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There are many celebrities that we know and love who made millions throughout their careers. However, a lot of them went bankrupt because of bad money management.
The list of celebrities who went bankrupt includes all kinds of stars, from actors and actresses, musicians, sports people, comedians, etc. Here are 20 of the biggest ones:
From Riches to Rags: How These 20 Millionaire Celebrities Went Broke!
- Michael Jackson
- Nicholas Cage
- Kim Basinger
- Burt Reynolds
- Marvin Gaye
- Meat Loaf
- Mike Tyson
- 50 Cent
- MC Hammer
- Dennis Rodman
- Boris Becker
- Amitabh Bachchan
- Willie Nelson
- Toni Braxton
- Donald Trump
- Stan Lee
- Diego Maradona
- Evander Holyfield
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Michael Jackson, popularly called the ‘King of Pop,’ found massive success in the music industry and made millions of dollars through his music and royalties. However, he filed for bankruptcy in 2009, reportedly losing most of his money, and was in debt before his death.
Academy Award winner Nicholas Cage was one of Hollywood’s top earners and was estimated to be worth $150 million. However, his expensive lifestyle, which included costly and eccentric purchases of lavish items and real estate property, led to him squandering the wealth he built through his expansive acting career.
Kim Basinger is an award-winning actress and model. She is wildly acclaimed for her work on TV and in movies and currently has a net worth of $20 million. However, Basinger faced legal issues and was sued for millions of dollars, which led to her filing for bankruptcy.
Burt Reynolds, an acclaimed actor and one of the biggest movie stars for over two decades gathered much wealth from his glittering film career. In 1996, Reynolds had to declare bankruptcy owing to the lavish lifestyle he led and the expensive divorce he underwent.
Famous singer and songwriter Marvin Gaye has produced a lot of big hits throughout his career that made him a millionaire. In 1976, the singer filed for bankruptcy owing to an expensive divorce with his wife, where the court ruled that the royalties he made were to be paid as alimony.
Meat Loaf was a singer who amassed most of his fortune through the great success that his solo albums found and the work he did as an actor. Although he had great success, Meat Loaf declared bankruptcy in 1983 because of legal battles with record companies.
Mike Tyson is a famous athlete who rose to celebrity status thanks to his boxing prowess, undefeated record, and heavyweight boxing title. His success was followed by years of financial struggles, which led to Tyson filing for bankruptcy in 2003, owing to his lifestyle.
50 Cent is a producer, rapper, and entrepreneur who had great success throughout his musical career. Even with great success, 50 Cent gathered large amounts of debt and had to pay a considerable sum for a lawsuit which led to him filing for personal bankruptcy.
Rapper MC Hammer found success in the late 1980s and early 1990s, driven by a breakthrough in the music industry, leading to a fortune worth millions. However, he spent money lavishly to keep up with a new lifestyle. This eventually led him to file for bankruptcy in 1996.
Famous athlete and basket-baller Dennis Rodman garnered massive success in basketball, where he amassed millions of dollars. Even though Rodman earned big throughout his career, he had to file for bankruptcy because of the dues he owed in spousal and child support and because a fake sports agency scammed him.
Boris Becker is a tennis superstar nicknamed ‘Boom, Boom’ for his skill and the grand slam titles he acquired in the 1980s. His success in tennis earned him riches that Becker could not sustain. Found guilty of concealing millions of assets and loans, Becker eventually declared bankruptcy.
Amitabh Bachchan is a beloved Bollywood legend who found great success in his acting career spanning several decades. Between the mid-1980s to 1990s, Bachchan’s career subsided, and his production company ABCL failed miserably, and he went bankrupt.
Singer and songwriter Willie Nelson is a country musician and legend who found great success in the music industry. His great success ad status as a millionaire did not last, as Nelson was charged with a large tax bill which led to him filing for bankruptcy and his assets being seized.
Sinbad, or David Adkins, is a comedian and actor who was highly successful at his peak. However, the fortune he amassed lasted only briefly as Sinbad filed for bankruptcy, listing nearly $11 million in debt and $131,000 in assets.
Toni Braxton is an icon and legend in R&B music who topped multiple charts and won numerous Grammy awards. In 1998, Braxton sold-out world tours and thousands of records worldwide. However, her personal life was reaching new lows. Despite her success, the singer filed for bankruptcy with millions of dollars in debt.
Donald Trump, former United States of America President and businessman, has found tremendous success and amassed millions of riches throughout his career. Reportedly, the former president has for business bankruptcy up to four times between 1991 and 2009.
Stan Lee was a famous comic book creator who rose through the ranks of a family-run business that later became known as the highly popular Marvel Comics. He founded Stan Lee Media Inc., a publicly traded company that had to eventually file for bankruptcy because of the alleged fraud by the company’s co-founder.
Diego Maradona is one of the greatest footballers of all time, leading his home country Argentina, to the FIFA World Cup in 1986. His success in football earned him a lot of riches which did not last as the footballer filed for bankruptcy in 2009 after he was fined for unpaid taxes between 1984 and 1991.
Another football legend, Ronaldinho, helped his club and national teams lift multiple trophies. The money he earned owning to his success in the sport was short-lived because of the lavish lifestyle he led. Ronaldinho was in millions of dollars worth of debt, which led to his filing for bankruptcy.
Evander Holyfield is a former professional and undefeated boxing champion who earned millions of dollars throughout his boxing career. Holyfield faced financial difficulties after retirement and was forced to file for bankruptcy and sell off some of his most prized possessions.
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