Producer Scott Storch blew $30 million (£20.7 million) in just three years after becoming hooked on cocaine.
The Grammy-winning beatmaker, who has worked with the likes of 50 Cent, Eminem, Lil Wayne and Christina Aguilera, has hit headlines in recent months after missing payments on his Miami, Florida mansions, his luxury cars and child support obligations.
Most recently, he pleaded not guilty to grand theft auto after allegedly failing to return a leased Bentley on time.
But Storch has finally opened up about his financial woes, blaming his money situation on a devastating drug habit that resulted in him hitting rock bottom.
He's now in recovery after enrolling in a rehabilitation programme and insists he's back behind the mixing board to focus on his work.
Storch tells MTV News, "I'm taking it back to square one (going back into the studio).
"I found myself slipping a little bit. I got involved in doing drugs. I had to get myself into recovery. Being in the life that I was living - very fast-moving, option to do anything you want, go anywhere you wanna go - it definitely takes its toll on you, and you lose your concept of reality. I had to get it under control. I had to take it back to the beginning and back to the Hit Factory (studio), where I made a lot of my hits."
Storch reveals he's now living in a facility where he is monitored by a live-in drug counsellor and has to abide by a curfew.
And he has credited music publishers TVT with helping him to make the most of his second chance at success.
Storch adds, "Just taking it day by day," the producer said of his life now. "I haven't won the war. It's not like something you can just fix and it's just gone. Addiction is a disease, and I have to constantly battle it. I feel so much better and have more clarity, especially in the studio. It's cool. It's been a really productive period. ...With the help of my publisher TVT, I've had the chance to ...come up with a whole new vibe. I'm very happy right now."