During his appearance on Piers Morgan's Life Stories last night, Elton John's showbiz friends joked about him being 'most famous for spending money.'
Broadcaster Johnnie Walker even recalled a Christmas where he witnessed the superstar and David Furnish giving each other gold-plated Monopoly sets as gifts.
But the 63-year-old icon insists that he would 'live in a caravan,' as long as he had Furnish.
During the revealing interview with Piers Morgan on the ITV show, Elton was asked about his reputation for extravagance.
'There's no getting away from it, It's fun to have money,' he admitted.
'Could you go back to being poor?' Morgan asked him.
'Listen, I have said to David, "I would live with you in a caravan, as long as I had you,"' he said.
'I'm not that facile, I'm not that shallow.
'I think about it sometimes, I think it would be nice to b****r off and buy a little house somewhere and have a simple life.
'If I had David in my life and my friends, I could live anywhere.'
But Elton added: 'I'm too far gone now, I'm too far in, you can't run away like that.'
'I'm very comfortable with my spending.
'I have no guilt, Piers. I earn the money, I pay my taxes.
'I've never lived anywhere else but Britain - it goes back into the economy, what's the problem?'
Elton says that he was more demanding back in his drugs haze, confirming that he once demanded that a private jet be re-painted before he would board.
'Yeah that's true,' the Your Song singer admitted.
'It was a 707; It was a turd colour. It was like an enormous flying turd,' he recalled.
'The record company paid for it to be re-painted and there was all stars
'I was in the position to do that, and everyone who used it after was grateful for it.'
But the legendary hit maker was coy when asked to confirm the items on his rider (the list of demands for his dressing room).
Saying that he had a peak at the list before the show, Morgan said: 'It's quite fascinating,' telling the audience that it demanded that the room was 'exactly 68 degrees fahrenheit' and asked four 'three six-foot-long banquet tables with white linen tablecloths.'
'I don't actually know what my rider is,' John replied.
He did concede the specific instructions for the bouquet of flowers in his dressing room however, which included 'No chrysanthemums, no lilies, no carnations, and definitely no daisies.'
'Well chrysanthemums are pretty horrible, carnations don't look good in a vase, lilies don't smell very nice... and daisies I've got nothing against whatsoever,' he said.
Referring to his documentary Tantrums and Tiaras, he said 'sometimes people are a spoiled brat,' and I wanted to show that.'
The artist also revealed that he is still attracted to women, despite coming out of the closet forty years ago.
Asked by Morgan about his relationship with ex-wife Renate Blauel - whom he married in Sydney in 1984 - he said: 'When I was in bed with her and we were having sex it was great but I thought, "This is not right, I should probably be with a man."'
But he said he still fancies women: 'There are so many beautiful women in the world,' he said. 'How can you not think a woman is beautiful?'