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Britney Spears going broke with Lutfi

Oct 18, 2012, 21:01 GMT

Britney Spears

Britney Spears was reportedly going broke when Sam Lutfi was her manager.

Sam is currently locked in a legal battle with the 'Womanizer' star's parents, Jamie and Lynne Spears, claiming breach of contract, libel and defamation stemming from the time he managed their daughter - which included her public breakdown in 2008 - but insiders say he wasn't the shrewd businessman who was trying to get her career back on track, as he claims.

A source told RadarOnline.com: 'Britney was haemorraghing money at the time when Sam Lutfi was in her life and acting as her manager. Her estimated net worth in 2007-2008 was $32 million dollars. However, she was spending about a whopping $700k a month.

'Britney also had huge legal bills because she was fighting her ex-husband, Kevin Federline, for custody of their two sons. She probably paid around $2 million dollars in attorneys' fees to her family law attorneys in just a year and a half, and remember, she ended up losing custody of the boys to Kevin.

'Britney also leased several very high priced rental mansions in Malibu, including one house that she only spent three nights in.

'Britney wasn't working during that time and didn't have a source of new income coming in. At the rate she was spending money when Sam was in her life, had it continued without her dad getting conservatorship [in 2008], she would have been broke.'

Jury selection in the trial is currently taking place, and Sam, Lynne, Jamie and Britney's fiance, Jason Trawick, are all scheduled to testify.

Britney's lawyers have hit back at Sam's claims he tried to save her life and sources claim they will try to prove he isolated the pop star from her family.

Although she is still under conservatorship, the 30-year-old 'X Factor' USA judge's life is now firmly back on track and she is preparing to marry long-term love Jason.