9 Celebrities Who Went Bankrupt

Michael_Jackson_with_the_Reagans

Celebs seem to have the life that many of us can only fantasize about.

From private jets to red carpet treatment to millions of dollars and legions of fans, most of us would trade one day with a celebrity just to catch a glimpse into what it is like to live the high life.

Despite earning tens of millions from movies, music royalties, book deals and selling their newborns pictures to the tabloids there are still celebrities who manage to go flat broke at some point of their lives.

It’s hard for many of us to imagine how this is possible. Then again, most of us have never even been on the gravy train so we don’t know how that much money and power can cloud a humans judgement.

Let’s take a look at 9 world-famous celebrities who rode the gravy train all the way to the end of the line, and then got kicked off for no longer holding a valid ticket.

9 Celebrities Who Went Bankrupt

Nicholas Cage – There’s at least one institution in the world which does not treat celebrities any differently from the man on the street – the IRS.

Nicholas Cage learned this the hard way when he learned that despite earning over $150 million in the course of his A-List movie career, he somehow owed the IRS 8 figures.

You might wonder how that is even possible, but apparently castles, yachts, mansions, jets and sports cars don’t come cheap! Oh well, at least if he ever finds himself without a ride he can just boost a Ferrari and be Gone is 60 Seconds!

Meatloaf – Lovable, cuddly and flat-out broke, Meatloaf made and sold millions of rock classics in his career. Apparently Loaf wouldn’t just do anything for love, but would also do anything to protect his assets including firing his entire management team when he felt they were stealing from him, who then sued him and had his assets frozen for breach of contract.

Meatloaf fought back but eventually gave up and filed for bankruptcy. He was left $1.6 million in the hole.

Iron Mike Tyson – Perhaps when you can literally smack any man on the planet in the face and turn him into a pile of unconscious bones you don’t worry too much about where your next meal is coming from.

Iron Mike Tyson is a boxing icon, a classic rags to riches tale. Tyson made and spent $300 million in his long and controversial career. He faced lawsuits, scams, rip-offs and even a lengthy jail sentence.

At his lowest point Tyson owed $40 million in debt , but has now cleared the debt and is back in the green again. Perhaps he should start giving personal finance seminars, because that is an achievement not many of the “money gurus” touring the world and selling books today could boast!

Willie Nelson – Pot smokin’ country legend Willie Nelson has relaxed and soothed many a man from behind the speakers or his place on the stage. That being said, apparently copious amounts of marijuana can indeed affect the memory as Nelson somehow forgot to pay his taxes and received a letter from the IRS asking for $16 million ASAP.

Willie decided to file for bankruptcy and we’re sure he quickly realized that there were things he should have said and done, he just never took the time. Nelson has paid down the debt and is apparently creating a new album that, given his legions of fans around the world, will no doubt put him firmly back in the green – no pun intended!

Dennis Rodman – Basketball superstars are some of the highest paid celebrities on the planet, so it came as a surprise when Dennis Rodman told the courts that he was unable to make child support payments and unable to pay over $50k in spousal support to his third ex -wife.

Perhaps he could ask his homeboy Kim Jong-Un to hook him up and help him land a slam dunk that will return his finances to a healthy state. Then again, perhaps getting into the pocket of a mad, blood-thirsty dictator is something not even Rodman is wild enough to do. At least if he goes hungry he has a place in North Korea, where he claims his dictator friend is a genuinely good and misunderstood guy. See ya on the flip-side, Dennis!

Pamela Anderson – The Baywatch beauty queen is known for her sizable assets, but apparently in 2009 even the lady most men in the world once coveted bit off more than she could chew and ended up owing over $1.9 in taxes.

We’re sure she’ll be fine. After all, if Pamela Anderson can’t save herself from drowning there’s not much hope for the rest of us!

Michael Jackson – The King of Pop was known for his lavish lifestyle and went on spending sprees that would make Donald Trump blush.

Jackson’s finances were a bit of a Thriller, fluctuating wildly as the icon made and spend countless millions. 2007 was the year he overdid it and finally filed for bankruptcy. I guess Jackson went home that day and had a good look at The Man in the Mirror and told himself to Blame It on the Boogie!

Curtis “50 Cent” Jackson – We know, we know, the name is highly ironic in this situation.

However, Curtis Jackson may be one of the few celebrities in history to go bankrupt while remaining filthy rich. After all, Jackson didn’t survive the ghetto and make millions by being stupid. Rumours abound that while Curtis Jackson as an individual is bankrupt, Fitty’s Assets are well and truly safe and sound in corporations which can not be touched by the woman who successfully sued him for $5 million just before he filed.

Now that is street smart! We guess Jackson will just be Patiently Waiting for all of this to blow over and will come back out to do a little Window Shopping!

Donald Trump – If you are going to pick a man to lead a nation out of huge debt, you might as well pick one who has successfully done it no less than three times in his career.

Trump may be brash, politically incorrect, motor-mouthed and have no ability to pick a tie to go with a suit, but he sure as heck knows a thing or two about how to pull off a financial miracle or three. The billionaire business magnate who is running for president of the USA has had a wild ride financially and emerged not only in tact, but richer than most of us could ever dream.

The only question that remains is: can he do the same when he’s 18 trillion in the hole? Only time will tell but we’re sure he’ll have a swing at it.

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