Companies And Individuals Owed Millions
Of Dollars By Vince Herbert Could Pursue His Wife Tamar
Braxton To Recoup Their Money
October 27. 2017
Vince Herbert and Tamar Braxton
Music executive Vincent Herbert, who signed
singer Lady Gaga to a record deal, is neck deep in debt,
owing millions of dollars in a court judgment obtained by
Sony Music regarding an advance, mortgage payments, credit
card debts and car notes. Herbert also has many industry
related bills in reference to his company Streamline
Records, which is distributed by Interscope Records.
Herbert is married to singer Tamar Braxton.
Herbert also managed Tamar's career and that of her sister,
Toni Braxton. Herbert turned Tamar's stalled music career
around, after her first album flopped a decade prior to the
follow-up's release. Lady Gaga, Tamar Braxton and Toni
Braxton's careers have hit a decline over the past few
years. Streamline currently has no hits. Herbert is also a
songwriter/producer, but he has not had any music hits in
years. Tamar was also fired from "The Real" gossip talk
show, which destroyed another source of income for the
couple. Their reality show "Tamar And Vince" has also
suffered a sizable ratings decline.
Tamar has just filed a divorce petition to
dissolve her 9-year marriage to Herbert. Braxton wants sole
custody of their 4-year-old son Logan. The couple have a
marriage plagued by domestic violence, as initiated by
Herbert, repeatedly leaving Braxton to defend herself
against physical attacks by her husband. Couples in
Hollywood often share joint physical custody. The mere fact
Braxton wants full physical custody (and joint custody)
indicates she has concerns about Herbert's acts of violence
and the company he keeps, due to chronic rumors in the
industry he has cheated on her for years with promiscuous
women, who are seeking fame and money.
The couple took on a signficant amount of
debt to live a lavish lifestyle (and on camera). Much of the
debt is in Herbert's name, but some of it is jointly owned
with his wife. Braxton also benefited from money Herbert
borrowed from Sony Music ($3,700,000), financial loans and a
number of credit cards. The furniture in their Calabasas,
California mansion that was repeatedly in default on a
$10,000,000 loan, costs over $100,000. The couple have over
a million dollars in jewelry and designer clothes. They both
drove multiple luxury vehicles and took many expensive
trips. They have been living lavishly on borrowed money in
the form of loans and credit cards, but their income sources
were insufficient to continuously carry the debt load.
Vince and Tamar's $10,500,000 house in Calabasas
has been on and off the market for years, with asking prices
in excess of $15,000,000, but no one has bought the property
Herbert's creditors could come after Tamar
in court to recoup their money, as their finances became
very intertwined and she financially benefited from millions
of dollars he borrowed. Braxton's new album is not poised to
be a huge seller. Braxton has no major tour in the works, as
promoters prefer to underwrite concerts by recording artists
who are in demand and will shift many tickets.
The couple will have to sell their
possessions and or file bankruptcy. Tamar's sister Toni
Braxton filed bankruptcy twice, as she too enjoys lavish
living and overextended herself, expecting money would
always be rolling in, when in many cases it does not happen
in that manner. The new breed of singers and producers are
determined to buy the most expensive homes and cars, despite
the fact they can't afford these items long-term.
In the 1970s, 1980s and 1990s, many
successful singers and music producers with far more hits
and income than Braxton, Herbert and their contemporaries,
did not buy mega-mansions with ten-figure price tags and
$400,000 cars. They just didn't do it. They were more
financially astute. Many bought homes for $1,000,000 -
$3,000,000. Now so many singers, rappers, actors and
athletes are taking out massive mortgages on homes they
can't afford via properties that cost tens of millions of
dollars and flashing millions in jewelry and vehicles,
showing their assets off on Instagram.com, reality shows,
documentaries and in television interviews. When they lose
the homes they are devastated. When they have to sell the
jewelry and cars or they get seized they are devastated. In
some cases the jewelry is stolen after it is posted on
Instagram.com.
Fame is about appearances for many and they
go deep into debt to portray an image that is often not
accurate. Vince and Tamar did so for appearances in the
industry, on social networking and then their reality shows.
There are lessons entertainers and athletes can learn from
the couple's financial woes and that of so many others in
the limelight. Don't buy too much house, because if your
savings cannot outright buy the property, you risk the
chance of losing it and all the mortgage payments you have
made once default fees are tacked onto the debt by the bank.
You also have to consider property taxes, utilities and
maintenance costs.
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