How Do These Uber-Rich Celebs Keep Going Bankrupt?
The lifestyles of the rich and the famous are beyond lavish. When money is not an object, you can literally have whatever you want, no matter the price tag. Cars, houses, and fancy vacations are nothing to those who have massive amounts of money to spend, but what happens when the money well runs dry?
Millions and even billions of dollars can be spent in a few years’ time if you have a taste for the finer things, and many stars don’t have intentions of slowing down. Designer bags, buildings, cars, and private jets may seem like the way to go when you make it big, but it may be time to slow down for many celebrities trying to write checks they can’t actually cash.
It may be hard to imagine, but many celebs overshoot their worth and end up dead broke. The spotlight can do that to you.
Many celebrities do not consider the fact that money is not endless, and taxes and other factors may put them in the negative. If you spend money as fast as you make it, it becomes almost impossible to keep track of your spending. Some of these celebs should consider hiring an accountant — or fire their current one — because the numbers just don’t add up.
These celebrities are in some serious need of a budget before they are reduced to absolutely nothing. Some of the stars on this list were forced to give up everything they own, and slide #15 was desperate enough to list his dog as one of his assets. That’s one way to go barking up the wrong tree.
This list of celebrities on the verge of bankruptcy is going to blow your mind — some of these stars are practically homeless today. Oh, how the mighty have fallen!
30. This King Of Television Wasn’t Always Living Lavishly
Larry King is a well-known American television host, but his life wasn’t always perfect off the set. Due to a series of bad marriages, he had to file for bankruptcy in the late 1970’s, but he was able to recover by hosting his own show. Luck was definitely on Larry’s side.
29. This Singer Sure Knows How To Spend
Singing sensation Toni Braxton is one of the best in the industry, but that hasn’t stopped her from going bankrupt two times. She has a list of hits, but she doesn’t seem to know how to budget her large fortune, and the only way to unbreak this singer’s heart is to get her spending under control.
28. Handling Money Is Not This Actor’s Strong Suit
Burt Reynolds is notorious for his roles in movies such as Boogie Nights and The Longest Yard, but that didn’t stop him from going bankrupt in the late 1990’s. He was in the hole for 10 million dollars, which is not chump change by any stretch of the imagination.
27. This Vegas Star Isn’t A Stranger To Plastic Surgery
Wayne Newton is one of the most iconic Vegas performers, but he has had his fair share of financial troubles. He went bankrupt in the early 1990’s, with over $20 million in debt. Newton has continued to fund his lifestyle by performing, and he seems to always be updating his look.
26. This Football Stay May Need More Than A Quarter Back
Andre Rison was a star wide receiver for the NFL, but that didn’t stop him from spending all of his hard-earned cash. Rison learned of his awful budgeting when a check for $20,000 bounced, and he currently spends his time educating other players on how to be responsible when it comes to finances.
25. This Artist Would Do Anything To Avoid Another Bankruptcy
Singer and songwriter Meat Loaf is famous for his 1980’s hit “I Would Do Anything For Love,” but he had some financial hardship when his friend, who helped him write the song, decided to sue. Meat Loaf declared bankruptcy in the late 1980’s, but he has since written all his songs on his own. Sometimes it’s better to go solo.
24. This Star Is In Need Of Some Cheddar
Sinbad is an actor that appeared in a few 90’s hits such as Good Burger and Jingle All The Way, but he is still trying to master money management. Sinbad had to file for bankruptcy twice, and has owed the IRS over $8 million. That’s no joke when it comes to back taxes.
23. This Actor Spent His Life On The Silver Screen With Little Coin
Mickey Rooney has been appearing in films for a long time, but many would be surprised to find out he was forced to file for bankruptcy in the 1960’s. He passed away in 2014, but he was able to get back into financial shape before he died. His last movie was Night at the Museum: Secret of the Tomb with the late Robin Williams.
22. This Character Was Once Low On Cash
Gary Busey is an iconic actor, and one who has appeared in more than 100 films throughout his career. Busey got into a bad car accident in 1988 and was later diagnosed with cancer, and he racked up over a million dollars in debt. Busey still manages to make audiences laugh, which has allowed him to recover from his debt.
21. This All Star Just Couldn’t Stay On Top Of His Finances
Lenny Dykstra is a World Series champion, but he sure doesn’t know how to deal with debt. Dykstra’s financial situation was so bad that he resorted to a life of fraud, and he even decided to sell his World Series ring when he was strapped for cash in 2010.
20. This Playboy Model Didn’t Want To Pay Her Taxes
Pamela Anderson is a well-known Playboy model, and she was named on California’s list of top delinquent taxpayers in the year 2009. She owed over a half a million dollars in California state taxes and over a million in federal taxes. She was forced to put her Malibu home up for sale in 2013 to cover her owed taxes.
19. Tech Moguls Have Money Problems Too
Dan Marino was the NFL star turned tech company investor who put 14 million dollars into the company Digital Domain. Unfortunately, the company filed for bankruptcy shortly after, and he lost all of his investment. He will be fine with his NFL earnings, but losing 14 million in an instant is pretty rough.
18. Some Actors Let Their Earnings Get To Their Head
Actor Randy Quaid is renowned for his movie roles in the 80’s and 90’s, but after filing for bankruptcy in 2000, his life took a turn for the worst. He was arrested in 2012 for vandalism and became a felon. That’s a pretty big hit to his ego and bank account.
17. Even Our Ancestors Weren’t Safe From Debt
Mark Twain had to file for bankruptcy in 1895 due to a failed publishing company, but he was able to make a comeback through his new books and a speaking tour. It just goes to show everyone suffers from money problems, even those people we read about in history books.
16. This Football Star Put His Money In The Wrong Hands
Vince Young is an NFL star that let his uncle handle his football fortune, which led him down a path of financial destruction. He spent thousands of dollars each night he went to the club, and he defaulted on an almost two million dollar loan to finance his birthday party. His assets were seized, and he now signs autographs for extra cash.
15. This Young Pop Star Made It Big And Spent Bigger
The Backstreet Boys were a pop sensation in the 1990’s, and Nick Carter’s younger brother Aaron made something of himself. Unfortunately, Aaron didn’t think it was necessary to pay the IRS, and he owes over a million dollars to the federal government. He even listed his dog as one of his assets while filing for bankruptcy in 2013, and he now knows not to live larger than life.
14. This Lady Loves Spending Massive Amounts Of Move
Courtney Love is best known as Kurt Cobain’s girlfriend and later wife, and after his tragic passing she spiraled into a spending spree and turned to drugs. Her debt caused her to lose her house and she was forced to part with her portion of Nirvana’s song catalog. She never did quite recover, and her story is definitely a sad one.
13. This Actor Is All Action And No Payment
Wesley Snipes is well-known for his role in the Blade movies, but was convicted of tax eviction and sent to jail in 2006. It turns out that Snipes owed over 12 million dollars to the IRS. That’s a hefty bill to have hanging over your head, and Snipes was never able to fully recover.
12. This 70’s Icon Now Relies On An Allowance
Young girls swooned over Leif Garrett in the 1970’s, and his fame brought his a decent-sized fortune. Garrett had to file for bankruptcy in 2001, and his sole income at the time was $1,000 a month from his mother. It’s hard to recover from that kind of embarrassment.
11. Even Famous Actors Have To Pay Child Support
Brendan Fraser was at his peak during the late 1990’s, and he was making around 2 million dollars a year. Fraser’s career has slowed down a little bit, but he is still required to pay $75,000 a month in child support. This amount is based on his old salary, which has taken quite a toll on his bank account.
10. The King Of Pop Knew How To Go Through Mountains Of Money
Michael Jackson is fondly remembered by many as one of the most iconic pop stars of all time, but after his death in 2009, his children may have been left with less than many expected. Jackson made almost too much money to count, but he knew how to go through it fast. He spent lavishly on plastic surgery and the upkeep of Neverland Ranch, which cost over 10 million dollars per year to sustain.
9. This Diff’rent Strokes Star Hardly Got To See His Earning
Gary Coleman is a highly recognizable star from the 1980’s, but he wasn’t able to see any of the money he earned until he turned 18. Coleman’s parents were in charge of their son’s money, and they had spent most of it before he was able to take charge. Coleman ended up filing for bankruptcy in 1999.
8. Mean Girls Still Need To Pay Their Taxes
Lindsay Lohan was a huge hit and teen icon in the early 2000’s. She starred in movie hits such as Mean Girls, but things got really terrible for Lohan shortly after. She developed a drug habit and ended up going bankrupt in 2012. This star has unfortunately come a long way from her innocent Parent Trap days.
7. This Hollywood Star Has A Taste For The Finer Things
Nicolas Cage is no stranger to Hollywood stardom, and his box office hits allowed him to purchase anything money could buy. This spending mentality put Cage 14 million dollars in debt, but his continued film success allowed him to make out alright. As long as he continues to star in hits, he should see his debt disappear.
6. This Star Was Smooth, But He Couldn’t Get His Budget Straight
Marvin Gaye is an icon with so much soul. He has a list of hit songs, but his money situation was not as stable. Gaye eventually had to declare bankruptcy due to his out of control spending, and the last years of his life were spent trying to scrape by.
5. The Leader Of The Free World Has Gone Bankrupt Multiple Times
Donald Trump is used to telling people they are fired, but he has had to file bankruptcy a total of four times between the years 1991 and 2009. He has obviously bounced back from these mishaps, and he now leads the United States of America as president. His next apprentice should try to take hold of his accounting.
4. This Fighter Couldn’t Win Against Bankruptcy
Mike Tyson is one of the most famous boxers in the industry, but outside of the ring, he was piling up his debt. Tyson had multiple run-ins with the law and eventually declared bankruptcy in 2003. He now spends a lot of his time attempting to fix his tarnished reputation, but his money situation may take much more effort.
3. This NFL Star’s Debt Was Mounting
Michael Vick is a renowned NFL quarterback, but he may be more famously remembered for his dog ring scandal and trouble with the law. Vick’s downfall included his financial situation, and he filed for bankruptcy in 2008. His reputation was never able to recover, and his finances suffered severely.
2. This Cool Cat Got Himself Out Of Massive IRS Debt
Willie Nelson is notorious for his marijuana use and his hit country songs, and he has been insanely successful. Between the years 1990 and 1993, Nelson ended up owing the IRS 16 million dollars, and he created an album that covered the costs through its sales. Now that’s true artist ingenuity.
1. This Recording Artist Needs More Than 50 Cents To Recover
50 Cent was once one of the biggest names in rap, but his financial health has not always been the greatest. His low funds caused him to declare bankruptcy in 2015, and he even lost his Connecticut mansion in the process. So, 50 Cent lost most of his fortune. Irony!