Justin Bieber — busted last week in Miami for drag-racing in a rented Lamborghini — better slow down . . . his spending.
“He’s blowing through $1 million a month,” a source told me. “The guys handling his investments at Mellon Bank complain that there is nothing left for them to invest.”
That’s saying something for a star who was ranked No. 27 in the earnings category of Forbes magazines’s 2013 list of the world’s most powerful celebs. Bieber’s reported haul for the year was $58 million.
As for where the money’s going, he has a large entourage, some of whom live and travel with him. The pop idol and his posse, including his hard-partying father, just returned from a lavish vacation in Panama.
Bieber spends $8,000 a week on marijuana, according to the Daily Mail, which reported he also uses codeine-laced cough syrup in a concoction rappers call “sizzurp,” plus Xanax and Ambien.
In 2011, TMZ reported that the Canadian singer rented out LA’s Staples Center — the entire arena — so he and then-girlfriend Selena Gomez could have a private showing of “Titanic.”
Bieber’s earning potential may well have peaked. While his 2011 concert film “Never Say Never” took in $73 million, his latest documentary — released in December — can claim just $6 million.
But Radar Online says Bieber, 19, wants to take a break from touring and open a tattoo parlor.
I hope he saved some pennies for his retirement.