But in a show of just how quickly your fortune can turn around in Hollywood, the Grammy-winning singer is now the proud owner of a palatial $3 million property in exclusive gated Calabasas community The Oaks.
If that rings a bell, it's likely due to the fact that troubled popstar Justin Bieber resides just a few doors down, while Kourtney Kardashian is also set to move into the neighbourhood after purchasing former NFL star Keyshawn Johnson's mansion for a reported $5.8 million.
Not too shabby! Toni Braxton has put her
bankruptcy behind her with the purchase of this gorgeous $3 million home
in exclusive gated Calabasas community The Oaks - just doors away from
troubled popstar Justin Bieber
Fresh start: After settling her $150,000 debt
last July, the singer and actress - pictured on Monday - has well and
truly bounced back with the purchase of the single-storey 5,323 sq ft
four-bedroom, five-bathroom French Country-inspired home
The 46-year-old is certainly moving up in the world with the 5,323 sq ft four-bedroom, five-bathroom French Country-inspired home, which was listed at $2.975 million by Ewing & Associates Sotheby's International Realty.
Featuring wood-beamed ceilings, parquet floors and a spacious open floor plan, the single-storey house, which was built in 2005, is the perfect place for entertaining, with designer finishes throughout.
Outdoors, an expansive swimming pool, spa and fireplace are surrounded by lush tropical gardens, while the property backs onto a stunning view of the mountains.
It may be the smallest house in the community, but it's certainly more than enough for the single star, who is mom to sons Denim, 12, and Diezel, 10.
Entertainer's dream: Featuring beamed ceilings,
wooden floors and a spacious open floor plan, the property, which was
built in 2005, is perfect for hosting intimate get-togethers
Toni first filed for bankruptcy in 1998, citing debts of $3.9 million despite having a number of hit singles and albums under her belt by that stage in her career.
'What happens is they give you advancement on the next record and then the next record. So you kind of stay in debt, in a sense,' she explained during an interview on 20/20 in November 2012 of her predicament as she revealed she only saw $1,972 in royalties from her first recording contract despite amassing a whopping $170 million in sales.
Just two years later, she had a multimillion dollar contract under her belt and bounced back with the hit He Wasn't Man Enough.
Peace and serenity: The property sits right in
front of a spectacular mountain range in the celebrity-preferred enclave
about 40 minutes from the heart of Los Angeles
However, that wasn't the end of her financial troubles, and she was once again forced to declare bankruptcy in October 2010 stemming from the cancellation of her successful self-funded Las Vegas show, Toni Braxton: Revealed, in 2008 due to her diagnosis of microvascular angina.
'The doctors told me I would never be able to perform. They said, one or two songs, here and there, occasionally,' she recalls. 'I just renewed all my contracts with all my vendors, and then a month later
I got sick.'
Now into her third season of filming reality TV show Braxton Family Values, the star admits, 'My bankruptcy situation worked out really great for me' after a federal court judge discharged the majority of her debt.
Sanctuary: Features include wood-beamed ceilings and parquet flooring, giving it a beautiful rustic charm
Old-world charm: The large living room is fitted
with built-in wooden bookshelves and also features a wood-beamed
ceiling, as well as a cosy fireplace
He even allowed her to keep such 'personal items' as her Porsche, piano and six prestigious Grammy Awards.
Indeed, by July last year, she had settled her reported $10-$50 million debt, coughing up just $150,000 all told.
She did, however, did lose the copyright to 27 of her hit songs in the process, which were sold off when she failed to trump up the $20,000 required to purchase them.
Just four months after announcing her retirement from singing to focus on her acting career last year, the star returned to her singing roots last June.
Boudoir: The master bedroom has plenty of space
for seating, while it also comes complete with built-ins, an ensuite and
another fireplace
Her eighth studio album, titled Love, Marriage & Divorce, which she recorded with long-time friend and collaborator Kenneth 'Babyface' Edmonds, will be released on February 4 and consists entirely of duets.
Just over a week ago, Toni announced the release of Unbreak My Heart: A Memoir on May 20.
The book will cover her career highs and lows, as well as her life-changing diagnosis with auto-immune disease Lupus and son Diezel's Autism diagnosis.
Looking up: The 46-year-old -
seen here in New York on Friday - is no doubt counting her lucky stars
that things are on the upswing, having now filed for bankruptcy twice in
her long and successful career
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