Aaron Carter. Picture: Presley Ann/Getty Images for WE TV
Despite a hit music career, former child star Aaron Carter faced years of financial struggles before his untimely death on November 5, 2022.
At the time of his passing, the singer was worth a meagre $US550,000 ($A833,000). His assets included $US200,000 ($A303,000) in personal property and $US350,000 ($A530,000) in real estate.
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Aaron Carter faced years of financial struggles before his untimely death in 2022. Picture: Presley Ann/Getty Images for WE TV
Here’s a closer look at what became of his home and how he lost his fortune.
Teased selling home days before death
Days before he died, the Crush on You singer teased that his California home, where he died, was up for sale.
“Selling my 2nd home,’ Carter wrote in a tweet. “Real estate has been super good to me.
“Ready for a new chapter in my 3rd home which I plan on staying to make a beautiful life for my family.”
“This year has been super tough but I’ve learned so much,” he added. “Thanks for the support everyone.”
Days before his death, Aaron Carter announced he was selling his California home. Picture: Berkshire Hathaway HomeServices via NY Post
The pop star’s life was tragically cut short at age 34 after he was found dead in his bathtub.
His cause of death was accidental drowning while under the effects of a flammable gas called difluoroethane and a generic brand of Xanax called alprazolam.
Carter was engaged to Melanie Martin. The two, who had an on-and-off again dysfunctional relationship, had a son, Prince.
But, the musician never got the chance to buy his third home.
The I want Candy performer purchased the seven-bedroom Lancaster property in November 2018 for $US430,000 ($A654,000), the New York Post reports.
He then listed the home for sale three months later. The residence glided on and off the market.
Carter relisted the property for $US800,000 ($A1.2 million) before his death. About six months after he passed away, the home sold for $US750,000 ($A1.1 million).
Carter was engaged to Melanie Martin. The two, who had an on-and-off again dysfunctional relationship. Picture: missmelaniemartin/Instagram
The I Want Candy artist and Martin welcomed Prince in 2021. Picture: Aaron Carter/Intagram
How Aaron Carter lost millions
Carter started his career opening for the Backstreet Boys, Nick’s band, on their 1997 tour.
At just 9 years old, he released his first self-titled debut album, which sold a million copies, that same year. He went on to open for other major acts including Britney Spears.
The music star quickly shot to stardom in the late ’90s, selling millions of records with pop hits like I’m All About You, I Want Candy, and Aaron’s Party (Come Get It).
Carter claimed in an interview with Oprah: Where Are They Now in 2016 that he had made more than $200 million ($A311 million) before turning 18.
But, the musician never got to see his vast fortune as his parents mismanaged his finances.
Under Californian law, guardians of child performers are required to place 15 per cent of their earnings into an account accessible only once they become an adult.
When he finally became an adult, Carter discovered that he had less than what he was supposed to have.
“I got, like, $2 million ($A3.1 million) when I turned 18 years old. I should have had at least $20 million ($A31 million) in my account.”
The singer also learnt he owed $3.5 million (A$5.4m) in tax liens.
Carter alleged his parents spent a lot of his money.
“We had this massive compound with 12 houses and it was worth over $10 million. I had paid a lot of that money … and I never got a lot of those returns back,” he said.
“There was a lot of neglect on my parents part. They didn’t do a lot of things right but at the same time I felt that money wasn’t everything.”
Carter claimed that he had made more than $200 million before turning 18.
Filing for bankruptcy
In 2013, Carter filed for a Chapter 7 bankruptcy, claiming more than $US2.2 million ($A3.4 million) in debt.
“Aaron filed for Chapter 7 bankruptcy protection to alleviate past issues in an effort to move forward with his life and career,” a spokesperson told Yahoo at the time.
“The overwhelming majority of the debt he is asking to be discharged is from more than 10 years ago when he was a minor and not in control of his finances.”
However, he continued to struggle with debt a year later.
Appearing on a reality TV show Life Or Debt in 2014, the singer said he was still in a “terrible position” financially.
“When I turned 18, I got hit with all those taxes. I filed a Chapter 7 bankruptcy last year; now I’m already over $100,000 in debt,” he said.
“It’s been really difficult for me. I want to have a life set up. I want to have a house. I can’t tell you how badly I want to have a home.”
Carter’s major financial milestones over the years before his death. Picture: Supplied
Who inherited Aaron Carter’s estate?
Since Carter was unmarried and died without a will, California’s succession laws determined the rightful heir. Under state law, an individual’s entire estate passes to their surviving child.
Carter’s son, Prince, is the sole legal beneficiary and stands to inherit the entirety of his father’s estate.
His inheritance is now estimated to be a modest five-figure sum, which includes royalty payments and personal property.
Parts of this story first appeared in the New York Post and was republished with permission.
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