While running errands in her hometown of Kentwood, La., Lynne Spears made a startling pit stop. She walked into Connie’s Jewelry and Gifts — but she wasn’t there to buy. Lynne “took a diamond tennis bracelet and a diamond ring with a gold band on her right hand," says a witness. Though no sale was made at the time, “they talked about meeting again,” the witness says. Considering that Lynne’s other daughter is Britney Spears, it was a shocking sight — and it indicated how much trouble the family’s finances may be in.

For more on the Spears’ family money woes, pick up the latest issue of Life & Style, on newsstands now!