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Lady Gaga Went Bankrupt Last Year…Without Even Knowing It

Lady Gaga Went Bankrupt Last Year…Without Even Knowing It

June 2nd, 2011
Posted in Entertainment By

Lady Gaga‘s last tour, The Monster Ball, is touted as one of the most successful promotional tours the world has ever seen. And anyone who has seen her perform, whether you were lucky enough to catch her live or you were one of the millions who tuned into her HBO special, knows that Gaga puts on an extraordinary show. In fact, the first leg of The Monster Ball was so successful that she decided to extend the length of the tour so that all of her Little Monsters had a chance to come see her, a decision that resulted in bankruptcy and $3 million in debt.

Lady Gaga has made it very clear that there is nothing she wouldn’t do for her fans, including paying for every lavish redesign and revision of the tour out of her own pocket. In an interview with The Financial Times‘ Stephen Fry, Gaga admits that she had no idea how bad thing had gotten financially until it was too late:

“I put everything in the show, and I actually went bankrupt after the first extension of The Monster Ball. And it was funny because I didnt know! And I remember I called everybody and said, ‘Why is everyone saying I have no money? This is ridiculous, I have five number one singles’ and they said, ‘Well, youre $3m in debt.'”

Bankruptcy would probably be a big deal for most people, but then again, most people aren’t Lady Gaga. Money quite literally means nothing to her, telling Fry, “The only big things Ive purchased are my dads heart valve and a Rolls-Royce for my parents, for their anniversary. And that was only because my dad had a Lady Gaga licence plate on our old car and it was making me crazy because he was getting followed everywhere, so I bought him a new car.” I would think that it may have been a little easier to just get him a new license plate, but what do I know?

Either way, she has me convinced that she does it all for her fans and for the art, adding:

“The beauty for me about being an artist is that the dream will never die, becauseIm not obsessed with material things and dont care about the money and dont care about the attention of the public, but only the love of my fans, so for me its about how much more devoted, how much better an artist can I become.”

Considering that her latest album Born This Way, debuted at No. 1 with 1,108,000 copies sold in its first week, the largest sales week of any album since 2005, I don’t think Lady Gaga will be seeing financial troubles anytime soon… not that she would know or care.

Check out all of our Lady Gaga coverage here

Lady Gaga Photo: Shamil Tanna, The Financial Times

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