Sir Elton John was recently named the fourth-richest musician on The Sunday Times Rich List 2022. But getting there wasn't easy for the Cold Heart hitmaker. Despite owning five multi-million dollar mansions, the British singer is known for overspending his massive net worth.At one point, he had reportedly spent $48 million in just two years. In the early 2000s, the brutally honest artist also lost $12 million after suing his former accounting firm for $30 million. Here's what really happened.RELATED: Tom Cruise And Britney Spears Almost Got Cast For The Lead Roles In The Notebook

How Did Elton John Amass His Wealth?

John made most of his money from his music career. He's sold over 300 million records worldwide and has produced several classics that we still hear today. But the singer, whose birth name is Reginald Kenneth Dwight, had it tough growing up.

He grew up in public housing which he described as "the kind of council house that had sprung up all over Britain in the twenties and thirties: three bedrooms, semi-detached, red brick on the ground floor and white-painted render on the top floor," per his 2019 autobiography, Me.

The Sacrifice artist also had an abusive mother. In his book, he wrote that she "was always looking for a reason not to be happy" or "in search of a fight.

She also had a "spare the rod, spoil the child" parenting approach. John went through it all with records by his side. His childhood was heavily influenced by artists like Johnnie Ray, Frankie Laine, Nat King Cole, Guy Mitchell, and Elvis Presley — who made the most impact on his path to music.

"I'd never experienced anything like this in my life," he said of the King of Rock and Roll's music. "As Heartbreak Hotel played, it felt like something had changed, that nothing could really be the same again. As it turned out, something had, and nothing was."

At six or seven, John already knew how to play the piano, so by age 15, he was able to make £15 ($21 today) a week in tips from playing piano at a pub — a gig he got from his mom's boyfriend, Fred.

After quitting music school and getting a job at a music publishing company on Denmark Street in London, which he had hoped to be the gateway to the music industry, Dick James insisted that John made his debut in the United States following the 1970 release of his second album, Elton John. In 1971, the album became certified gold in the U.S. It also earned him Grammy nominations under Album of the Year and Best Male Pop Vocal Performance that year.

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What Is Elton John's Net Worth Now?

As of 2022, John has an estimated net worth of $500 million. According to Celebrity Net Worth, he makes $80 million annually in a touring year and is paid $500,000 a night for performing in Las Vegas.

His assets also include $100-200 million worth of art and $50 million worth of real estate. Despite all this fortune, the 75-year-old icon is leaving his two sons, Zachary, 11 and Elijah, 9, out of his will.

"Of course I want to leave my boys in a very sound financial state," he explained to Mirror in 2016. "But it's terrible to give kids a silver spoon. It ruins their life." He also clarified that although he wants his children to work hard for their own money someday, he's aware that they have a great advantage as celebrity kids.

"Listen, the boys live the most incredible lives, they're not normal kids, and I'm not pretending they are," John added. "But you have to have some semblance of normality, some respect for money, some respect for work."

Why Did Elton John Sue His Accounting Firm For $30 Million?

In 2000, John sued his former accounting firm, PricewaterhouseCoopers (represented by Mark Hapgood), as well as Andrew Haydon, the former managing director of John Reid Enterprises (JREL). It was due to their "negligence" in the pop star's overseas tour expenses.

The Tiny Dancer performer claimed that the "several millions" he'd spent touring should have been placed under a JREL management agreement. He also alleged that he was "ripped off" by Reid, his former business manager and ex-lover.

During his testimony at London's High Court on November 5, 2000, John said: "I have no one to leave the money to. I'm a single man. I like spending my money."

At that time, it was also revealed that he had spent $36 million in a 20-month period ($1.8 million a month). Hapgood then said that the singer went "spending mad" after a $60 million deal with the record label, Polygram back in February 1996.

After 43 days of hearings and five weeks of jury deliberations, John lost his $30 million lawsuit. He wasn't present in court to hear the verdict, but he was charged $12 million in legal costs. "I have found this case fails on the facts," said Judge Andrew Ferris at that time. Haydon's employer, Reid, settled out of court by paying the "Rocket Man" $5 million.