The free-spending Rocket Man's finances are apparently in freefall.

Elton John, one of the richest rock stars on the planet with an estimated fortune north of $250 million, has asked for an emergency $40 million loan to help pay off his monster bills, London's Sunday Times reports quoting unnamed sources.

John, 52, the second bestselling solo artist of all time (behind only Garth Brooks), has signed over the royalty rights from his hit-laden record catalog to secure the loan from London finance house Samuel Montagu, the newspaper says.

He's also put up his homes in England, France and the United States as collateral.

The Times reports the singer--known for blowing millions on homes, jewels, cars, clothes and, yes, designer wigs--has a serious cash-flow problem and is unable to make good on loans in the U.S. and U.K. The "Sad Songs" singer's debts include an $11 million overdrift with a British bank and a $400,000-a-week credit card habit.

News of the latest financial meltdown comes a few weeks after Elton sued his former financial advisors over $30 million in allegedly misappropriated funds.

Of course, this isn't the first time the knighted piano man has had money problems. Just last year, his accountants drafted a memo warning that, unless the pop star changed his spending ways, he would go broke. Despite his massive fortune, it seemed Elton was cash poor.

No comment yet from John's State-side rep, but his British business manager, Frank Presland, pooh-poohs speculation that the singer is in dire straits. Presland tells the Times that the popster is just reorganizing his assets to gain greater control over his catalog. "Elton John's finances are sound," he says.