Marie Osmond has been in the entertainment industry since she was five years old, but she wasn’t always wealthy. During a candid reveal on The Talk, the newest co-host of the CBS chatfest revealed that when she was 20 years old she received a shocking phone call from her mother who broke the news to her that all of her money was gone.
In the segment, which you can see below, Marie detailed the life-changing phone call that came as she was at the height of her fame on Donny & Marie, the ABC variety show she co-headlined with her famous brother in the late 1970s.
Marie said she got the call when she was in New York studying acting with famed theater director Lee Strasberg.
The “Paper Roses” singer revealed that her mother, Olive Osmond, first told her to sit down, then told her “everything” was gone, dropping the bombshell news that would forever change Marie’s life.
“All of it, everything. I went from Bob Mackie clothes to going to Limited Express, and sewing on my own sequins and doing all those things, so I could go out and work again.”
The Donny & Marie star did not elaborate on what happened with her finances, explaining that would be an entire other show, but she hinted that she trusted the wrong people to manage her money.
“I was a single mom on top of that, and I didn’t know how I was going to pay for my apartment or my child,” Marie said.
Still, the singer admitted that the setback shaped her as a person. Although she didn’t know how she was going to pay her bills, Marie admitted in the end it was one of the most important lessons she ever learned.
“It was several years of it, but it was the best thing I ever learned in my life,” she explained.
Even when faced with bankruptcy, Marie never wavered. As The Inquisitr reported, the Vegas headliner turned down a $5 million offer to pose for Playboy, even though she really needed the money.
Marie’s youngest brother, Jimmy Osmond, previously told The Telegraph that when the singing family was younger, patriarch George Osmond always pooled his childrens’ earnings and invested in real estate portfolios.
“Thank goodness he did, as he was able to sell off a lot and clear our obligations when things changed,” Jimmy said in 2014.
Although the teen stars “amassed a lot of money,” Jimmy admitted that they were good at entertaining, not at business. He went on to say the family ended up hiring people to look after their fortune who weren’t trustworthy, and were later blindsided.
“We lost about $80 million, maybe $100 million in today’s money,” he said.
Like Marie, Jimmy said the loss was one of the best things to happen to the family, as it kept them all humbled and grateful.
You can see Marie Osmond on The Talk weekdays on CBS.