/ 6 February 1998

Elton John heads for cash crisis

Dan Glaister in London

All in all, Elton John should be feeling quite pleased. After all, just 250 for some curtains is not bad by any standards. But unfortunately the other items on his 280 050 weekly spending list are causing concern.

Accountants have warned of a cashflow crisis for the singer whose Candle in the Wind has raised 163-million for the Princess Diana memorial fund.

The information was revealed in a letter from accountants Price Waterhouse to Sir Elton’s management company, John Reid Enterprises. It warns: “Cashflow projections show available headroom running out by substantial sums by April.”

A summary of his shopping sprees shows exactly where the money goes. His extravagance was flaunted at his 50th birthday party last year, which produced a catering bill for 121 000. His wig alone cost 500.

Highlights from his shopping past include 80 000 on fine art and 30 000 on antiques bought at an auction, 50 000 at jewellers Theo Fennell and another 50 000 to pay his monthly credit card bill.

But his expensive tastes run to more than jewellery. When he is in England — he has properties in Windsor; London; Atlanta, Georgia, and the French Riviera — Sir Elton has two florists making 240 flower arrangements a week for his homes. Another passion is clothing — he splashed out 250 000 on Versace on one trip.

A “senior member of Elton’s circle” who gave details of his spending to a newspaper, revealed how he once spent 527 849 in one day, calling at Sotheby’s and Christie’s, before paying 250 000 to his interior designers.

Sir Elton prefers to go shopping in one of his four Bentley Azures, part of a fleet of cars worth almost 2-million and costing 5 000 per week in maintenance.

Suggested solutions to the impending crisis include securing an advance on his autobiography, touted at the Frankfurt book fair where a rumoured 3-million price tag priced it out of the market, or stepping up his one-off performances.

Although the identity of the informant was not revealed, it could be a disgruntled member of his management company. Staff at John Reid Enterprises were informed in November that Sir Elton would not be buying them Christmas presents due to his work schedule.