Photo: WENN.com

Joss Stone has claimed she is 'broke' after spending all of her money buying her way out of her contract with record label EMI.

Stone, who enjoyed hits including 'Fell In Love With A Boy', regularly features in Music Rich Lists with an estimated fortune of over £5 million. However, speaking in a new interview, Stone claimed that she is no longer wealthy following a dispute with her label.

"I don't have that kind of money. It all went when I left EMI. I was flat even, down to nothing. I wasn't even down to a million in the bank. What I had left was my house and three flats in Exeter and that was it."

However, Stone believes she is better off with less zeroes in her bank account: "Money is the thing that people hold over you but to me it was just cotton balls. Don't let it suffocate you. Don't let yourself need it that much. I just thought, 'I'm free. I'll go out and play some gigs and earn my living.'"

Joss Stone recently suggested that she would be interested in performing with Mick Jagger as part of the London Olympics this Summer.

Photos: Adele, Rihanna, Lil Wayne - musics richest under 30's