added: 19 Oct 2012 // by: Music-News.com Newsdesk
Britney Spears was 'haemorrhaging money' when Sam Lutfi was her manager, it has been claimed.
The pop star's father took control of her finances in 2008 after a very public meltdown.
The 30-year-old singer is now under the joint conservatorship of her father Jamie Spears and her fiancé, Jason Trawick.
A source tells RadarOnline Britney was on the brink of squandering her $32 million fortune before the patriarch took the helm.
'Her estimated net worth in 2007 - 2008 was $32 million dollars. However, she was spending about a whopping $700k a month," an insider told the website, adding that the star was 'haemorrhaging money' during her time with Lutfi.
Expenses are believed to have mounted during Britney's battle for custody of her two sons with ex-husband Kevin Federline.
Shopping sprees, luxury vehicles and a rented mansion in Malibu were also to blame for her mounting expenses, according to the report.
'At the rate she was spending money when Sam was in her life, had it continued without her dad getting conservatorship, she would have been broke," the source said.
Lutfi is suing the singer and her parents for defamation, libel and breach of contract for comments her father made in a book about the singer's life.
Jury selection commenced on Thursday for the trial.
The court case is expected to last two to three weeks.here to win an iPhone5!