Kylie Cosmetics mogul Kylie Jenner has been making headlines last week because she was stripped of the billionaire title by the esteemed business and financial magazine, Forbes.
According to the magazine, the net worth of Kylie Jenner is only $900 million after factoring Kylie Cosmetics' income in public filings and the effect of the coronavirus that has had on the beauty industry.
As Page Six reports, they suggest that the 22-year-old may be spending what fortune she does have at a fast rate.
According to their source, in the months before the pandemic, the Kylie Skin creator spent an estimated $50 million up to $70 million on a Global Express Jet that she had fitted out in the theme of her daughter's, Stormi, birthday last February.
Stormi Webster's extravagant birthday celebration was themed "Stormi World" and featured a vast space designed with different themed areas, including a "Frozen" world.
The same source also said that the spending habits of Kylie Jenner are a cause of concern among her older sisters, Kim Kardashian West, Kourtney, Khloe, and Kendall Jenner.
"Kylie's sisters are concerned about her spending," the source continued, "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."
As per the source, she spent over $130 million in the last year.
Two months ago, Kylie Jenner also purchased a massive $36.5 million estate in Holmby Hills, California, and a $15 million vacant plot of land next to her current Hidden Hills home and hired Tom Brady's architect, Richard Landry, to build a new mansion.
The mom-of-one also purchased a home in Palm Springs for $3.25 million, which is also near her mom's place.
Additionally, the businesswoman is generous, giving her family and friends gifts, including a rare Birkin bag that she gifted to her mom.
She has also donated millions to different causes such as the coronavirus relief, women's charities, and the Australian wildfire relief.
News of the lavish spending of Kylie Jenner comes after reports that she refuses to take phone calls from her mother, Kris, over Forbes' claims.
In a report published on Friday, Forbes questioned the billionaire status of Kylie, where they also investigated her finances and found out that she faked her tax returns and used a web of lies to boost her net worth.
They claim that Kylie and her family provided misleading information about her net worth, spending years fighting in higher spots on its annual net worth and celebrity earnings list. The richest Kardashian-Jenner sister is blaming her mother for it.
"Kris - who reportedly gets ten percent of Kylie's deals - is in panic mode. Kylie won't answer the phone to Kris and is at a loss over who to trust."
Kris Jenner is also reportedly freaking out, and reports claim that she is scared of the potential damage the exposure could cause the Kardashian-Jenner brand she has spent building for years.
According to a source who told The Sun, "Kris and Kylie are freaking out and fear that this is going to hurt their brand, and even worse, they could be in trouble with the government."