Celebrities Who Are In More Debt Than You Can Possibly Imagine
Making the money is part of the battle – saving and investing is the key to passing on wealth to future generations. Everyone aspires to live a life of financial freedom and to enjoy a life that most dream of. There are celebrities who have shown us how a fortune can be short lived.
You are not protected from the consequences of misusing that that fortune. Spending impulsively, lack of planning and bad investments can send anyone’s firtune down the drain.
Take a quick moment to read through the list of wealthy celebrities who have allowed their fortunes to diminish due to legal issues and poor decision making…
#17 Jon Gosselin
He rose to fame as the star of “Jon And Kate Plus Eight,” but he’s not living a life of luxury anymore. He has been evicted from his apartment because he was unable to pay rent, and recently lost his job as a waiter. That’s quite the transformation from the happy dad we saw on TV just a few years ago!
Looking for more reality TV gossip? Check out slide 6!
#16 Mike Tyson
At one point in time, Mike Tyson owed the British and American governments nearly $17 million in taxes. He took up movie acting to help pay off his bills, though he still has a long way to go before he is completely debt free. Don’t expect him to take any blame, though. He claims this is all due to his “bad financial team.”
#15 Courtney Love
Life after Kurt Cobain has been tough for Courtney Love. In 2009, American Express sued her for owing them nearly $350,000 in credit card debt. In addition, a court blocked her from using any money in her trust fund to pay off her bills. Poor Courtney Love could use some LOVE.
#14 Cyndi Lauper
Cyndi Lauper became famous for her catchy pop song “Girls Just Wanna Have Fun,” but she was dirt poor before that! She filed for bankruptcy in 1981 and spent some time working in retail before giving the music industry one last shot. We’re glad she decided to try again!
#13 Pamela Anderson
Playboy Bunny Pamela Anderson once had a $4 million net worth. However, she quickly burned through this money and found herself in a mountain of debt. Still, though, she managed to find the money to pay for surgical breast enhancements and other plastic surgeries!
Another former Playmate is on slide 2!
#12 Nicholas Cage
The “National Treasure” star seems to have his own taste for the unusual and bizarre artifacts featured in his movies! He has been known to purchase dinosaur skulls and entire Egyptian pyramids, even though he can’t afford them. He reportedly owes the IRS more than $6 million in back taxes! Yikes!
#11 Ed McMahon
Johnny Carson’s longtime sidekick Ed McMahon had financial problems of his own. He once said, “Well, if you spend more money than you make, you know what happens. A couple of divorces thrown in, a few things like that. You want everything to be perfect, but that combination of the economy, I have a little injury, I have a situation. And it all came together.”
#10 Toni Braxton
Toni Braxton, singer of “Unbreak my Heart,” has filed for bankruptcy twice! The first time was in the 1990s, after failing to read the fine print on her contract, but the second filing was more recent. Fortunately, it seems like she has gotten back on her feet and is back to making music!
#9 Chris Tucker
This “Rush Hour” star found himself rushing to pay his bills a few years back when his home in Florida was foreclosed upon. He apparently owed more than $4.4 million in mortgage payments to Suntrust Bank. Thankfully, he’s on much more solid financial footing these days. No more rushing for Chris Tucker!
#8 Michael Jackson
Michael Jackson was known as the “King of Pop” during his lifetime, but he died with hardly any money at all! His accountant has said that Michael was routinely spending $20 million-$30 million over his total earnings EACH YEAR! That’s definitely NOT a sustainable financial plan, or a way to win favor from your accountant!
#7 Wesley Snipes
After acting in “Blade,” Wesley Snipes had to do a stint in jail because of tax evasion! He reportedly cheated the government out of almost $12 million! There’s a lesson here… always file your taxes and pay on time each and every year! Don’t be like Wesley Snipes. Pay your taxes!
Reality TV star Nadya Suleman went bankrupt as her television career came to a close. She said, “I have had to make some very difficult decisions this year and filing Chapter 7 was one of them. But I have to do what is best for my children and I need a fresh start.”
Her milkshakes brought all the boys to the yard, but she soon lost it all. After her hit single, she became pregnant with rapper Nas’ child. Their relationship didn’t last, though, and she became reckless with her spending, so she now relies on the child support Nas pays her to keep her bills paid.
#4 Corey Haim
Cory Haim was a movie star back in the 1980s, but his drug addiction kept him off the silver screen for quite a while as an adult. In 2001, he even turned to selling his teeth and hair on eBay to make some cash! Though he started making a comeback in the mid-2000s, he died of pneumonia in 2010, possibly related to drug abuse.
#3 Betsey Johnson
Everyone had a Betsey Johnson watch back in middle school. Or, maybe they had a knockoff. After all, that’s what led the designer to go into bankruptcy. She has been able to rebound, though. Her designs are now sold in department stores nationwide and her brand is once again rising in popularity.
#2 Anna Nicole Smith
Anna Nicole Smith died prematurely of a drug overdose, but she didn’t leave any money behind for her friends and family! When her late husband died, he was supposed to leave her a trust fund, though it was never set up properly. So, Smith died penniless. That’s a far cry from the life of luxury she lived in the Playboy Mansion!
#1 Willie Nelson
Willie Nelson owed almost $17 million to the IRS back in the 1990s! To help pay off this massive pile of debt, he released an album entitled “The IRS Tapes: Who’ll Buy My Memories?” While that was a funny idea, it didn’t solve all his problems… It took him almost three years to pay it all off!