John Reportedly Seeking $40M Loan
LONDON (AP) _ Elton John, the big-spending singer who accumulates homes, fabulous jewels, top-of-the-range wigs and luxury cars as fast as he makes hits, is seeking a $40 million loan to pay off bills, The Sunday Times reported.
John is negotiating with a London finance house, Samuel Montagu, and has agreed to sign over income from future hits as well as proceeds from old ones, the newspaper said, quoting unidentified sources in the City, London’s financial district.
The singer, who reportedly spends up to $400,000 a week on credit cards, will also offer his homes in England, France and the United States as collateral.
John, 52, needs most of the money to clear loans outstanding in Britian and the United States, including an $11 million overdraft with an English bank, and a loan of nearly $4 million, the newspaper said.
John, knighted after ``Candle in the Wind,″ his reworked song for Princess Diana’s funeral, has had a chart success every year since 1971.
The Sunday Times estimated his fortune at $256 million, on a par with oil heir Sir John Paul Getty II, and his income in the five years to 1996 at $131 million.
Then there’s the spending: 20 cars, including an Aston Martin, a Rolls-Royce and a Jaguar XJ220, although he seldom drives; his estate at Windsor, west of London, has improvements like three lakes and a swimming pool, and then some _ five Victorian gardens and a stable block in the style of a small castle for his donkeys.
``Elton spent up to $800,000 on one day in commissions to an interior designer,″ the newspaper quoted John’s biographer Philip Norman as saying. ``He can go through Cartier with a supermarket trolley.″