Justin Bieber is currently delaying the payment of his $31.5 million debt to his ex-manager Scooter Braun’s company, Hybe, until the sale of his wife Hailey Bieber’s Rhode beauty brand is complete.
Reports say that Hailey’s Rhode brand is valued near $1 billion. Justin, who is an investor in Rhode, is expected to get about $50 million from the sale. This money will help him pay off the debt to Hybe.
An insider explained that the agreement states Justin will pay his debt after the Rhode deal closes and the funds are transferred. Justin owes $26 million plus part of $11 million in commissions. Scooter Braun waived an extra $8 million in commissions.
Justin had some cash from selling his music catalog, but taxes and other costs lowered his available money. So, he needs Hailey’s Rhode money to clear his debt.
On the bright side, paying the debt will give Justin ownership of his music masters, which is a big win for him.
Meanwhile, Justin just released his seventh album, “Swag,” praised for its honest lyrics about marriage, mental health, and growth. The album is gaining fans and breaking streaming records.