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Poet, singer and songwriter Leonard Cohen has discovered that his retirement savings, which he thought were worth more than $5-million (U.S.), have been depleted, Macleans magazine reports.

The famous troubadour, who has homes in Montreal and Los Angeles, is virtually broke, faces a whopping tax bill and has had to take out a mortgage to pay legal costs, the magazine reported in an exclusive cover story this week.

A forensic audit of his holdings found “massive improprieties.”

“I was devastated,” Cohen says of discovering last fall that his savings had been reduced to about $150,000. “You know, God gave me a strong inner core, so I wasn't shattered. But I was deeply concerned.”

Cohen, 70, has raised questions about how his money was managed by a long-time trusted personal manager, who had signing authority on his accounts, and a financial adviser.

Cohen will release a new album soon with his current girlfriend, Anjani Thomas.

“This has propelled us into incessant work,” he says of his financial troubles, adding: “It's one of the best albums I've heard.”