All those child support payments must be draining Matthew Knowles' bank account. Even though his daughter, Beyoncé, is worth some $265 million according to Forbes, guess who's paying for his new beach house? That's right—you!
According to Mother Jones, Matthew Knowles "is in line" to receive $425,000 for a new home after Hurricane Ike devastated his Galveston, Texas property. The money will come from the Federal Emergency Management Agency, which Mother Jones says will spend more than $100 million in Texas alone to buy out and demolish more than 750 waterfront homes as part of a taxpayer-backed insurance bailout plan.
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