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February 11, 1999 12:00 AM

Elton John is seeking a $40 million loan to pay off bills, reported London’s Sunday Times. The pop star is negotiating with a London finance house, Samuel Montagu, and has agreed to sign over income from future hits as well as proceeds from old ones, the paper said. Elton, who reportedly spends up to $400,000 a week on credit cards, will also offer his homes in England, France and America as collateral. John, 52, needs most of the money to clear loans outstanding both here and in Britain, including an $11 million overdraft with an English bank and a loan of nearly $4 million, the Sunday Times said.

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