Entertainment News10 Celebrities Who Went From Rich to Broke

10 Celebrities Who Went From Rich to Broke

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Check out this list of 10 celebrities who have gone bankrupt

As the saying goes, you never miss anything you never had. But, what if you had the world? What if you had millions of dollars one day and chump change the next? According to recent statistics, 78% of all NFL players and 60% of all NBA players will file bankruptcy within 5 years.

But, the same financial troubles affect Hollywood celebrities all of the time. Most of the time it is due to poor financial decisions.

Check out this list of 10 celebrities who have gone bankrupt at one point or another. Some may completely surprise you.

10. MC Hammer

s_bukley / Shutterstock.com
s_bukley / Shutterstock.com

This rapper earned nearly $33 million in the 1990s, but spent all of his money. He purchased two private helicopters, several homes, cars and everything celebrities would love to have. His problem is that he spent more money than he should have in the long run.

9. Michael Jackson

Featureflash / Shutterstock.com
Featureflash / Shutterstock.com

Many people don’t know this but the King of Pop had a big problem with bill collectors. After getting several plastic surgeries, renting out Neverland Ranch and going on lavish shopping sprees by the time he died, he was barely able to afford even the most necessary items.

8. Kim Basinger

Featureflash / Shutterstock.com
Featureflash / Shutterstock.com

This actress was extremely popular in the 1980s. During her time as an A-list actress she allegedly tried to purchase a small town in Georgia for $20 million. Basinger would later file for bankruptcy four years later.

7. Mike Tyson

CarlaVanWagoner / Shutterstock.com
CarlaVanWagoner / Shutterstock.com

Mike Tyson had fights inside and outside of the ring. The all star boxer had to file for bankruptcy despite earning more than $300 million as a professional boxer. Tyson later argued that Don King took most of his money away. But, he asserted that he could have made smarter decisions.

6. Willie Nelson

Josh Withers / Shutterstock.com
Josh Withers / Shutterstock.com

The famous singer and songwriter filed bankruptcy after he failed to pay $16 million in unpaid taxes. On November 19, 1990 the IRS came and raided his home taking everything except for his guitar. Nelson asked for his daughter to take his favorite guitar away and hide it because he thought a raid was coming.

5. Walt Disney

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Walt Disney is another celebrity that many people quickly assume was always successful. Before he created world famous Disney company, he had several failed business ventures forcing him to file for bankruptcy in 1923. But, Walt Disney never gave up and would later create a little mouse who would be responsible for starting a multi-billion dollar empire.

4. Nicolas Cage

ChinellatoPhoto / Shutterstock.com
ChinellatoPhoto / Shutterstock.com

The over the top actor was charged with unpaid taxes by the IRS. Nicolas Cage owed over $6 million by the IRS and that was only for 2007. But, it comes to no surprise that the actor filed for bankruptcy. Allegedly he owned islands, dinosaur eggs and other extravagant items.

3. Chris Tucker

Featureflash / Shutterstock.com
Featureflash / Shutterstock.com

Despite headlining in the box-office Rush Hour series, Chris Tucker owned nearly 11.5 million to the IRS. Chris Tucker supposedly made $23 million dollars during the Rush Hour movies. But, the IRS owed taxes from 2001, 2002, 2004, 2005 and 2006. He also reported to have a $25,812/month mortgage payment for his luxurious waterfront house. Things only get worse when the actor has not appeared in any major feature films in nearly a decade.

2. Toni Braxton

Jaguar PS / Shutterstock.com
Jaguar PS / Shutterstock.com

1998 was a tough year for the singer, Toni Braxton. She was reported to be in debt for $3.9 million. All of her personal possessions were sold including several awards she received. It is alleged that she was in debt from $10 million up to  a possible $50 million. 2010 was another tough year for the singer. She was diagnosed with Lupus, had a divorce and discovered her child had autism. She would later file bankruptcy again in 2010.

1. Gary Busey

s_bukley / Shutterstock.com
s_bukley / Shutterstock.com

Gary Busey has appeared in over 70 feature films including “Lethal Weapon” and “Point Break”. But, the actor had only $50,000 worth of assets at his lowest point.

Discuss this story with fellow Project Casting fans on Facebook. On Twitter, follow us at @projectcasting

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Megan Dianehttps://www.projectcasting.com
Hi, I'm Megan Browne, the Head of Partnerships at Project Casting - a job board for the entertainment industry. As Head of Partnerships, I help businesses find the best talent for their influencer campaigns, photo shoots, and film productions. Creating these partnerships has enabled me to help businesses scale and reach their true potential. I'm excited to continue driving growth by connecting people with projects they're passionate about.

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