Tori Spelling Broke? Million Dollar Net Worth False, Homes And Kids Created ‘Financial Ruin’ Despite Reality Star’s Inheritance [PHOTOS]

By Noelle Chehab October 24, 2013 3:50 PM EDT
Tori Spelling admitted that she's broke despite her famous family and reality show success. (Photo: Reuters)
Tori Spelling admitted that she's broke despite her famous family and reality show success. (Photo: Reuters)

Tori Spelling has a net worth of $15 million according to the Internet, but the reality show mom and her husband Dean McDermott are broke in real life because of business deals gone bad and her very expensive taste.

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Spelling admitted that she's in serious debt in her new memoir, Spelling It Like It Is. In the shocking tell-all, Spelling details how her lavish lifestyle as the daughter of Aaron Spelling has been shattered after a series of major losses on houses, projects and compulsive shopping. Coupled with the loss of the family reality show Tori & Dean: Home Sweet Hollywood, Spelling said she's navigating a very difficult reality.

Tori Spelling grew up in a lavish lifestyle with father Aaron Spelling, and she blames her expensive taste on her financial ruin. (Photo: Reuters)
Tori Spelling grew up in a lavish lifestyle with father Aaron Spelling, and she blames her expensive taste on her financial ruin. (Photo: Reuters)

"It's not my fault I'm an uptown girl stuck in a midtown life," Spelling said. "I was raised in opulence. My standards are ridiculously high. We can't afford that lifestyle, but when you grow up with a silver spoon it's hard to go plastic." In fact, Spelling largely attributes her "financial ruin" to the over-the-top mansions she was obsessed with renovating.

"My real estate compulsion put us in serious debt," Spelling admitted. "You heard of those people who flip houses to make money? We were the opposite: flippers who lost major sums of money on every transaction. My restlessness would be our financial ruin." The former 90210 star also cited her weakness at the cash register as a factor in her debt.

Tori Spelling said her shopping problem is especially bad when it comes to her four kids, which is a source of her money problems. (Photo: Instagram/Tori Spelling)
Tori Spelling said her shopping problem is especially bad when it comes to her four kids, which is a source of her money problems. (Photo: Instagram/Tori Spelling)

"I bought ridiculous amounts of stuff for the kids: clothing, toys, crafts," Spelling said. "It's no mystery why I have money problems. I grew up rich beyond anyone's wildest dreams. I never knew anything else. Even when I try to embrace a simpler lifestyle, I can't seem to let go of my expensive tastes."  The mom of Liam, Stella, Hattie and Finn said her money woes put a serious strain on her marriage to McDermott, which finally forced her to retreat from denial and ask for help.

"It's gotten so bad that our money manager is involved in every decision we make," Spelling said, adding that it's especially difficult without their reality show income. In fact, because Spelling is now forced to keep such a tight leash on expenses, McDermott wasn't able to go through with a planned vasectomy.

"We don't have a series on the air right now, so we have to be more restrictive of what we can spend, just like anyone who doesn't currently have a steady job," Spelling explained

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