The telegenic tandem burned through $10 million -- plunking down cash for a posh Malibu pad, private jets and financing numerous plastic surgeries -- and are on the brink of bankruptcy, Spencer told Life & Style.
"We were immature, worrying too much about the famous part instead of the actual business part," Pratt told the magazine for its current issue. "In hindsight, we shouldn't have spent any of our money. We should have been low-key and saved."
The duo was in such dire financial straights after "The Hills" stopped production that they plotted call it quits and sell the story of their split to the English TV channel ITV. They even moved to Costa Rica for production of the new show, only to see it -- and their fortune -- crumble around them.