Sam Lutfi’s suing Britney and her parents for defamation and breach of contract after claims he and Britney made an oral contract agreeing he’d manage her career, but she was going broke at the time, reports RadarOnline.com.

“Britney was hemorraghing money at the time when Sam Lutfi was in her life and acting as her manager. Her estimated net worth in 2007-2008 was $32 million dollars. However, she was spending about a whopping $700k a month,” a source close to the situation tells Radar.

“Britney also had huge legal bills because she was fighting her ex-husband, Kevin Federline, for custody of their two sons. She probably paid around $2 million dollars in attorneys’ fees to her family law attorneys in just a year and a half, and remember, she ended up losing custody of the boys to Kevin. Britney also leased several very high priced rental mansions in Malibu, including one house that she only spent three nights in! Britney also went on insane shopping sprees and bought a number of luxury vehicles. Britney wasn’t working during that time and didn’t have a source of new income coming in. At the rate she was spending money when Sam was in her life, had it continued without her dad getting conservatorship, she would have been broke,” the insider added.

According to recent court docs, Britney’s network nowadays is substantially higher thanks to her recent Femme Fatale Tour and The X Factor.

“Sam wants a piece of her fortune now, which absolutely infuriates her parents who are also being sued by him. The only reason that Britney is in the black now is because her dad took control and got Sam out of her life. Period. It’s important to remember that Britney never signed a contract for Sam to be her manager, it was only an oral commitment according to Lutfi.”

Jury selection is currently underway.

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