Wasted loot in preparation (6)
I believe the answer is:
lotion
'preparation' is the definition.
(I have seen 'Medicinal preparation ' mean 'lotion' so perhaps 'preparation' could also mean 'lotion')
'wasted loot in' is the wordplay.
'wasted' indicates an anagram.
'loot'+'in'='lootin'
'lootin' with letters rearranged gives 'LOTION'.
(Other definitions for lotion that I've seen before include "Medicinal or healing liquid" , "Soothing liquid preparation" , "Sunscreen" , "Medicinal wash" , "Medicine for rubbing on" .)