Tori Spelling Broke? Actress Reveals Financial Issues To People Magazine

Tori Spelling Talks Money Woes, Having To Budget

Tori Spelling might be synonymous with the ritzy zip code 90210, but these days the actress' lifestyle is far more modest than it once was.

The "Tori & Dean: Home Sweet Hollywood" star opened up in People magazine's latest issue about her family's financial setbacks and having to budget recently. Her family might be famous for their $150 million mega-mansion, "The Manor," but Spelling currently rents a home in the San Fernando Valley. She hasn't bought a handbag in years; her children wear hand-me-down clothing and her husband, Dean McDermott, couldn't even afford to get the vasectomy he wanted.

"We're all about repurposing. It's a really good value to have," she told People. While they are by no means broke, she admitted: "[We're] in the entertainment business, and things change year to year. We don't have a series on the air right now, so we have to be more restrictive of what we can spend, just like anyone who currently doesn't have a steady job."

"I haven't bought a purse in three years and it's fine," Spelling added. "I look back at that girl who shopped at Gucci in my 20s and I can't even relate. I can't believe I thought that was important."

The former teen star reveals more details about her money issues in her new memoir, Spelling It Like It Is, which hits shelves Tuesday (Oct. 22).

"It’s no mystery why I have money problems," the mother-of-four writes in an excerpt obtained by "I grew up rich beyond anyone’s wildest dreams. I never knew anything else. Even when I try to embrace a simpler lifestyle, I can’t seem to let go of my expensive tastes. Even when my tastes aren’t fancy, they’re still costly. I moved houses to simplify my life, but lost almost a million dollars along the way."

Her family's "circumstances have changed," Spelling admits in her book. After the cancellation of their Oxygen show, "Tori & Dean," medical issues surrounding her pregnancy and multiple home moves, she has had to cut back. She refuses to ask her mother, Candy, for money because she is in debt to her already and is "too proud" to accept financial help once more.

Spelling's issues with her mother date back years. In 2006, after the death of patriarch Aaron Spelling, Candy gave her daughter just $800,000 of the family's $500 million fortune. In May, Candy faced eviction from her condo at the Beverly Hill's Carlyle.

The 40-year-old is slated to be back on the air in spring 2014 with a new HGTV series, "Tori & Dean: Cabin Fever," previously reported.

Read Tori Spelling's full interview in the new issue of People magazine, on newsstands nationwide Friday.

Celebrity Photos: June 2014

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CORRECTION: The Spelling house, known as "The Manor," had a list price of $150 million, not $50 million. A change has been made. We regret the error.

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