Beverly Hills Socialite #AdamSabbagh Files For Bankruptcy

Beverly Hills socialite, Adam Sabbagh, who bought #DavidBeckham’s customized Porsche for $227K and paid #TysonBeckford $25,000 for modeling lessons, has filed for bankruptcy.

According to TMZ, the bankruptcy documents states that Sabbagh is more than $200K in debts and only has $4K worth of assets.

Sabbagh, who claimed he was once voted "Mr. Arab" also maxed-out his $17K credit with American Express and declared his only income as"family contribution" of $2,230 per month.

Not looking good!