LONDON, April 8 (UPI) -- Elton John, famous for his lavish spending and lauded for his charitable generosity, is facing possible business woes.
Latest reports from London say his company accounts are nearly 27 million pounds ($50.5 million) in the red, the Daily Mail reported Friday.
The company debt rose from 14.9 million pounds ($27.8 million) in a 12-month period, the reports said.
Pop music accountant Cliff Dane said he believes the figures mean Sir Elton, 58, would have to carry on working for some time if the company was to avoid being in trouble.
"Everything is big with Elton John," he said. "He makes a lot of money and he needs to keep on making it. He is borrowing more than he is earning for the company at the moment and that is why it has the overdraft."
