Kylie Jenner’s billionaire status was stripped from her by Forbes last week as it exposed was it claimed is a ‘web of lies’ surrounding the state of her finances.Advertisement
Amid accusations that the Jenner family ‘inflated’ the makeup mogul’s net worth and that she’s actually only worth $900 million, a new report claims Kylie has certainly been living like a billionaire.
The 22-year-old reality star has reportedly spent over $130 million in the past year alone, dropping millions on multiple real estate deals and a top of the range private jet.
Before the pandemic, Page Six reports Kylie plunked down between $50 and $70 million on a Global Express Jet – a plane which is larger than a Learjet and can carry more fuel and fly longer distances.
The craft is expensive to maintain, at around $5 million a year, and can’t land at most private airfields because it needs a longer runway.
Furthermore, Page Six says Kylie got the jet interior customized ‘in the theme of daughter Stormi’s birthday’.
Stormi turned two in February and was treated to a ‘Stormi World’ bash which was a sprawling multi-color carnival playground for the tot along with dozens of party guests.
Kylie’s most extravagant real estate purchase came in April when she bought a huge $36.5 million Holmby Hills resort compound with seven bedrooms and sprawling 15,000 sq ft.
Before the pandemic, Page Six reports Kylie plunked down between $50 and $70 million on a Global Express Jet, a plane which is larger than a Learjet and can carry more fuel and fly longer distances
Why Forbes stripped Kylie Jenner of her billionaire status
Forbes named Kylie the world’s youngest self-made billionaire in 2019 and again in 2020.
The business magazine published a report on May 29 accusing the Jenner family of creating a ‘web of lies’ and said Kylie had inflated the size of her business and success.
Based on filings from beauty giant Coty, which acquired a 51 percent stake of Kylie’s makeup company in January at a valuation of $1.2 billion, Kylie Cosmetics generated revenues and profits that were far lower that the figures touted for years by the Jenner-Kardashian clan.
The publication accuses her of ‘lying about company figures and forging tax returns’ to be dubbed a billionaire.
Forbes explained that it had been shown 2016 tax returns indicating revenue far higher than the numbers revealed by Coty’s filing, and that there were only two explanations: Kylie Cosmetics’ sales had utterly collapsed in the two years before the acquisition, or the tax returns were fabricated.
The report queried ‘If Kylie Cosmetics did $125 million in sales in 2018, how could it have done $307 million in 2016 (as their supposed tax returns state) or $330 million in 2017?’
Forbes now think that Kylie, even after pocketing an estimated $340 million after tax from the sale, is not a billionaire. Their new calculations put Kylie’s personal fortune at just under $900million.
Her property portfolio also includes a $13.45 million Beverly Hills mansion that she shares with ex-boyfriend Travis Scott and which the duo use as an investment property.
Page Six reports that Kylie’s sisters are worried about her spending.
A source told the website, ‘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.’
Meanwhile, Kylie’s lawyer has demanded Forbes ‘immediately and publicly retract’ their statements on her billionaire status.
The television personality was given the title of the youngest self-made billionaire by Forbes earlier this year and also in 2019, but this week the company published a scathing article in which they claimed Kylie is not a billionaire, and accused her of spinning a ‘web of lies’ about her business including her Kylie Cosmetics brand.
Her lawyer Michael Kump has issued a statement insisting Forbes’ article contains ‘outright lies’, and demanding the company retract their comments.
Michael said in his statement: ‘We have reviewed Forbes‘ article accusing Kylie of engaging in deceit and a ‘web of lies’ to inflate her net worth. The article is filled with outright lies.
‘Forbes’ accusation that Kylie and her accountants ‘forged tax returns’ is unequivocally false and we are demanding that Forbes immediately and publicly retract that and other statements.
‘It is sad that, of all things, Forbes has devoted three reporters to investigate the effect of the coronavirus crisis on Kylie’s net worth. We would not expect that from a supermarket tabloid, much less from Forbes.’
Earlier this week, the Keeping Up with the Kardashians star took to social media to slam the publication for making ‘unproven assumptions’.
She fumed on Twitter: ‘what am i even waking up to. i thought this was a reputable site.. all i see are a number of inaccurate statements and unproven assumptions lol. i’ve never asked for any title or tried to lie my way there EVER. period …