Justin Bieber‘s reps shot down reports that the singer is in financial trouble after selling his music catalog for $200 million.

“Any source that is trying to sell you a story about alleged financial distress … either doesn’t understand the entertainment industry or, more likely, is trying to paint an unflattering portrait of Justin, which bears no resemblance to reality,” the “Holy” singer’s representatives told The Hollywood Reporter. The outlet published a lengthy profile about Justin’s financial state and his well-being on Wednesday, April 16.

The article touched on Justin’s financial situation, as multiple insiders “who until recently were familiar with his finances” suggested the Grammy winner was “overstretched” financially.

The publication pointed out Justin’s numerous real estate properties, including a $26 million Beverly Hills mansion, a $16 million home in La Quinta, California, and property at Idaho’s exclusive Gozzer Ranch Golf and Lake Club.

Justin, 31, famously sold his music catalog for all songs through 2021 to music rights investment company Hipgnosis in 2023. The sale allowed him to take a break from working, one industry insider explained in the article. The singer hasn’t released an album since 2021’s Justice and cancelled all the remaining dates on his Justice world tour in September 2022.

The “Peaches” singer announced in June 2022 that he had been diagnosed with Ramsay Hunt syndrome, telling fans the condition “attacks the nerve in my ear and my facial nerves and has caused my face to have paralysis,” and he hoped to scale back on work.

“With the money up front, you’re free to plan in a way where you don’t have to be beholden to anyone else. You don’t necessarily have to go on tour or make another record, if that’s not how you want to spend the next few years. You can then afford to take some risks on yourself,” Hipgnosis founder Merck Mercuriadis — who worked on Justin’s catalog sale — told The Hollywood Reporter.

“For Justin, I think that was the motivation: He had ill health and was at a time in his life where he was married and very in love and contemplating family. Making the deal gave him the freedom to focus on that and not have to be on the treadmill he’d been on for almost 15 years,” Merck added.

The publication noted how Justin’s lack of being in a current album cycle “makes tapping large sums of money more challenging,” and that he’s going to need “smart financial planning” without the stream of income that he would have derived if he’d held on to the publishing rights to his songs.

The piece also included concerns from Justin’s former friends and collaborators about his well-being.

“Whatever he’s going through, I pray for him and hope he’s OK,” music producer Poo Bear — real name Jason Paul Douglas Boyd — told the outlet. Poo Bear cowrote some of Justin’s biggest smashes, including “Despacito,” “Where Are Ü Now” and “What Do You Mean?”

“Seeing him disintegrate like this … it’s watching the embodiment of someone not living their purpose,” a former team member told the publication. “He’s lost. There’s no one protecting him because there’s no one there willing to say no to him. You say no, you get blown out.”

Another insider said Justin is lacking the rush of playing to large audiences, but that he might not be able to attract newer and younger fans.

“He’s meant to be onstage,” said a former adviser. “Like his brain needs that dopamine release and he’s not getting it. But at what point does it become [Justin] Timberlake? No one wants to see a bunch of 30-year-olds out there dancing. It becomes nostalgic.”

The “Baby” singer has worried fans over the past several months. Justin’s reps called drug use rumors “absolutely not true” to TMZ after he was photographed looking tired and gaunt. They added that the speculation was “exhausting and pitiful,” on February 23.

Justin caused more concern when posted a message about how he “always felt unworthy. Like I was a fraud,” in an Instagram Story on March 13.

The Canada native followed it up by telling followers, “I got anger issues too, but I wanna grow and not react so much smh,” via Instagram on March 22. Jusitn added, “I think I hate myself sometimes when I feel myself start to become inauthentic. Then I remember we’re all being made to think we’re not enough but I still hate when I change myself to please people.”

Justin announced he exited his Drew House fashion brand on April 10. He founded the company with stylist Ryan Good in 2018. The duo officially launched the brand in January 2019.

“I Justin Bieber am no longer involved in this brand,” Justin wrote in a since deleted Instagram Story. “Drewhouse [sic] doesn’t represent me or family or life.”

He added, “If you’re rocking with me the human Justin Bieber don’t waste your money on drewhouse [sic].”

Justin has since announced the launch of a new apparel label called SKYLRK.