Kylie Jenner may have blown her billionaire status by spending more than $100 million on a huge private jet and multiple monster real estate deals in recent months.
On Friday, Forbes published a bombshell report stripping Kylie, 22, of her “youngest ever self-made billionaire” title, claiming she faked tax returns and used a “web of lies” to boost her net worth.
The business mag said the makeup mogul is now worth less than $900 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 $50 million to $70 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 $5 million a year, and can’t land at many private airfields because they need a longer runway.
In April, Kylie also bought a massive $36.5 million estate in Holmby Hills, Calif., plus a $15 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 $3.25 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 realize how easy it is to blow through all of it.
“She’s likely spent over $130 million in the past year.”
Reps for Kylie didn’t get back to us.