By now residents in Nevada have heard of the tragic passing of the legendary singer Whitney Houston. The star died in a Los Angeles hotel room at the age of 48. It is still unclear as to how Houston died, and it will take several weeks to identify the exact cause of death.
This weekend close family and friends attended Houston’s funeral, including her mother and 18-year-old daughter. As people remembered her top-selling hits, such as “I Will Always Love You” and “Didn’t We Almost Have It All,” a lot of attention has also been brought to the late star’s financial situation and her estate.
It appears Houston did not make any major investments and was not a song writer, which can often bring a lot of revenue from songs played on the radio. Although profits will likely continue to roll in from her album sales, most of Houston’s music was written by others.
According to a lawyer who worked with her on another matter, although he is not sure if she has a will, he says if she does not, the proceeds from her sales will go to her daughter. It is also unclear whether Houston had any debts before she died, but according to reports she lost two properties to foreclosure several years ago and was rumored to be asking friends for help financially in recent times.
Houston signed a $100 million recording deal in 2001 and planned to release a total of eight albums, including two compilations of greatest hits. She reportedly only released four of them before she died.
Source: The Washington Post, “Whitney Houston’s death sparks outpouring that will benefit estate though questions remain,” Feb. 14, 2012