Justin Bieber's net worth has reportedly taken a sharp turn south as the "Boyfriend" singer is said to be on the verge of bankruptcy, according to news site Page Six.

Following his DUI and drugs bust earlier this year, Justin Bieber's net worth is struggling under the weight of the singer's heavy, reckless spending.

Bieber reportedly spends more than US$1 million a month, according to Classicalite.com, an amount that could affect Justin Bieber's net worth negatively.

Another supporting detail to Justin Bieber's net worth taking a down turn is rumors that the singer has refused to attend any of his scheduled appearances and shows after settling in Atlanta recently.

According to insiders connected to the singer's entourage, Justin Bieber's net worth was also affected by the luxurious mansion he purchased in Atlanta as well as the constant stream of parties he sponsors.

It comes to no surprise to anybody that one source close to the singer told Page Six that he is spending more money than he's making and could be going bankrupt very soon.

"He's blowing through $1 million a month. The guys handling his investments at Mellon Bank complain that there is nothing left for them to invest," the insider said.

Bieber also reportedly splurges at least US$8,000 every week on marijuanan alone, as well as other ridiculous spending patterns.

"As for where the money's going, he has a large entourage, some of whom live and travel with him. The pop idol and his posse, including his hard-partying father, just returned from a lavish vacation in Panama," added the source.

Since his arrest in January, it seems like the drug use, alcohol abuse and string of violence has finally taken a toll on the former squeaky-clean Pop Prince.

CelebrityNetWorth says Justin Bieber's net worth amounts to US$150 million, however how long will this last until the popstar finally runs out of resources to spend on drugs and alcohol?