How Hailey Bieber's Beauty Brand Sale Could Help Justin Clear $31 Million Debt
Justin Bieber is making headlines, but this time it's not about music or his personal life. He owes $31 million to his former manager, Scooter Braun, but can't pay it yet. The payment depends on money coming from a big business deal involving his wife, Hailey Bieber. The model recently sold her beauty brand, Rhode, to Elf Beauty in a deal worth $1 billion. According to the agreement, the Sorry singer will pay Scooter only after the deal is complete and the money is transferred. For those not aware, Justin had borrowed money from Scooter to cover costs for his cancelled Justice world tour in 2022.
According to TMZ, a source shared that while there were several investors for the brand, Hailey will get a big share, and Justin, who also invested, is expected to earn around $50 million from the sale. That amount will be enough to settle the money he owes to Scooter and Hybe.
Justin Bieber could have easily paid off the loan from his $200 million music catalogue sale that happened last year. However, the source explains that after taxes, payments to his team and other expenses, not much money is left. One good part of the deal with Scooter Braun is that Justin will now fully own his music masters.
Reports further suggest that none of the settlement money will go to Scooter Braun. Instead, the full amount will be given to Hybe, the company he was once part of. Speaking about the Rhode deal, sources believe the payment will be completed in the next few months. Meanwhile, a spokesperson for Hailey Bieber shared that the sale of her beauty brand is a major success for her. They also made it clear that this business deal belongs to her and has nothing to do with Justin or his financial issues.
Scooter Braun had provided $26 million loan to Justin Bieber for his Justice world tour. Sadly, the tour had to be cancelled in 2022 after the singer was diagnosed with Ramsay Hunt syndrome, which affected his health and made it hard for him to perform.
After the tour was cancelled, the company asked for the loan to be returned and Scooter helped Justin by covering the amount. Over time, this turned into a financial agreement and Justin now owes $31 million as part of that deal.
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