Photo: Jared Leto || By Mikaela Wilkes For Daily Mail Australia | Jared Leto has shared new details of his multi-million-dollar debt at the height of his fame with his band 30 Seconds To Mars and how they were sued for $30million. The musician, 52, revealed he was almost left bankrupt after his rock band released their breakthrough second album because of debt owed to their record company.
Speaking on the Kyle and Jackie O show to promote the band’s upcoming Australian tour, Jared told how selling millions of albums worldwide didn’t result in a huge influx of cash but left him ‘penniless’.
After selling three million copies of A Beautiful Lie in 2005, Jared and his brother Shannon found themselves more than $2.7million dollars in debt to their record label EMI and were then sued for another $30million due to an alleged contract breach.
‘We sold millions of copies, and then we found out not only were we not going to be paid a single cent, we were millions of dollars in debt,’ he detailed on Wednesday’s show.
‘We disputed. They sued us for $30million for breach of contract and then we made a film about it.
‘So anyway, we went through that crazy bit of our lives and it’s nice to be on the other side.’
Radio host Kyle Sandilands quizzed Jared on the realities of making money in the music business, with the Hollywood star admitting it wasn’t always plain-sailing.
‘Nah, you make money on the road and these days it’s pretty tough because of inflation,’ Jared explained.
However, he insisted he is not focused on the income, adding: ‘I would do it for free. It is a beautiful thing to be out there.’
Jared previously detailed his band 30 Seconds To Mars’ legal battles with his label EMI on his 2012 documentary Artifact.
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Go here to read what caused Mr. Leto to fall so far in debt and how the problem is being resolved now:
https://www.dailymail.co.uk/tvshowbiz/article-13763395/Jared-Leto-millions-debt-Thirty-Seconds-Mars-bankrupt-lawsuit.html
Photo: Jared Leto | From his Facebook page | By Vee Ongpauco (8/25/14)