Spencer Pratt & Heidi Montag Confess How They Lost So Much Money

Photo: Broadimage/REX/Shutterstock.
Spencer Pratt and Heidi Montag are without a doubt one of the most iconic reality star pairings of our young millennial lives. They earned six-figure paychecks each from stirring up enough drama on The Hills to last a decade. After the show wrapped, they then began hustling hard to keep their names in the headlines by selling photographs to paparazzi, being paid to attend events, and starring in more cheesy reality shows.

But then, the couple famously lost all their money. In 2013, the couple told InTouch and HLN that they were broke after spending about $10 million. It appears that they are still struggling to regain financial stability.

Recently, People talked to Speidi at their home where the couple explained just how they went from millionaires to living rent-free in Pratt's parents Santa Barbara vacation home. In the end, it was a classic case of "keeping up with the Joneses."

Caught up in the demanding lifestyle of L.A., the couple told the site that after they married in 2009, they started to spend luxuriously. For example, they say they spent roughly $1 million just on Montag's wardrobe, and another $1 million just on Pratt's crystal collection. They also ate expensive meals, washing it down with $3,000 bottles of wine, all the while surrounded by a "full staff." People estimates that bodyguards can cost up to $15,000 — just for one night of work.

Pratt said their need to overspend came from the pressure they put on themselves to keep up with other celebrity couples, like Tom Cruise and Katie Holmes. He admits, in hindsight, they "should have just stayed in their reality lane," referring to their social status as reality stars, and not movie stars.

The hardest part for Montag was realizing how much of their fortune they had lost (which ended up being nearly all of it.) "I was feeling so alone and defeated," Montag said. "Everyone else on our cast had houses and we had nothing to show for what we'd done. I was like, the haters were right! It was sad."

Now, their income mostly comes from reality show appearances. Montag says doing a show like Marriage Boot Camp: Reality Stars often becomes an audition for the next reality program. The two are happy with less now, although living on the beach for free doesn't sound too laborious, and said they are focusing on "being happy with family and marriage and with personal progress," in the words of Montag.

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