be homeless if not for people saving her. She is broke as a joke.’

Whitney - whose ex-husband is Bobby Brown - is believed to be in such a dire financial position she has even had to resort to contacting friends for small loans. The source added: ‘She called someone to ask for $100. It is so sad. She should have Mariah Carey money, and she's flat broke.’ A spokesperson for the singer strongly denied the claims when contacted by MailOnline and said: 'That is ridiculous and not true! She stars in SPARKLE out in August which she also Exec produced. She just wrapped the film.' 

In August 2001, Whitney signed the biggest record deal in music history at the time with Arista/BMG, renewing her contract with the label for $100million to deliver six new albums. She released her last LP I Look to You in August 2009. In August, her first film since 1996’s The Preacher’s Wife will hit cinemas in the US and Houston plays, Emma, the mother of Sparks’ character, Sparkle. In a new shot from the flick, the pair can be seen all glammed up for the new version of the blockbuster about how a girl group experiences turmoil after one of their members turns to drugs and another achieves their desired fame alone.

Houston said: ‘Part of the fun of making this movie is definitely the costumes and the hairstyles. The movie is set in 1963, and we had a great wardrobe, hair and makeup person and I loved wearing the outfits.’ Co-star Jordin spoke highly of the diva 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.’ (DailyNews UK)