They earn millions (or at the very least, thousands) in the box office, so it really is hard to imagine celebrities worrying about trivial financial things like credit card loans and hefty mortgages. However, going broke is more common than we thought, thanks to their high-flying and spend-easy lifestyles. While some have a better grip on the money in their respective bank accounts, others are having a hard time coping, so they turn to loans, insurance, and other supposed easy fixes. Here are some popular stars that have found themselves in less-than-ideal financial situations, one too many times
Larry King
As far as TV personalities are concerned, Larry King is right on top of the heap. Unfortunately, it wasn’t always so for Mr. King. In fact, in 1978, he was in such a financial quandary that he filed for bankruptcy. His credit score was low, He needed a personal loan and the situation was hard. But, as luck would have it, he was offered a gig of hosting his own show that same year; thus, Larry King Live was born. The rest, as they say, is history, and so are his financial worries. We're sure that after Larry King Live All american banks hoped to get him back.
Dennis Rodman
Former NBA star Dennis Rodman was always known for his flamboyant and extremely lavish lifestyle. Despite his success in basketball and a brief stint in movies, he had to file for bankruptcy in court, claiming that he is broke and ill and could no longer afford the $800,000 in child support that he owes. On top of that, he also owes $50,000 in spousal support. He has been recently making headlines as a friend of the North Korean dictator, Kim Jong-Un. Perhaps he’s getting help from his newfound friend?
Busta Rhymes
Although he was a popular rapper in the 90’s, Busta Rhymes never did become the superstar he imagined he would be. Unfortunately, his lifestyle screamed 'Superstar', and he spent his earnings left, right, and center without setting anything aside for his taxes. By the time 2014 rolled around, he owed the IRS an estimated $800,000, which he could no longer afford to pay as his fortune ran dry a long time ago. If he doesn’t pay up soon, the rapper may be looking at jail time.
Willie Nelson
Everyone is powerless when pitted against the IRS, even country legend Willie Nelson. In the 90’s, Willie was forced to declare bankruptcy when he owed the dreaded tax agency $16 million in back taxes. Ouch!
Abraham Lincoln
Back when the United States was still a fledgeling republic, there were no modern financial laws protecting its presidents from financial ruin—something that Abe Lincoln certainly could have benefited from back in the day. Poor Abe ended up filing for bankruptcy twice and paying debts until the 1840s.
Lauryn Hill
Singer Lauryn Hill was definitely killing herself softly by not paying taxes on the millions that she earned at the height of The Fugees’ fame. She defended herself by claiming that she lived a modest life, which the judge evidently didn’t buy and she ended up spending three years in prison. Now relatively active in the music scene again, let’s hope she’s learned to be wiser with her finances.
Marvin Gaye
Legendary soul singer Marvin Gaye’s life is a true example of the fickle nature of fame and fortune. In 1979, he ended up filing for bankruptcy and living out of his van after selling millions of records and living a life of great luxury. But the most bitter ending of all out of this very sad story is he was soon shot to death by his father.
Dorothy Hamill
Dorothy Hamill was an Olympic gold medalist and one of the most applauded figure skaters in the world. She could have chosen to live a life of extreme luxury, but instead, she bought the traveling skating group, The Ice Capades, which turned out to be not a worthwhile investment as it left her with over $1.6 million in debt.
Zsa Zsa Gabor
Zsa Zsa Gabor was a real big screen legend from the Golden Age of Hollywood. Unfortunately, her reputation was marred when she had to file for bankruptcy after losing almost $10 million in 2009 to Bernie Madoff’s scheme. It is truly a blight on her shining legacy.
Leif Garrett
The 70’s was dominated by Lief Garrett, who sang and acted his way to the hearts of the public. Unfortunately, the young star fell into the temptations of drug addiction, spending time both in rehab and prison, and causing him to lose most of the money from his bank account.
Lorraine Bracco
Lorraine Bracco is best known for playing Tony Soprano’s shrink in The Sopranos. At the end of her much-publicized relationship with actor Harvey Keitel, a bitter custody battle for their daughter ensued. This ended up costing the actress dearly, leaving her with about $2 million in debt.
Ted Hawkins
Ted Hawkins was an extremely talented musician who spent most of his life with very little money in his bank account. He was born into a poor family and spent much of his early life as a drifter, singing on the streets where he was discovered several times. Unfortunately, he kept running into legal trouble because of heroin addiction, ultimately ending up on the streets again. This became a cycle until he died at 58.
Jose Canseco
Jose Canseco is one of Major League Baseball’s gems. But despite his massive contracts and popularity, he still ended up filing for bankruptcy in 2012 after owing the IRS an undisclosed amount in taxes. He still blames the tax agency for taking away his financial nest egg.
Sinbad
Comedian Sinbad filed for bankruptcy twice with a massive $11-million debt the second time around. Despite evidence to the contrary, he still maintains that his lifestyle is a humble one, so perhaps the money just vanished into thin air.
Stephen Baldwin
Although he never achieved the popularity of his older brother Alec, Stephen Baldwin still had relative success both in the big and TV screens. However, he still ended up filing for bankruptcy in 2009. We’re pretty sure that he probably wasn’t able to get help from his estranged siblings.
Mickey Rooney
Mickey Rooney started his Hollywood career at the tender age of six, and he was active in show business for the next 90 years. Despite his illustrious career, he did suffer a setback in 1962 when he filed for bankruptcy. It was said he only had $500 to his name at that time!
Toni Braxton
Toni Braxton won six Grammy Awards and sold millions of albums. Despite her success, she still racked up major debt that amounted to $50 million, causing her to file for bankruptcy not once, but twice!
Kim Basinger
Oscar-winning actress Kim Basinger is one of Hollywood’s most successful stars. However, she made the bad decision of pulling out of the film Boxing Helena in 1993, which resulted in the studio suing her for a breach of contract. The lawsuit demanded $8.1 million in damages, but the actress managed to settle for $3.8 million. Still, it left her in financial ruin and she had to file for bankruptcy.
Wayne Newton
Wayne Newton is one of Las Vegas’s most successful and high-earning entertainers. His lavish Vegas lifestyle, as well as an attempt to wholly own the Aladdin Hotel, left him with over $20 million in debt. It took him five years to recover, though he never did recoup his losses.
Terrell Owens
Terrell Owens is so successful as an NFL player that throughout his career, he made a total of $70 million. Unfortunately, his downfall was rather unconventional. The football player liked women so much that he knocked up four of them. With four children to support at $50,000 a month, he sure if blowing through his money super fast.
Tionne “T-Boz” Watkins
Despite the success of TLC, T-Boz fell on hard times when she was diagnosed with a brain tumor. With no insurance to fall back on, she had to pay for her medical bills out of pocket. Because of this, she ended up defaulting on the mortgage of her home in Atlanta, as well as incurring car loan debts. In 1995, she ended up filing for bankruptcy.
Tammy Wynette
Tammy Wynette is one of country music’s living legends, enjoying huge success for two decades, which was why the world was shocked when she filed for bankruptcy in 1988. As it turns out, she made a bad investment in two Florida shopping malls that went bust. Fortunately, she had a flourishing career to fall back on.
Warren Sapp
As a member of the football hall of fame, Warren Sapp is, indeed, a sports giant. Unfortunately, he had to file for bankruptcy in 2012 when his debts threatened to exceed his assets. A closer look at his lifestyle uncovered a luxurious rug made of lion skin and $6,500 worth of Air Jordans. Can’t say we’re surprised.
Cyndi Lauper
Cyndi Lauper is one of the most successful musical artists of the 80’s. However, she had a rough start as a member of a band called Blue Angel. When the group disbanded, they were sued by their ex-manager for $80,000. Cyndi ended up bankrupt, and she spent some time taking on odd jobs in IHOP and retail stores, apart from singing in local clubs. Thankfully, things took a turn for the better for the artist and she was able to sign her first recording contract as a solo artist.
50 Cent
Curtis Jackson, the man we know as 50 Cent, filed for bankruptcy after losing a massive lawsuit. He was found guilty of releasing an adult video of himself and Lavonia Leviston and made to pay $5 million in damages. And although he is said to be worth somewhere between $10 and $50 million, he actually owed just as much money.
Dustin Diamond
We know him as Screech in Saved By The Bell, but Dustin Diamond’s career all but fizzled out when the sitcom ended. To make matters worse, it turned out that Dustin’s parents spent most of his hard-earned money, leaving his bank account virtually empty. In an effort to save his home in Wisconsin from foreclosure, Dustin tried to raise $250,000 by selling t-shirts with Screech’s face on it.
Teri Polo
Teri Polo is recognizable for her role opposite Ben Stiller in the Meet the Parents film series, but she still filed for bankruptcy in 2014. This is because she owned $36,000 in credit card loans and $30,000 in rent and damages, as well as a whopping $770,000 in taxes. With almost $1 million in debt, there really was nothing else for the actress to do but go bankruptcy.
Mark Twain
Mark Twain is, no doubt, one of the most successful authors in history. His earnings back in the day would have been equivalent to millions presently. However, he made some bad financial decisions, including transferring the copyrights of his work to his wife and investing in the Paige typesetting machine, leading him to file for bankruptcy.
Tom Petty
The late Tom Petty may have filed for bankruptcy in 1979, but it was a shrewd and calculated financial move on his part. This was because he wanted to change record labels. In order to declare his active contract null and void, he declared bankruptcy, which caused the label to let him go. He was then able to sign another deal with the label of his choice.
Mick Fleetwood
Mick Fleetwood is the founding member and drummer of hitmaker Fleetwood Mac. Despite having produced numerous bestselling hits and selling plenty of albums of the year, Mick still declared bankruptcy in 1986. He reportedly had $2.4 million in assets but had debts amounting to $3.6 million. Not only did the court seize his assets, it also took a huge chunk of his share of the band’s royalties.
Jon Gosselin
Jon Gosselin is one-half of the controversial reality show, Jon & Kate. The show was discontinued when the pair broke up, and while Kate moved on to her own reality show, Jon was left in a financial bind. He didn’t have enough money to pay his rent and was subsequently evicted. To add to his woes, he was also sued for a million dollars by his previous employer. He is currently working as a DJ, so perhaps he’s now on his way to getting his finances in order.
Joe Francis
You may recognize Joe Francis as that obnoxious guy from Girls Gone Wild, exploiting drunk college girls for profit. The show’s popularity soon wore off, however, and Joe found himself in a spot of legal trouble for filming underage girls. Not only that, his financials also took a beating as he owed millions of dollars to the IRS and incurred a $2-million gambling debt in Las Vegas. He eventually had to declare bankruptcy and spend some time in prison.
Don Johnson
Actor Don Johnson lived like a god in the 80’s when he was the star of the super popular TV show, Miami Vice. It’s only safe to assume that he’s sitting on a rather sizeable nest egg in his bank account. However, Don actually filed for bankruptcy not once, but a whopping four times! Looks like somebody really needs to down on the mortgage and credit card loans.
Sly Stone
Sly Stone is best known as the frontman of the funk band, Sly & The Family Stone. In 2014, he was found living out of his campervan in Los Angeles after losing most of his money and assets. Thankfully, he won his lawsuit against his former managers and was awarded $5 million in royalties owed.
Corey Haim
Corey Haim was a cult favorite in the 80’s after starring in films like The Lost Boys. However, his popularity considerably waned in the 90’s and onwards. On top of that, he also had a drug abuse problem to support. By the time he died of an overdose in 2010, he was completely broke. In fact, he left behind no insurance or any money in his bank account that his family had to ask for donations for his funeral!
Margot Kidder
Margot is best known for playing the original Lois Lane, starring opposite Christopher Reeve in the Superman series of movies. Decades later, it was discovered that she was homeless, sleeping in boxes on the streets. It turned out that she was manic depressive and schizophrenic, which really a toll on her financial health.
Randy Quaid
Randy Quaid, brother of Dennis Quaid and fellow prolific actor, has had plenty of legal troubles lately. In 2010, he reportedly ran away from a hotel bill amounting to $10,000. Not only that, he also squatted on a property he used to own. Instead of facing his financial woes head-on, he and his wife fled to Canada. They have since been deported and are back in the US.
Tyler Perry
Tyler Perry is the actor and comedian behind the popular Madea series of movies. He lost all his money when he wrote and produced I Know I’ve Been Changed, which turned out to be a flop. He had to live in his car for a while until he rewrote the script and turned it into something more lucrative.
Sugar Ray Williams
Sugar Ray Williams was the legendary captain of the New York Knicks in their glorious 1979-1980 season. However, he lost his home in 2010 after being unable to pay the mortgage and ended up having to live in his car. He later acquired colon cancer and passed away in 2013.
Barbara Payton
Barbara Payton was a contemporary of Marilyn Monroe in 1950’s Hollywood. However, she had a serious drinking problem that ended her film career early and ruined her financially. With her bank account and income stream depleted, she turned to check fraud and prostitution just to get by until she died of liver disease at age 39.
Willie Aames
Willie Aames was a familiar face in sitcoms in the 70’s and 80’s. Unfortunately, he was unable to pay his mortgage and was forced to sleep in parking garages and under bushes when his home was seized.
John Drew Barrymore
John Drew Barrymore is best known for being actress Drew Barrymore’s father, but he was also an actor. Unfortunately, he had substance abuse problems for most of his life, which led to his financial ruin and homelessness. He even spent some time in jail.
Eric Williams
Eric Williams is a former NBA star but is best known for constantly trash-talking his wife in the reality show, Basketball Wives. His bank account literally dried up when they divorced. He wasn’t able to pay his mortgage, so he had no home to speak of. He also wasn’t able to meet court-ordered child support amounting to $24,000.
Paula Jai Parker
Paula Jai Parker enjoyed some success after starring in Hustle & Flow and Friday. However, her subsequent indie film roles simply could not pay the bills, and she ended up defaulting on her mortgage, which led to her condo being foreclosed. Homeless, she revealed that she had been living in a motel.
Cappadonna
Cappadonna is a member of the rap group Wu-Tang Clan, which was wildly popular in the 90’s and 2000’s. His financial troubles started when he left the group and attempted to launch a solo career. He got divorced and was on the verge of bankruptcy when he finally threw in the towel and worked as a taxi driver to make ends meet and pay his credit card loans.
Michael Maronna
Michael Maronna is best known for playing Big Pete on The Adventures of Pete and Pete. However, his career went downhill since then. In order to make money, he eventually started working as an electrician in film sets.
Dylan Sprouse
Dylan Sprouse, one-half of the famous Sprouse twins made popular by Disney, lost all his money on his expensive computer gaming habit, denying rumors of drug and alcohol abuse. He was eventually photographed waiting tables in New York. However, he must have gotten a loan because the eventually opened his own business in Brooklyn.
Chris Owen
Chris Owen is most recognizable for his role in the American Pie series of movies as the obnoxious Chuck Sherman. However, his acting offers dried up after the franchise ended. With no other way to earn money, he was spotted working as a waiter in a sushi restaurant in Santa Monica.
Nikki Blonsky
Nikki Blonsky debuted on screen in Hairspray back in 2007. After which, she held small roles in other movies and TV shows, as well as appeared in reality shows. However, none of these was enough to keep her financially secure, so she decided to pursue a career as a makeup artist instead.
Taran Noah Smith
Taran Noah Smith had an early start as the child actor who played Little Mark in Home Improvement. Unfortunately, his parents squandered his hard-earned money, leaving him with very little in his bank account by the time he grew up. Now 32 years old, he has since gotten back on his feet by starting his own vegan restaurant in 2015.
Shawn Kemp
Shawn Kemp was once a rising star in the NBA. He earned an estimated $92 million after playing for 14 seasons. Unfortunately, his millions soon ran out when he was made to pay child support for the seven children he fathered with six different women. Not only that, he was also arrested multiple times for drug-related offenses. He eventually ended up as a high school basketball coach, which is hopefully stabilizing his financial health.
Sonny Liston
Sonny Liston was a promising player in the boxing arena from 1953 to 1970. He even became world heavyweight champion in 1962. Unfortunately, he got himself mixed up with the mob and started selling drugs at the end of his career just to bring in some money to his bank account. He was eventually found dead of an apparent heroin overdose in 1971 with nary a cent to his name.
Michael Schoeffling
You may recognize Michael Schoeffling as the young man who played Jake Ryan in Sixteen Candles. However, he succumbed to substance abuse at the height of his career, and the film offers soon dried up until he finally quit acting in 1991. With no Hollywood income to pay for his mortgage and feed his family, he eventually turned to woodworking and now produces handcrafted furniture.
Kel Mitchell
Kel Mitchell is one-half of the popular Nickelodeon duo, Kenan & Kel. He then moved on to star in Good Burger, but unfortunately, it got cancelled. He then suffered depression and became an alcoholic, and he soon found himself in debt and unable to pay for his loans. His wife also left him. He is currently making the rounds on the stand-up comedy circuit, hoping for a comeback.
Ulysses S. Grant
American President Ulysses S. Grant was plagued with financial troubles throughout most of his life, both in and out of the presidency. He spent some time in the military and even became a general. When he left, he dabbled in real estate and in farming—both of which turned out to be failed endeavors, leading him to sell firewood during the Civil War. He was then elected president and served for two terms. After his presidency, however, he embarked on a costly world tour, which depleted his bank account.
Debbie Reynolds
Debbie Reynolds was a real Hollywood legend and was one of the glitterati in the Golden Age of Hollywood. Unfortunately, she went through a string of bad marriages, which left her in debt and led her to file bankruptcy. Thanks to the capable hands of her financial manager David Siegel, she was able to turn things around and she lived in relative comfort until her death.
Dionne Warwick
Dionne Warwick was not only one of the most successful R&B artists in history, but she was also a prolific author and had her own fragrance line. At the height of her career, she reportedly made $100,000 a month. Unfortunately, she incurred $10 million in unpaid taxes, and she ended up filing for bankruptcy.
Shane Filan
Shane Filan was a member of popular Irish boyband, Westlife. He invested his earnings real estate, which turned out to be a bad decision as he lost about £18 million and was unable to pay his various loans and mortgages. He then filed for bankruptcy. He has since embarked on a solo career and is slowly paying off his debt and getting back on his feet.
Richard 'Fazer' Rawson
Rapper Richard ‘Fazer’ Rawson had to declare bankruptcy when his earnings couldn’t keep up with his high-flying lifestyle. Unable to pay his mortgage and facing foreclosure, he was forced to find other sources of income as his family was growing.
Sherman Hemsley
Sherman Hemsley was best known for his role as George Jefferson in the TV series, The Jeffersons. He couldn’t pay his debt amounting to $1 million, so he had to file for bankruptcy. Eventually, he was able to settle out of court with his creditors.
George Clinton
George Clinton was one talented musician who put all his trust on his business managers, who controlled all the rights to his music. Unfortunately, he was left in a lurch and had to file for bankruptcy in 1984. For sure, he had been more mindful of his money and earnings since.
James Hetfield
James Hetfield is none other than the frontman of popular rock band, Metallica. After years of being in the limelight, the singer and guitarist soon adopted a rock and roll lifestyle and became a victim of drug and alcohol abuse, leaving him bankrupt. The band is still constantly on the road and playing gigs, so hopefully, he’s on the way to paying off his credit card loans and recouping his losses.
Gaby Hoffmann
Gaby Hoffmann is a TV and film actress who appeared in Sleepless in Seattle and the show, Girls. She went through a rough patch in 2013 when she admitted that she only had a “couple of dollars” to her name. In reality, it was $4,000, but she had no idea where the next $4,000 was coming in. She has since been nominated for a Primetime Emmy award, so it’s looking like things are working out for the former child star on the career front. Here’s hoping her bank account will soon reflect the same.
Edward Furlong
Edward Furlong was a 90’s teen star who starred in Terminator 2. He has since appeared in various films and TV roles looking all the worse for wear, thanks to substance abuse. With no regular projects to speak of, it’s hard to tell if he has insurance or money in his bank account.
Bow Wow
Shad Moss, known Lil Bow Wow and later, just Bow Wow, was a prominent hitmaker in the rap scene and an occasional actor. Years after the height of his fame, he starred in the reality show Love and Hip Hop and was reportedly unable to pay for child support.
Vince Neil
Vince Neil was the frontman and real star of the legendary rock band, The Motley Crue. Despite multiple hits and sold-out concerts, the rocker had to file for bankruptcy twice, in 1998 and 2005. He was said to owe a whopping $1.5 million in loans and taxes.
Lenny Dykstra
Lenny Dykstra was a baseball star who played for the Mets for many years. At the height of his career, he was worth a whopping $58 million. In 2009, however, he was facing multiple lawsuits, a divorce, and foreclosure on his mansion, so he ended up filing for bankruptcy protection, which he claims was just “reorganization” for his financial status.
Sonja Morgan
Sonja Morgan of The Real Housewives of New Jersey fame boasted a net worth of $13.5 million. However, she was also in debt for $19.8 million, which led her to file for bankruptcy in 2010.
Francis Ford Coppola
Despite numerous successes in the box office in the 70’s, Francis Ford Coppola of The Godfather fame had to file for bankruptcy in 1982 when his musical, One From the Heart, became a major flop. He ended up borrowing money from his mother to fund his wine business, which was thankfully successful.
David Crosby
David Crosby is that Crosby from Crosby, Stills & Nash. He was also a founding member of i. He embarked on a solo career in the 80’s, which led to him filing for bankruptcy in 1985. Fortunately, he has since reunited with the rest of his band and is making enough money to keep his bank account padded through tours.
Debbie ‘Storm’ Clark
Debbie Clark, best known as Storm, was one of the formidable gladiators in the show American Gladiators. After three years performing in the show, she suffered from injuries, forcing her to retire. Unfortunately, she was not entitled to royalty checks from the show, and she went from job to job to make ends meet. She currently lives in the San Diego streets with her son.
Gary Glitter
Gary Glitter was a popular singer and entertainer in England. He was so popular, in fact, that his reputation as a pedophile went largely ignored until he was arrested and imprisoned in Vietnam for molesting children. He has since been released and is back in England. He has no income to speak of and is unwelcome everywhere he goes.
Iran Barkley
Iran Barkley, who earned the moniker “The Blade” had a promising boxing career from which he earned a $5-million fortune. Unfortunately, his money ran out after retirement and he was soon evicted from his apartment. With no money in his bank account and income to speak of, he received aid from a non-profit, which helped him get back on his feet.
Helen Hunt
Helen Hunt is one of Hollywood’s most bankable and successful actresses, starring in blockbusters like Cast Away and As Good As It Gets, to name just a few. She has also won multiple awards, including an Oscar, Emmy, and Golden Globe. However, it seems that not all is well in the financial side of the actress’s life as she reportedly owes quite a bit of money to the IRS. Thankfully, she didn’t have to file for bankruptcy to pay her tax debt.
Gary Dourdan
Gary Dourdan starred in CSI for almost a decade before the series ended. When the series ended, however, things started going down the drain for the actor. He appeared in other TV projects in small roles, but none of them were regular, and his income dwindled to a mere $312 a month. By 2012, he was in debt for $1.7 million with a reported $1.8 million worth of assets.
R. Kelly
Controversial crooner R. Kelly bought a 20,000-square-foot mansion in Illinois back in 1997 with a gargantuan $3.5-million mortgage. However, it seemed that he couldn’t afford the hefty price tag after all, as the property was foreclosed in 2011 after a year of no payments from the singer. In desperation, he tried to sell it for $1.6 million to no avail. It was eventually auctioned off for a mere $950,000 in 2013.
Gary Coleman
Gary Coleman was one of the most promising stars of the 80’s, having been in the limelight at a very young age. Unfortunately, his hard-earned TV earnings, which once amounted to as much as $7 million, was mismanaged by his adoptive parents, who reportedly stole as much as $1 million from the young actor. Not only that, he suffered from kidney dysfunction and endured two failed transplants over the years, which are unlikely to be covered by insurance. It’s no wonder, indeed, that his bank account is all but dried up.
DMX
DMX was one of the late 90’s, early 00’s most popular hip-hop acts. He also appeared in several movies. Unfortunately, during this time, he managed to sire about 15 children, as well as nurse a drug problem, leaving him with about $10 million in debt. His high-flying hip-hop lifestyle is all but a distant memory now.
Courtney Love
Courtney Love, singer and widow of the late Nirvana frontman, Kurt Cobain, splurged on a family home in 1997. Despite being able to pay for it, she stopped doing so in 2003, causing the property to be foreclosed with only less $400,000 to go. It was eventually put up for public auction, but unfortunately, it did not sell under the gavel, and was repossessed. Courtney claims that she was defrauded in 2003 for about £300 million, though no proof was ever found. She has also been banned from accessing her daughter’s trust fund.
Drake Bell
Drake Bell was one half of the hugely popular Nickelodeon show, Drake and Josh. When the series ended, however, he was unable to find stable projects. By 2012, he was only earning about $2,000 a month but had expenses that reached as much as $18,000 a month. He finally filed for bankruptcy as his debt had accumulated to $600,000.
Michael Vick
As one of the NFL’s top players, Michael Vick had contracts that amounted to millions. Unfortunately, it was found that he was illegally operating a dogfighting ring for which he spent two years in prison. He filed for bankruptcy when he was released. It looks like the hefty legal fees burned a real big hole in his finances.
MC Hammer
MC Hammer became an overnight success with his song Can’t Touch This. No doubt that song alone earned him millions, but it all went down the drain when he purchased a $30-million mansion and embarked on an ultra-lavish lifestyle. He was left with an $11-million debt from mortgage and credit card loans. He has since changed careers and has now become a pastor.
Vanilla Ice
Vanilla Ice, real name Robert Van Winkle, peaked in 1990 with his hit Ice, Ice Baby. Unfortunately, he turned out to be a one-hit wonder and was never able to replicate the success of his one and only hit. He has ended up having to supplement the income from his royalties by becoming a realtor. He now has a reality show in which he flips houses for profit called The Vanilla Ice Project. Hopefully, preying on other people’s mortgages is proving to be lucrative for the rapper.
Kenny Anderson
Kenny Anderson was a real basketball prodigy, having been a basketball star since high school and all the way until he was drafted into the NBA in 1991. At the height of his career, he was worth a whopping $63 million. Unfortunately, he filed for bankruptcy in 2005 after two failed marriages and seven children.
Kellie Shanygne Williams
Family Matters may have been off the air for decades, but Laura Winslow, real name Kellie Shanygne Williams, remains unforgettable. Despite no longer being very active in acting, Kellie occasionally still pops up on headlines—one of which was a financial scandal that she was alleged to be part of in relation to her youth arts program. It could be that the lack of significant projects is taking a toll on the actress’s bank account.
Jaimee Foxworth
Jaimee Foxworth is best known for playing Judy Winslow in Family Matters, a popular sitcom in the 80’s and 90’s. With the success of the show, it’s easy enough to think that she is sitting on quite a substantial bank account. However, she reportedly had to transition to a career in adult entertainment just to keep her income stream going.
Jodie Sweetin
Former child star Jodie Sweetin played sweet little Stephanie Tanner in the popular sitcom, Full House. It’s hard to reconcile that the precocious child has since grown up to become a drug addict and multiple divorcée. In 2008, she admitted that she was only living off Full House residuals and was unable to pay her mortgage on her home on the verge of foreclosure.
Dutchess
Dutchess was part of the cast of Black Ink Crew, a reality show which ran for six seasons. Unfortunately, her money soon dried up and she was forced to file for bankruptcy. She was briefly spotted working in an adult nightclub in Miami as a dancer, but it looks like she has since switched to hosting her own radio show.
Heidi Montag and Spencer Pratt
Ex-couple Spencer Pratt and Heidi Montag of The Hills fame lost all their money in the most unconventional way—they spent everything in their bank account and racked up huge credit card loans because they believed the Mayan apocalypse in 2012 was imminent. Talk about living like it’s your last day on earth!
Allen Iverson
Allen Iverson was one of the most successful and highest-paid players in the NBA, earning a grand total of $150 million throughout the course of his career. Unfortunately, his lifestyle far exceeded that of his $20-million per season paycheck. The nail in the coffin of his financial standing was his divorce in 2012. By the time he retired a year later, he was near bankrupt.
Natasha Lyonne
Natasha Lyonne struck it big as part of the cast of the massively popular American Pie film series. Unfortunately, the actress had a series of setbacks following her newfound fame. She had several run-ins with the law. Not only that, she also had medical problems, suffering a collapsed lung, as well as acquiring Hepatitis C, Fortunately, it seems that she was given a second chance at life when she was cast in the Web-TV series, Orange is the New Black. Here’s hoping she can keep all that hard-earned money for herself.
Houston McTear
Houston McTear was once the world’s fastest human and held the world record for the 100-year dash while still in high school. He then briefly became a boxer. Unfortunately, his Olympic dreams were dashed due to the 1980 boycott. He then turned to drugs and joined the ranks of the homeless living in Santa Monica Beach.
Julia Stiles
Julia Stiles may have been huge a couple of decades back, but her star is definitely waning and she is said to be now facing some financial troubles. Apparently, she spent her Hollywood earnings on bad investments like luxury items and properties. Luckily, her brief comeback as part of the Bourne film series cast helped her situation.
Amanda Bynes
Amanda Bynes started out strong as a child and teen star, but it seemed that adulthood was not very kind to her. In 2013, she was found sleeping on a bench in Los Angeles’s Beverly Center and was essentially homeless. As it turns out, she had a psychiatric breakdown and was in danger of medical bankruptcy.
Alex Lambert
Alex Lambert was a crowd favorite when he appeared on American Idol. However, in 2011, it was revealed that he was homeless and living out of his car in the streets of Los Angeles.
Brendan Fraser
Brendan Fraser was once one of Hollywood’s most bankable actors, having starred in countless fun and family-friendly blockbusters. Unfortunately, even those with the highest net worth and cash flow need to descend from their high castles and file for bankruptcy when their funds are mismanaged, which is exactly what happened to The Mummy actor. Rumors say he goes around without a credit card today.
Evander Holyfield
Evander Holyfield may have been a heavyweight champion in his time, but he has since racked up over $14 million in debt. He sold his extravagant mansion to Rick Ross in an effort to pay off his mountains of arrears. Unfortunately, he only covered a fraction of it from the sale and he is still in debt to this day.
Tori Spelling and Dean McDermott
As the daughter of the late Hollywood mogul Aaron Spelling, you’d think that actress Tori Spelling never has to worry about money. So it was a huge surprise when she and husband Dean McDermott were made to leave their Los Angeles rental for being unable to pay the rent.
Jonathan Bennett
You may recognize Jonathan Bennett as Lindsay Lohan and Rachel McAdams’ love interest in Mean Girls. He then seemed to drop off the face of the earth, despite the movie’s success. With no acting offers to speak of, Jonathan ended up working as a fitness instructor just to keep his bank account replenished.
Duncan James
Duncan James was a member of the popular boy band, Blue. However, he declared bankruptcy in September 2013. He claimed that bankruptcy was a real relief as he had been trying to pay off credit card loans and other loans for years and felt like he was drowning. He has since embarked on a solo career and occasionally dabbles in acting.
Wesley Snipes
At some point, Wesley Snipes was unstoppable, starring in one action movie after another. Unfortunately, he blew it all away when he attempted to escape the iron arm of the IRS from which he had a $12-million debt. He ended up spending three years in prison.
Gary Busey
There was a time when character actor Gary Busey seemed to be in every new movie release, but those days have long since passed. In 2012, Gary filed for bankruptcy as he owed $500,000 which he couldn’t afford to pay.
Aaron Carter
Aaron Carter, who skyrocketed to fame as a young singer in the late 90’s to early 2000’s, has grown up—and not in a good way. In 2013, it was revealed that he owed money to the IRS, as well as incurred $2 million in debt due to credit card loans and the like, which led him to file for bankruptcy. He blamed his financial managers of mismanagement, claiming he was still a minor when his troubles started. By the time he filed for bankruptcy, he reportedly only had $917 in his bank account, a flat-screen TV, and a Louis Vuitton backpack.
Janice Dickinson
You may have heard of Janice Dickinson in her heyday back in the late 70’s when she claimed to be the world’s very first supermodel. Nearly 40 years later, however, she is all but unrecognisable. I guess that’s what happens when you rack up nearly a million dollars in debt and file for bankruptcy.
Nicolas Cage
Nicolas Cage is one of Hollywood’s most top-earning stars, making as much as $150 million at some point. So it was all the more shocking to find out that he was in debt for a whopping $14 million. But again, considering that he has been quite heavy handed with his finances, shopping for mansions, cars, and yachts aplenty, it seemed only inevitable. In fact, he lost two of his homes in New Orleans worth $6.8 million when they were foreclosed in 2009. Not only that, he also owed the City of New Orleans over $150,000 in real estate taxes on top of a $5.5-million mortgage. In 2010, his mansion in Bel Air was also foreclosed.
Donald Trump
Not just the President of the United States, Donald Trump is also one of the richest billionaires alive. However, not only did he file for corporate bankruptcy, he did so a whopping four times in a span of 18 years. What started in Small Business Loans, Ended with a debt and a bankruptcy notice. No wonder the public is always so wary of his dealings.
*Source: https://www.forbes.com/sites/clareoconnor/2011/04/29/fourth-times-a-charm-how-donald-trump-made-bankruptcy-work-for-him/#3733b7c67ffa
Mike Tyson
As one of the world’s most successful and popular boxers, Mike Tyson is said to be worth an impressive $400 million. However, things weren’t always as peachy for the boxer, financially speaking. In 2003, he was deep in debt with arrears amounting to $50 million. Thankfully, Mike is savvy enough to cash in on his celebrity status, guest star in Hollywood movies and was able to recoup his losses and fatten up his bank account in the process.
Lady Gaga
In 2009, Lady Gaga was a living and breathing oxymoron. She was one of the top-selling singers in the world, but she was virtually penniless. This is because she spent almost her entire $3 million fortune on her Monster Ball tour as a gamble. Fortunately, it worked for Mother Monster as Live Nation offered her an extremely lucrative $40-million contract.
Lindsay Lohan
Former “It Girl” Lindsay Lohan has fallen on hard times. Her erratic, drug-fueled behavior ushered in the demise of her once-successful career. Unable to support her lavish, jet-setting lifestyle, she turned to credit card loans, which turned out to be a bad idea as she now owes over $600,000 in credit card debt. She is still currently making headlines with her travels and shenanigans, and we’re very curious to know how she is funding all of these.
La Toya Jackson
La Toya Jackson may not be as well known as her siblings Michael and Janet, but she was actually the first Jackson to be awarded a gold record. In true Jackson fashion, she had a very extravagant lifestyle, which she was able to sustain for a brief period of time. Unfortunately, in 1993, she made the decision to back out of her contract with Moulin Rouge in Paris, and she ended up paying the club $650,000. Two years later, with only $50,000 to her name, she filed for bankruptcy. By then, she had racked up $500,000 in debt.
Teresa Giudice
Teresa Guidice was not only the most controversial of The Real Housewives, but she was also the second highest paid member of the popular reality show. Unfortunately, she threw it all down the drain with her ultra-lavish lifestyle and seemingly endless spending. As a result, she had to file for bankruptcy and spend time in prison to boot!
Joan Rivers
TV personality Joan Rivers didn’t always have the success she enjoyed until her death. In 1987, her husband, a businessman, committed suicide, leaving her with about $37 million in debt and no other choice but to file for bankruptcy. However, she managed to pick herself up and become one of the most successful TV hosts in recent years, as well as writing 13 bestsellers and starting her own jewelry line.
Abby Lee Miller
Abby Lee Miller is best known as the hard-talking host and dance coach of the popular Lifetime show, Dance Moms. In 2016, her financial troubles came to light when it was found that she under-reported her income by hundreds of thousands of dollars, as well as smuggled Australian currency to the tune of $120,000 into the US. She attempted to file for bankruptcy, but the judge wasn’t buying it, thanks to her fame. Now it looks like she might be looking at some prison time.
Erin Moran
Erin Moran starred in Happy Days. Years later, she reportedly became homeless when she was unable to pay her mortgage and her house was foreclosed. She lived with her mother-in-law for a while, but she was eventually thrown out of the house because of her drinking problem.
Rihanna
With the success of her musical career and her cosmetic brand, Fenty, it’s hard to believe that Rihanna ever had any problems with money. But in 2009, that was exactly the case when her hard-earned money was mismanaged by her accountant, who spent over $9 million of her $11 million fortune in just a year. RiRi had no choice but to take the bean counter to court where she was awarded $10 million, helping her recoup some of her losses. Today, RiRi is worth about $85 million, making her 2009 financial woes but a distant memory.
Pamela Anderson
Blonde bombshell Pamela Anderson has been constantly in the limelight since she starred in Baywatch in the early 90’s, which is how we knew that she owed almost $1.7 million in taxes in 2009. This is all thanks to her extremely flashy and extravagant lifestyle. Here’s hoping she’s learned her lesson since.
Brett Butler
Brett Butler is best known for her role in Grace Under Fire. However, in 1998, she was spotted in a homeless shelter, proving that she has fallen on hard times since the show ended. She has slowly been trying to get back on her feet and has even started acting again. Hopefully, she now has some money in her bank account.
TLC
TLC was one of the most successful musical acts of the 90’s, so they must be worth millions, right? Wrong. It was the group’s misfortune that they were managed by Pebbles Reid, who they sued for a breach of contract. Word has it that she was the cause of the group’s less than stellar royalties. It also didn’t help that Lisa “Left Eye” Lopes died in a car crash soon after, which can only be an insurance claim nightmare.
Nelly
Nelly practically owned the 2000s, churning out hit after hit after hit. Unfortunately, the rapper rested too much on his laurels and developed a gambling habit which left him broke in 2011. Thankfully, he managed to bounce back by making a name for himself in country music, and he was able to rebuild his net worth to a whopping $60 million.
Meat Loaf
Meat Loaf is rock royalty, so it’s easy to assume that he’s worth millions of dollars. However, it seems that the singer is not as secure in his financial standing as most would believe, having fired and sued his managers in 1981 for stealing his funds. He probably did not anticipate that they would fight back with a breach of contract case, causing his assets to be frozen. He was $1.6 million in debt when he finally filed for bankruptcy.
Tia Carrere
Bombshell Tia Carrere came into the public eye when she became part of the cast of General Hospital and The A-Team. However, she wasn’t popular enough to handle her $50,000 debt and she was forced to declare bankruptcy. In 1992, she finally landed a big role in Wayne’s World, which fixed her financial woes for good.
Kelis
Kelis sang about boys flocking to her yard for the milkshake she served, but it seemed it wasn’t enough to fatten up her bank account over cover her business loan. In fact, she was in such dire straits, that she had to file for a divorce and sue for a substantial child support stipend from ex-husband Nas, who she was largely dependent on since the rumors say that her financial situation was so bad and her bank's credit score was too low.
Vince Young
Vince Young was a college star quarterback who eventually moved on to play for the NFL. Despite holding multiple records, he is currently a free agent with no contract prospects, presumably because of his various injuries. In 2012, it was reported that he had spent most of his $34-million salary and had defaulted on his loans amounting to millions of dollars. He filed for bankruptcy in 2014.
Danny Bonaduce
Another The Partridge Family alum who have fallen on hard times is Danny Bonaduce. His financial woes can be blamed on his substance abuse problem. He ended up homeless and lived out of his car for a while.
Heidi Fleiss
Heidi Fleiss was the infamous “Hollywood Madam” who also worked as a TV personality and columnist. She ran a brothel in Hollywood for many years until she was imprisoned for tax evasion and money laundering. She was in debt for $269,000 by the time she was released, leading her to file for bankruptcy.
Burt Reynolds
Burt Reynolds is film royalty, having been in the acting business since the Golden Age of Hollywood. But even royalty can fall on hard times, and Burt was no exception. In the 90’s, the veteran actor declared bankruptcy as he could no longer keep up with his debts amounting to $9.4 million.
Isaac Hayes
Isaac Hayes is a true household name in soul music. He was even inducted into the Rock and Roll Hall of Fame in the early 2000’s. However, he revealed that it wasn’t always a smooth ride for him financially. In the 70’s, he was a victim of financial mismanagement, incurring a debt of $6 million and forcing him to file for bankruptcy.
Lena Headey
As one of the lead actresses of the hugely popular Game of Thrones, it’s hard to think that Lena Headey may be having some financial woes, so it was a real shock when she filed for bankruptcy. This is in the wake of her contentious divorce from her ex-husband, which ended up in an ugly custody battle that used up most of the money in her bank account.
David Cassidy
David Cassidy was a former teen idol and one of the stars of the super popular sitcom, The Partridge Family. Decades after his heyday, he filed for bankruptcy, claiming he had a $10-million debt. This was after he was arrested for DUI three times and his wife divorced him.
Walt Disney
From theme parks to movies, it may seem like everything that Walt Disney touches turns to gold. However, it always wasn’t so for the mogul. In fact, he went through several other ventures that went bust, including his old studio, Laugh-O-Gram. He inevitably filed for bankruptcy in 1923, but in the same year, he also started the Walt Disney Company. We all know how that turned out.
Michael Jackson
As the King of Pop and one of the most successful musical acts in history, it’s easy enough to assume that Michael Jackson has a net worth of hundreds of millions of dollars (part of that is cash). However, he was actually about $400 to $500 million in debt at the time of his death in 2009. This is probably no surprise, considering all the spending that he’s done over the years, including the very lavish and infamous Neverland Ranch, his primary residence, which included a petting zoo with exotic animals and an exclusive amusement park. He took a $25 million mortgage loan and personal loan for his real estate but was unable to make payments, so he had to give it up for foreclosure and file for bankruptcy.
Chris Tucker
In 2007, Chris Tucker surprised the film world when he was declared to be the highest paid actor of the year, thanks to his work in Rush Hour 3. Unfortunately, he soon lost all the millions squirrelled away in his bank account when he failed to pay his taxes, owing the IRS a whopping $11 million. He had to sell his Los Angeles and Florida homes to get the notorious tax agency off his back.