Kylie’s monster $130m spending spree
Kylie Jenner may have blown her billionaire status by spending more than $US130 ($AU190 million) on a huge private jet and multiple monster real estate deals in recent months.
The business mag said the makeup mogul is now worth less than $US900 million after factoring Kylie Cosmetics' revenue in public filings and the economic effect the coronavirus has had on the beauty industry.
Her lawyer, Michael Kump, countered that the story is "filled with outright lies … Forbes' accusation that Kylie and her accountants 'forged tax returns' is unequivocally false."
Meanwhile, Page Six has learned Kylie has been busy blowing her big bucks on her own.
A source said that in the months before the pandemic, she spent an estimated $US50 million to $US70 million on a Global Express Jet that she had fitted out "in the theme of daughter Stormi's birthday" in February, according to one source.
The party was themed "Stormi World" with carnival rides, bouncy castles and different themed areas including a Frozen World.
Aviation insiders say Global Express Jets, which are larger than Learjets, can carry more fuel and travel for longer distances, but also cost more to run, around $US5 million a year, and can't land at many private airfields because they need a longer runway.
In April, Kylie also bought a massive $US36.5 million estate in Holmby Hills, California, plus a $US15 million vacant plot of land next to her current home in Hidden Hills, and hired Tom Brady's architect Richard Landry to build a new house.
She also paid $US3.25 million for land at the exclusive Madison Club in Palm Springs, right next to mom Kris Jenner's desert pad, and hired another fancy architect to build a house from scratch.
Plus, Kylie is generous and, as well as showering her family and friends with gifts including a diamond-encrusted Birkin bag to her mom, she has donated millions to causes including Australia wildfire relief, women's charities and coronavirus relief.
The source said, "Kylie's sisters are concerned about her spending. Yes, she's got a lot of money - but she doesn't seem to realise how easy it is to blow through all of it.
"She's likely spent over $US130 million in the past year."
Reps for Kylie didn't get back to Page Six.
It comes after reports Kylie was refusing to take her mum Kris Jenner's calls after Forbes' bombshell article.
An insider told The Sun, "Kris - who reportedly gets 10 per cent of Kylie's deals - is in panic mode.
"Kylie won't answer the phone for Kris and is at a loss over who to trust."
The source added: "Kris is petrified Kylie could sack her or cut her off so tensions are at an all-time high."
The business magazine claimed the Kylie Cosmetics founder "inflated the size and success of her business for years" and determined she's not a billionaire.
"Forbes has recalculated Kylie's net worth and concluded that she is not a billionaire," reporters Chase Peterson-Withorn and Madeline Berg claimed.
They alleged: "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."
Forbes then claimed the Kardashians went to "unusual" lengths to prove just how wealthy Kylie was, which included "inviting Forbes into their mansions and CPA's offices, and even creating tax returns that were likely forged."
The magazine had previously labelled the star of Keeping Up With The Kardashians, which is streaming its new season on Binge, the youngest self-made billionaire in 2019, and she was able to maintain that status in 2020, even after selling 51 per cent of her Kylie Cosmetics company to beauty giant Coty in a deal valued at $1.2 billion.
Soon after the most recent article came out, Kylie took to Twitter to deny Forbes' claims.
She wrote: "What am I even waking up to. I thought this was a reputable site. All I see are the 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."
She also shut down claims she forged her tax returns.
Parts of this story originally appeared on the New York Post and have been reproduced here with permission
Originally published as Kylie's monster $130m spending spree