Pop icon Justin Bieber won’t be paying his multimillion-dollar debt to Scooter Braun’s former company immediately. He will not have to ante up until money from the sale of his wife’s Rhode Island beauty company hits their bank account, TMZ has reported.
Sources with direct knowledge have revealed that the settlement between Scooter Braun and Justin Bieber has one key provision: Justin does not have to pay his debt of over $31 million until the Rhode deal is closed and fully funded.
TMZ originally reported that an independent audit determined Justin owed Scooter’s company, Hybe, $26 million after Hybe covered that amount to bail Justin out when he canceled his “Justice” tour. Additionally, Justin owed Scooter $11 million in back commissions. There was another $8 million debt Justin owed Scooter for other commissions, but Scooter waived that amount.
As part of the settlement, Justin agreed to pay Hybe the $26 million along with half of the $11 million in back commissions, bringing the total to approximately $31.5 million.
TMZ noted Justin doesn’t have the cash to repay the loan until the Rhode money comes in. The sale price of Rhode is around $1 billion, but there were a number of investors. Hailey gets a big chunk of the money, but Justin is also an investor. Their sources say his cut is around $50 million, so that’s enough to cover the Hybe settlement.
In case you’re wondering why Justin couldn’t cover the debt with the $200 million sale of his catalog about 18 months ago. The outlet noted that there’s not enough left, after taxes, managers, accountants, lawyers, spending, etc.
