The Celebrities Who Went Broke

The Celebrities Who Went Broke
Entertainment
Like Us On Facebook
Like Us On Facebook

Celebrities may seem to have it all, but they sure know how to blow it all too. From owning pet tigers and helicopters to buying an entire town here are two handfuls of stars that managed to foolishly squander their earnings, and then some.

They may not have had to figure out how to get a government grant, but some had to seriously alter their lifestyles while others actually died penniless.

Here are the celebrities who went broke:

Click play to start slideshow

Elite.

10. Dennis Rodman

He was best known for grabbing rebounds, but now former NBA star Dennis Rodman could use an assist. In life. An Orange County court commissioner told the Hall of Famer yesterday that he will be held in contempt – and face 20 days in prison – over the $860,376 in child/spousal support he owes his ex-wife. Rodman has until May 29 to come up with the money, but it could be a problem says his financial advisor, Peggy Williams. She claims her client is broke.
9. Burt Reynolds

Reynolds declared bankruptcy in 1996 with $6.6 million in assets and $11.2 million in debts. He owned mansions, a helicopter, and a lavish Florida ranch. Bad investments in two restaurant chains in the late 80s and 90’s as well as a falling-off in his box-office clout were major factors attributing to the Bandit’s financial bust. In the end, he had to sell his trademark mustache at auction to help pay his bills. Reynolds got to keep his $2.5 million Florida estate however, a shining example of how bankruptcy proceedings go too easy on the wealthy.
8. Willie Nelson

Willie Nelson owed the IRS $16.7 million in 1990. Can you imagine? That is a whole lot of weed! Right Willie? In order for him to make ends meet, he released the album The IRS Tapes: Who’ll Buy My Memories. All proceeds went to pay off his debt.
7. Toni Braxton

She won six Grammys and had a very successful career. However Toni has filed for bankruptcy Twice! She is said to amassed Millions in debt.
6. Kelis

It was inevitable that Kelis would go broke considering her ex Nas decided Not to pay Kelis any money in child support for their sweet little baby they brought into the world together. Kelis was quoted as saying, “I have run out of money. My survival is based on [Nas'] will at this time.If he does not want to pay for an expense, it does not get paid.”
5. Nicolas Cage

Yep Nicolas Cage owes the IRS $6.2 million in back taxes. Talk about one celebrity we would never have guessed is on the broke list. If you are interested in helping bail Cage out you can purchase his $3.5 million mansion in New Orleans or his Hollywood home that is worth $35 million. I guess his $20 million paycheck for Gone in 60 Seconds really was gone in 60 seconds.
4. Mike Tyson

Tyson is one of the most successful boxers of our time, raking in over $300 million. But apparently his love of toys and spending his hard earned cash ruined him. It was back in 2003 that he had to file for bankruptcy due to his $13.4 million debt to the IRS and a $9 million divorce settlement he owed to his ex-wife Monica Turner. Then came the legal fees, estimated at over $9 million! Perhaps he will think twice about spending $410,000 on a birthday party again or taking in tigers as pets (which cost him over $8,000).
3. Kim Basinger

Basinger thought buying an entire town in Georgia for $20 million was a good idea. Also backing out of a film that she agreed to make cost her some big bucks and so, she ended up having to sell her town of Braselton for a mere $1 million. She was forced to file for bankruptcy to settle an $8 million claim. Throw in a failed marriage then ended in divorce, and Kim’s life basically sucked at that time.
2. MC Hammer

In 1996, MC Hammer had to file for bankruptcy after amassing debts of $13 million. Some of his expenses included his modest California home – complete with two pools, cinema, tennis courts and 17-car garage. Yeah, seventeen car garage! I’m thinking it was safe to assume that he filled up those garages as well. He also bought a helicopter, several racehorses, and a sound system that required 22 miles of wiring. Oh and I think I failed to mention that he bought some solid gold blingin’ chains for his FOUR Rottweilers.
1. Michael Jackson

When Michael Jackson passed away a few years ago, we found out that Michael was $400 million in debt! He had a Neverland Ranch to maintain, which cost him $35 million to simply improve the property. Throw in helicopter pads, a fire department, zoo and amusement park rides and you’ve got a helluva place to upkeep. Not only that but Mike owned 75 CARS and bought close friend Elizabeth Taylor a necklace for $637,000. He was also reported as having spent $25,600 a month on ‘medical needs’.

Photo Credit: Getty Images

Share Tweet
React

Preston Waters

Preston Waters is a thinker. He's not your traditional philosophical persona, however, as he leaves no topic untouched. Covering all the bases, from business to women, Preston Waters is the ultimate man's man for Gen-Y.

More In Entertainment

TV Veronica Grossman

The Final AT&T And ‘True Detective’ Mashup Is Both Tragic And Hilarious (Video)

The final installment of the hilarious “AT&T True Detective” parodies is here, and it’s like losing “True Detective” all over again. In their last sit-down, Detective Rust Cohle (Ross Marquand) asks the children if they know anything about the elusive Dora Lang, of course, one responds: “Dora the Explorer?” Which is not surprising, because let’s face […]

Also On Elite

Money

The Ties That Bind: Why You Should Consider Starting A Business With Your Family

Not so long ago, your parents were clutching your hand, guiding you as you struggled and wriggled to walk on your own. When you think about going into business with your parents, it’s natural to have the same desire to wriggle away. The world of Generation-Y is full of careers and tools that didn’t even exist 20 […]

Motivation

8 Ways To Be A Badass And Get The Life You Want

How to change your life is a big interest of mine, mainly because I did it myself. Three years ago my life was very different — I was living in London and was not very happy. Fast forward to now — I spend half the year in Ibiza and look after private clients in 3 […]

TV

The ‘Girl Meets World’ Cast Gets Together For Its First Family Photo

90s kids everywhere are anxiously awaiting the premiere of the “Boy Meets World” spinoff “Girl Meets World,” and while we’ve been waiting the cast has been tweeting pictures, videos and behind-the-scenes footage. At this point we’ll take anything we can get our hands on, and the latest development in the series is this adorable family […]

Strategy

4 Get-Rich Schemes That Won’t Get You Rich At All

The things that make money loudly tend to not work for large quantities of people; rarely do the sexiest fields lead to the biggest payoffs. People get confused because they see headlines and movies and think that the world operates in a certain way — it’s not the case. The reason that it’s so exciting […]