Social media queen and cosmetics mogul Kylie Jenner made a series of extravagant purchases before she was stripped of her billionaire status by Forbes last week, including spending over $50 million on a huge private jet.
Last week Forbes claimed Kylie Jenner allegedly used bogus tax returns to earn the crown of Forbes’ youngest-ever self-made billionaire.
The publication went on to reduce her net worth to just over 900 million.
“Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe,” the mag said.
According to Page Six, Kylie’s fall may also be partly due to her spectacular spending habits which, according to the publication, have also worried members of the family.
Before the coronavirus started ravaging the globe, Page Six alleged that Kylie spent an estimated $50 million to $70 million on a Global Express Jet that she had fitted out “in the theme of daughter Stormi’s birthday” in February.
According to aviators, the monster craft costs as much as $5 million per year to run and cannot land on most private runways because of its sheer size.
In April, Kylie also bought a massive $36.5 million estate in Holmby Hills, California, plus a $15 million vacant plot of land next to her current home in Hidden Hills while also paying $3.25 million for land at the exclusive Madison Club in Palm Springs, right next to mom Kris Jenner’s desert home.
The excessive spending has, according to the source, alarmed her sisters.
“Kylie’s sisters are concerned about her spending. Yes, she’s got a lot of money — but she doesn’t seem to realize how easy it is to blow through all of it.
“She’s likely spent over $130 million in the past year,” the source said.
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