Whitney Houston has spent her entire fortune

The singer is reportedly broke after spending all her money

Whitney Houston is reportedly broke after spending her entire fortune, including $100 million from her last record deal.

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It seems the singer's famous song title 'I Have Nothing' may hold more truth now than people thought.

The 48-year-old singer has allegedly lost all of her fortune and is now being financially supported by her record label, Arista, which has given her advance payments for her next album.

‘Whitney's fortune is gone. Music industry heavy hitters are supporting her and her label is fronting her cash against her next album, but no one knows when that will be released,’ a source told Radaronline.com.

Apparently, Whitney's financial situation is so dire, she has had to ask friends for small loans.

The source added: ‘She might be homeless if not for people saving her. She is broke as a joke.

'She called someone to ask for $100. It is so sad. She should have Mariah Carey money, and she's flat broke.’

The I Wanna Dance With Somebody singer signed the biggest record deal in history back in 2001, renewing her contract with Arista/BMG for $100million to deliver six new albums.

Whitney, whose ex-husband is singer Bobby Brown, overcame a severe crack cocaine addiction, but it is thought most of her millions were spent on her drug abuse.

Whitney released her last record, I Look to You, in August 2009 and, since most of her songs were written by other songwriters, she recieves no on-going royalty payments like other artists do.

But, hoping to make a comeback, the Grammy award-winning singer-turned-actress will appear on the big screen this summer in a remake of the film Sparkle with popstar Jordin Sparks.

A spokesperson for Houston denied the latest claims when contacted by the MailOnline. Do you think Whitney has blown her enormous fortune? Tell us what you think in the comments box below... MORE CELEBRITY NEWS