Business manager Lou Taylor’s firm, Tri Star Sports & Entertainment Group funded the loan and Jamie Spears secured the loan while Britney was hospitalized on an involuntary psychiatric hold.
Jamie Spears petitioned to a California court to place his daughter under a conservatorship and argued that she was struggling with her mental health Page Six reported .
SEE ALSO | Britney Spears’ Aunt Calls Singer’s Dad Jamie ‘Barbaric’ And Says He ‘Caged’ Star In Conservatorship
A judge approved his request and Jamie had Tri-Star employed as the manager of Britney’s estate.
Currently, it is unclear what Jamie used the loan for and Taylor’s lawyer said in a statement that he eventually paid back the loan.
Tri-Star earned five percent of Britney’s adjusted gross entertainment revenue while Jamie received an estimated $6 million for the past 13 years.
As previously reported, Jamie was terminated as Britney’s conservator in November and her attorney, Matthew Rosengart, said he has failed to appear for two depositions. Additionally, Rosengart questioned why his client’s net worth is still $60 million a year despite continuing to earn revenue from her many ventures.