Celebs Who Went Broke After Mega Hits

The entertainment industry is known for its massive paydays and glamorous lifestyles that often seem impenetrable to financial hardship. However many celebrities have discovered that fame does not always guarantee long term wealth and stability. From poor investments to legal battles and extravagant spending habits these stars saw their fortunes vanish despite their early success. This list explores the high profile individuals who faced bankruptcy and financial ruin after reaching the pinnacle of stardom.

Nicolas Cage

The star of ‘National Treasure’ and ‘Ghost Rider’ earned over one hundred million dollars at the height of his career. He spent his fortune on eccentric purchases including a collection of rare comic books and multiple European castles. The Internal Revenue Service eventually filed liens against him for unpaid taxes totaling over six million dollars. He was forced to sell many of his assets and take on numerous film roles to repay his debts.

Kim Basinger

After achieving global fame in ‘Batman’ and winning an Academy Award the actress faced a major financial crisis. She purchased a small town in Georgia for twenty million dollars with plans to turn it into a movie studio. A breach of contract lawsuit over her withdrawal from the film ‘Boxing Helena’ resulted in an eight million dollar judgment against her. She filed for bankruptcy and sold her interest in the town to settle her legal obligations.

MC Hammer

The success of the album ‘Please Hammer, Dont Hurt Em’ made this musician an international superstar with a massive fortune. He famously employed a staff of over two hundred people and built a luxury mansion with gold plated features. Falling record sales and high monthly expenses quickly drained his thirty million dollar net worth. He declared bankruptcy in the mid nineties and later transitioned into a career in technology and ministry.

Toni Braxton

This Grammy Award winning singer sold millions of copies of her albums during the nineties. Despite her musical success she filed for bankruptcy twice due to poor contract terms and high spending. She claimed that her initial record deal paid her very little in royalties which led to significant financial instability. She eventually regained her footing through successful reality television projects and live performances.

Wesley Snipes

The star of the ‘Blade’ trilogy was once one of the most bankable action heroes in Hollywood. He faced federal charges for failing to file income tax returns and owing millions to the government. His legal battles led to a prison sentence and a total collapse of his personal finances. He has since worked to resolve his debts by returning to the film industry in various roles.

Burt Reynolds

Known for hits like ‘Smokey and the Bandit’ this actor was once the most popular star in the world. He invested heavily in a professional football team and a restaurant chain that both proved to be financial failures. His expensive lifestyle and a high profile divorce from Loni Anderson further depleted his savings. He filed for bankruptcy in the nineties but continued to work steadily until his passing.

Mike Tyson

As the world heavyweight boxing champion he earned hundreds of millions of dollars from his legendary matches. He spent lavishly on luxury cars and expensive jewelry as well as the upkeep of his pet tigers. Financial mismanagement and a series of legal issues led to twenty three million dollars in debt. He declared bankruptcy in two thousand three and later rebuilt his brand through acting and public speaking.

Pamela Anderson

The ‘Baywatch’ icon became one of the most recognizable faces on television during the nineties. She faced significant financial trouble due to unpaid taxes and massive renovation costs on her home in Malibu. Reports indicated that she owed over one million dollars to various construction companies and the government. She sold her primary residence and participated in international television shows to stabilize her income.

Lindsay Lohan

After starring in ‘Mean Girls’ this actress became a major box office draw and a tabloid fixture. Legal issues and personal struggles made it difficult for her to find consistent work and secure insurance for films. She reportedly faced tax liens and struggled to pay her living expenses while living in Europe. Her financial situation improved as she focused on new business ventures and her return to acting.

Gary Busey

This Academy Award nominated actor achieved fame in ‘The Buddy Holly Story’ and ‘Lethal Weapon’ over several decades. He struggled with financial management following a serious motorcycle accident and the resulting medical bills. He filed for bankruptcy protection with significant debt owed to various creditors and the government. He continued to appear in reality television programs and independent films to maintain his lifestyle.

Lena Headey

The actress gained worldwide recognition for her portrayal of Cersei Lannister in the series ‘Game of Thrones’ for eight seasons. During a difficult custody battle she stated in legal documents that she had very little money left in her bank account. She requested an early tax refund to help cover her basic living expenses during that time. Her financial status improved as she continued her work on the successful series and other high profile projects.

Brendan Fraser

After starring in ‘The Mummy’ franchise this actor was one of the highest paid stars in the film industry. He faced significant financial strain due to high medical bills from injuries sustained during his many action roles. His divorce settlement also required monthly payments that became difficult to manage during a lull in his career. He experienced a successful professional comeback and financial recovery with his award winning performance in ‘The Whale’.

Chris Tucker

As the star of the ‘Rush Hour’ films he was once the highest paid actor in the world per project. He reportedly owed the Internal Revenue Service over eleven million dollars in unpaid taxes over a decade. His decision to take fewer acting roles made it challenging to pay off the massive debt and interest. He worked out a payment plan with the government and returned to his roots in stand up comedy to generate revenue.

Kelly Rutherford

The ‘Gossip Girl’ actress spent her entire fortune on a long and complex international custody battle for her children. The legal fees associated with the case eventually forced her to file for bankruptcy protection. She explained that the cost of hiring lawyers in multiple countries was more than she could sustain. Despite the financial loss she remained dedicated to her family and continued her work in television.

Marvin Gaye

The legendary soul singer behind ‘What’s Going On’ faced severe financial trouble despite his status as a musical icon. A divorce settlement required him to give his ex wife a large portion of the royalties from his next album. He moved to Europe to avoid tax problems and struggled with personal issues that impacted his career. He was in the process of a career resurgence when he passed away in nineteen eighty four.

Willie Nelson

The country music superstar sold millions of records but faced a sixteen million dollar tax bill from the government. The Internal Revenue Service seized his property and assets to recover the unpaid funds in the early nineties. He released a special album to raise money for his debts and received significant support from his fan base. He eventually settled his obligations and remains a beloved figure in the music industry.

Courtney Love

As the lead singer of Hole and the widow of Kurt Cobain she had a significant interest in the Nirvana musical estate. She claimed that millions of dollars were misappropriated from the estate by various business managers. Her legal disputes and lifestyle choices led to a period of financial instability and the loss of her home. She has since worked to regain control of her finances and her artistic property.

50 Cent

The massive success of ‘Get Rich or Die Tryin’ and a deal with Vitamin Water made this rapper one of the wealthiest in the genre. He filed for bankruptcy protection after a lawsuit regarding a private video resulted in a multi million dollar judgment against him. During the legal process he disclosed that his true lifestyle was less extravagant than the one shown in his music videos. He eventually paid off his creditors and became a successful television producer.

Cyndi Lauper

Before becoming a global star with ‘Girls Just Want to Have Fun’ this singer was in a band called Blue Angel. The group was sued by their manager for a large sum of money which forced her into bankruptcy. She worked various retail and service jobs to support herself while she developed her solo career. Her debut solo album was a massive success and ensured that she would never face financial ruin again.

David Cassidy

The star of ‘The Partridge Family’ was a major teen idol who sold millions of records and merchandise. He struggled with the transition away from his youthful image and faced significant debt later in his life. He filed for bankruptcy and sold his home in Florida to settle his financial obligations with creditors. He continued to perform for his fans until his passing in two thousand seventeen.

Don Johnson

The ‘Miami Vice’ actor lived a life of luxury as a television icon during the peak of his fame. He faced a legal battle with a bank over a large loan related to his ranch property in Colorado. This situation led to a bankruptcy filing to prevent the foreclosure of his home and assets. He later won a major lawsuit against a production company for unpaid profits which restored his wealth.

Dustin Diamond

Known for playing the character Screech on ‘Saved by the Bell’ this actor struggled to find work after the show ended. He faced foreclosure on his house and used unconventional methods to raise money from his supporters. His financial troubles were worsened by legal issues and several controversial public decisions. He continued to make appearances on reality shows to earn a living until his death.

Gary Coleman

The star of ‘Diff’rent Strokes’ earned a fortune as a child actor but lost most of it to his parents and managers. He sued his former guardians for the misappropriation of his funds and won a settlement that was smaller than his losses. He faced ongoing medical expenses and legal problems throughout his adult life. He took various jobs including working as a security guard to support himself in his later years.

Janice Dickinson

The famous supermodel earned a high income during her long career in the fashion and television industries. She filed for bankruptcy due to hundreds of thousands of dollars in unpaid taxes and medical bills. Her financial struggles were linked to expensive cosmetic procedures and a lack of consistent work in her later years. She used her reality television appearances to remain in the spotlight and pay off her debts.

Jerry Lee Lewis

The rock and roll legend behind ‘Great Balls of Fire’ earned a massive fortune early in his career. He faced numerous tax liens and legal battles over several decades that led to his financial downfall. His personal life including several marriages also contributed to his ongoing monetary issues. He continued to tour and record music to provide for his family until his passing.

La Toya Jackson

As a member of the Jackson family she pursued a career in music and entertainment with several high profile roles. She filed for bankruptcy after a legal dispute with a nightclub where she had been performing in France. Her marriage to her manager also reportedly led to the loss of much of her personal wealth. She eventually rebuilt her career through reality television appearances and successful book deals.

Larry King

The legendary talk show host faced financial disaster early in his career before becoming a household name on television. He was arrested for grand larceny in the early seventies which led to a period of unemployment. He filed for bankruptcy in nineteen seventy eight after accumulating massive liabilities he could not pay. His career took off shortly after when he joined the radio circuit and eventually CNN.

Meat Loaf

The ‘Bat Out of Hell’ singer sold millions of albums but faced a lawsuit from his former songwriter. The legal battle and a series of health issues led him to file for bankruptcy in the eighties. He lost his home and much of his property during this difficult financial period. He staged a major comeback in the nineties with ‘Id Do Anything for Love’ which restored his fortune.

Mick Fleetwood

As a founding member of Fleetwood Mac this musician earned a fortune from hit albums and massive world tours. He filed for bankruptcy in the eighties after spending lavishly on a lifestyle of excess. He admitted that his poor business decisions and personal habits contributed to the loss of millions of dollars. He eventually stabilized his finances and continues to perform with the band today.

Randy Quaid

The Academy Award nominated actor known for ‘Independence Day’ faced major legal and financial issues. He and his wife were accused of squatting in a guest house they no longer legally owned. They fled to Canada claiming that a group of people was trying to steal their wealth. His financial status remains a subject of public speculation due to his ongoing legal and personal troubles.

Sinbad

The comedian and actor was a staple of nineties cinema with hits like ‘First Kid’ on his resume. He filed for bankruptcy twice due to high business expenses and large tax obligations. He explained that he never lived an extravagant life but failed to manage his tax payments correctly. He has since returned to stand up comedy and remains a popular figure in the entertainment industry.

Sly Stone

The leader of Sly and the Family Stone was a pioneer of funk music and earned a massive fortune. His substance abuse problems and poor business management led to the loss of his wealth and his home. He was reportedly living in a van in Los Angeles for a period despite his status as a music legend. A legal victory regarding unpaid royalties helped improve his financial situation in his later years.

Teresa Giudice

The star of ‘The Real Housewives of New Jersey’ faced a high profile legal battle over financial fraud. She and her husband were charged with hiding assets and failing to file tax returns for several years. Both served prison sentences and were ordered to pay significant restitution to the government. She has since focused on her television career and writing books to support her family and pay her debts.

Tom Petty

The rock icon behind ‘Free Fallin’ faced a major legal battle with his record label early in his career. He filed for bankruptcy in nineteen seventy nine as a tactical move to break an unfavorable recording contract. This decision allowed him to renegotiate his deal and regain control of his music career. He went on to become one of the most successful musicians in history before his passing.

Wayne Newton

Known as Mr. Las Vegas he was once the highest paid entertainer in the world with a long running residency. He filed for bankruptcy in the early nineties with over twenty million dollars in debt. His financial issues were caused by a legal battle over the ownership of an airline and high spending habits. He eventually recovered and continued his iconic performances in Nevada for many years.

Aaron Carter

The pop star earned millions as a teenager with hit songs and massive concert tours around the world. He filed for bankruptcy as an adult to settle millions of dollars in tax debt from his childhood earnings. He claimed that his parents had mismanaged his money during his peak years of success. He worked hard to rebuild his career and pay off his creditors before his passing.

Corey Haim

As one of the most famous child stars of the eighties he earned a significant income from films like ‘The Lost Boys’. He struggled with drug addiction for many years which drained his financial resources and impacted his career. He eventually filed for bankruptcy and lived in a small apartment with his mother. He was attempting to make a career comeback when he passed away in two thousand ten.

Loni Anderson

The ‘WKRP in Cincinnati’ star was a major television icon and earned a high salary during her peak years. Her divorce from Burt Reynolds led to significant financial strain for both parties. She filed for bankruptcy in the mid nineties after struggling with debt and a lack of consistent acting roles. She eventually stabilized her life and continued to make guest appearances on various television shows.

Drake Bell

The ‘Drake and Josh’ star was a major figure on Nickelodeon and had a successful music career. He filed for bankruptcy in two thousand fourteen citing significant debt and a lack of income. His financial troubles were compounded by legal issues and a house that was worth less than his mortgage. He has since focused on his music career internationally to rebuild his financial standing.

Mischa Barton

The star of ‘The OC’ became an international celebrity and fashion icon during the mid two thousands. She faced financial difficulties following the end of the show and a series of personal struggles. She sued her mother for allegedly stealing her earnings and mismanaging her career for many years. She has continued to work in independent films and reality television to support herself.

Tia Carrere

The actress and singer gained fame in ‘Waynes World’ and ‘Relic Hunter’ during the nineties. She filed for bankruptcy early in her career after a lawsuit regarding a contract dispute with a television show. The legal fees and lack of work during the trial caused her significant financial hardship. She eventually won a Grammy Award and rebuilt her career in acting and voice work.

Evander Holyfield

The four time heavyweight champion earned over two hundred million dollars during his legendary boxing career. He faced financial ruin due to poor investments and a large number of child support payments. His massive estate in Georgia was eventually lost to foreclosure and sold at an auction. He has since worked as a boxing promoter and public speaker to generate a new income.

Terrence Howard

The Academy Award nominated star of ‘Empire’ faced significant tax issues during his successful career. He reportedly owed over one million dollars in back taxes and faced various legal challenges regarding his finances. He claimed that he was underpaid during the early seasons of his hit television show. He continues to work in major film and television productions to resolve his financial obligations.

Kim Richards

The former child star and original cast member of ‘The Real Housewives of Beverly Hills’ faced severe financial struggles. She reportedly lived in various hotels and with family members after losing her consistent income from television. Her personal battles with sobriety impacted her ability to secure new and profitable acting roles. She has worked toward stability through continued appearances on reality television programs.

Michael Jackson

Despite being the King of Pop and earning billions he was reportedly hundreds of millions of dollars in debt at the time of his death. His massive spending on his estate and various luxuries far exceeded his liquid assets. He was preparing for a massive world tour to settle his debts when he passed away. His estate eventually became incredibly profitable and cleared all outstanding obligations to his creditors.

David Hasselhoff

The star of ‘Baywatch’ was a global phenomenon with a massive international fan base in the nineties. During a divorce proceeding he claimed to have less than four thousand dollars in cash to his name. He stated that his monthly expenses and alimony payments far exceeded his current monthly earnings. He has since capitalized on his popularity in Europe and through various reality television ventures.

Tori Spelling

The ‘Beverly Hills 90210’ star grew up in immense wealth as the daughter of a successful Hollywood producer. She received a relatively small inheritance and struggled to maintain her lifestyle through reality television roles. She faced multiple lawsuits for unpaid credit card bills and tax liens over several years. She continues to share her financial journey with the public while working on new media projects.

Chris Kattan

The ‘Saturday Night Live’ veteran and star of ‘A Night at the Roxbury’ faced financial ruin after a serious injury. The medical expenses and inability to work for a long period led him to file for bankruptcy protection. He claimed that the injury sustained during a television sketch impacted his career for over a decade. He has since returned to comedy and released a memoir detailing his personal struggles.

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