Cher’s pals ‘horrified’ as singer drains bank account on Alexander Edwards, fear sons will get nothing
WEST HOLLYWOOD, CALIFORNIA: Cher has reportedly burnt through her bank account by splurging on her boyfriend Alexander “AE” Edwards, sparking concerns her children will be left with nothing to inherit. While the songstress, 76, is worth an estimated $360M, insiders say she's spending money like crazy since she started dating the 36-year-old music producer.
Edwards, who is much younger than Cher's children, Chaz Bono, 54, and Elijah Blue Allman, 46, portrays himself as a music industry titan as the “vice president of artists and repertoire” at Def Jam Recordings with a reported $500,000 yearly salary. However, despite having worked with the likes of Jay-Z, Mariah Carey, Rihanna and Kanye West, his actual net worth is estimated at just $2M.
RELATED NEWS
Cher, 76, blushes as she talks about BF Alexander Edwards, 37, after solo red carpet appearance
'Everyone’s horrified by her behavior'
“It’s a nightmare for Chaz and Elijah who, though they would never admit it, are counting on inheriting a mint one day,” an insider told Radar Online, adding, “Cher has always been so careful about her money, but now she’s throwing it at this guy and funding this over-the-top lifestyle. She’s spoiling herself with fancy new jewelry and fancy cars, and treating those around her — AE included — to lavish gifts and whatever daily expenses he wants to put on her tab."
Another insider added, “Everyone’s horrified by her behavior. She’s partying every night with this guy and shopping every day, and it’s burning a hole in her bank account. Everything is about making AE happy and she won’t hear a word against him.”
Sources noted that Cher's new spending habits were putting her children's inheritance in jeopardy. “The way she’s going through it, there won’t be much left. She’s even talking about investing with AE and his friend Tyga in a massive new music venture," they said, while another insider insisted Cher, who once ironically rocked a t-shirt saying 'Eat the Rich', is getting had.
'She used to be a penny-pincher'
“Cher’s splurging on gifts for her man and when he sees something he likes or wants to purchase, Cher’s Amex comes out,” sources reportedly explained, adding, “She likes dressing him up in the best clothes. She pays for dinner and limos too. But all this expense adds up and it’s burning a hole through her bank account.”
Another insider reportedly stated, “Cher’s still a wealthy woman with hundreds of millions to her name, but even rich celebs can go broke if they don’t manage their money wisely. And the fear is that could happen to Cher. She used to be a penny-pincher, but she’s thrown all care out the window.”
Cher and Edwards are said to be planning a wedding this year, thereby amping up the drama with her sons. “Cher is mad at them. She’s ready to cut them out of her life completely,” sources told Radar Online, adding, “She’s been hell-bent on marrying this guy and is speaking to her lawyers about adjusting her will to make AE her sole beneficiary.”
Chaz and Elijah don't approve of Edwards, an insider claimed. “They think he’s playing her to cash in on her power and influence in the music industry,” an insider said, while another added, “Cher doesn’t believe her sons should be counting her cash. If that’s their primary focus, they can kiss the entire pile goodbye.”