The life in the spotlight is not always a lavish one. The keyword there is “always” as celebrities have often bit a lot more than they chew in terms of spending money and eventually hit rock-bottom. Take a look at the 15 celebrities who went bankrupt:
15. Brendan Fraser
Best known for The Mummy series, Brendan Fraser was once Hollywood’s fastest rising stars to the point of earning around $2 million a year during the late 1990’s and early 2000’s but it all came back to haunt him after his divorce.
Forced to pay $75,000 per month due to his old salary and with his career dwindling due to one bad movie after another, Fraser was on the verge of losing all his wealth and filed for bankruptcy.
14. 50 Cent
The rapper who starred in Get Rich or Die Tryin’ has sold more than 30 million albums and was once named the wealthiest hip hop artist. Buying Rolls-Royce automobiles, working on several charitable causes including HIV treatment and financially supporting several family members and a former long-time girlfriend proved to be too much for the rapper when his music career suffered a decline.
The final nail to the coffin were several lawsuits – the lawsuit against him for publically sharing a sex tape that featured a rival rapper Rock Ross’ ex-girlfriend for which he was forced to pay $5 million, another lost lawsuit that accused him of stealing the business idea which made him pay $17.2 million – alongwith losing his $2 million investment on failed business deal of Sleek headphones, and losing several millions in the stock market during the 2008 financial crisis. In 2015, 50 Cent filed for bankruptcy with a debt of $32.5 million.
13. Larry King
Before he became one of television’s biggest talking heads, Larry King was facing a few criminal charges, accused by a former associate of grand larceny and being stressed out by personal life because of five divorces.
With a debt of $360,000, Larry King appeared to be going nowhere when he was offered his very own radio talk show which became a part of American pop culture. With a major television job, King was able to clear his financial troubles in no time.
12. Dennis Rodman
Fierce defensive and rebounding skills, winning 5 NBA championships, marrying Carmen Electra while drunk, high-profile affair with Madonna, controversial antics, friendship with North Korean leader Kim Jong-un and odd fashion statements are among the several things Dennis Rodman is notorious for.
Another addition to the list is his bankruptcy due to his divorce which resulted in him owing $860,376 in child and spousal support. Eventually going “broke” and “extremely sick”, Rodman’s attorneys revealed that he is unable to keep up with his own living expenses, much less those of his child and ex-wife.
11. Mark Twain
Losing a great deal of money because of his investments in several failed ventures especially the Paige Compositor – a mechanical typesetter that failed due to its complexity and imprecision, Twain filed for bankruptcy.
10. Lindsay Lohan
Now known more because of her legal and personal troubles than her acting career, Lindsay Lohan was once an up-and-coming star who had a promising career but the fame eventually dragged her into the life of hard-partying, expensive lifestyle and drug habits.
In 2012, the defamed actress found herself in nearly a quarter of a million in debt and was forced to file for bankruptcy. Things went so bad that Lohan that she even asked for $100,000 loan from her Scary Movie 5 co-star Charlie Sheen.
9. Burt Reynolds
80-year old Burt Reynolds was quite the Hollywood star back in the day but his finances expired due to a non-stop lifestyle of extravagance, bitter divorce from Loni Anderson and failed investments in a few Florida restaurant chains.
Owing $10 million, Reynolds initially denied the rumors of his dire financial state but it was clear that he was lying as he started to sell all of his movie memorabilia and even his ranch that has a petting zoo. In 1996, the actor filed for bankruptcy.
8. Wesley Snipes
Once a high-profile movie star, Wesley Snipes had tonnes of money and aimed to not paying the taxes but the long arm of the law finally caught him. He was found guilty on three misdemeanor counts of failing to file federal income tax returns. Maybe it would have been wise of Snipes to have used a TurboTax coupon code in order to get some honest and law-abiding advice.
Filing for bankruptcy in 2006, Snipes owed $12 million in taxes over the course of six years and was sentenced to three years in prison from 2010 to 2013 due to willful failure to file federal income tax returns.