What did they do with their fortunes, we don’t know, but here are 8 Celebrities Who Went Bankrupt
If you thought bankruptcy is a trouble soup that only the common folks can taste then you really need to read this article. There have been famous celebs who have lost all their money at rocket speed. Once you are famous people come to you and call you for money; family, friends, and acquaintances, simply everyone. After all, a high profile celeb is a millionaire with a future of gold. But this is not always the case! It is a faux pas to take everything for granted. People may take some decisions which take a toll on their bank balances and celebs to have had their share of bad debts that they regretted all through their lives. Celebs are just like everyone else, just because they have risen in fame, does not mean that they don’t have to deal with things like bankruptcy, they even have to get help from law firms like this BLC Law Center / Bankruptcy Lawyer San Diego to help them in this sort of situation.
Be it poor financial management or financial woes, bad investments, divorces or tax failures, there have been celebs that shot to the heights of fame at monumental speed and then came crashing down back on earth. So, let’s take a look of these 8 famous celebrities who went bankrupt.
1 Michael Jackson
Michael Jackson tops our list of bankrupt celebs primarily for his massive success as a musical sensation following which there came a career drop for him, mainly because of his controversial nature.His star status was such that the world went crazy over his songs and dance moves and he even got his name to appear in the Guinness Book of World Records as the Most Successful Entertainer.We can only imagine what might have gone wrong with someone, who once had a mansion that needed $ 10 million yearly maintenance could not pay back his loan of $ 25 million for Neverland Ranch. Ultimately, he declared bankruptcy in 2007.
2 Mike Tyson
Mike Tyson was once the most feared boxer of the world who earned almost $400 million through his career. But, he had a luxurious lifestyle coupled with shady management. He also had to undergo an expensive divorce, and all this lead him to file for bankruptcy in 2003.
3 Burt Reynolds
It has been reported that Burt Reynolds owed $10 million because of his spendthrift nature. Though this bankruptcy was short termed, Reynolds denied rumors of his massive spending habit. A football champion in his college days, our favorite Reynolds shot to stardom in the 1970s.
4 Pamela Anderson
This Baywatch babe experienced a series of career ups and downs.She declared bankruptcy in the year 2012 after a $1.1 million renovation of her house and multiple tax failures.
5 Lindsay Lohan
Always in controversy, Lindsay Lohan makes it to our celeb list of those who went broke. The former child star and teen sensation had a rough financial year in 2012. Her accounts were frozen because she owed $234,000 in taxes even though she was reported to borrow a $1000k loan from actor Charlie Sheen with whom she starred in the‘Scary Movie 5.’
6 Lena Heady
The ‘Game of Thrones’ star went through a nasty divorce and had to fight a custody battle too following which she revealed she was left with a mere $ 5 in her bank account. She also sold her home to cover up her losses.
7 Willie Nelson
This famous country star filed for bankruptcy in the year 1990 because he owed $ 16 million in back taxes. He had to release an album the proceedings of which went straight to the government. By 1993, he cleared his debts.
8 Dennis Rodman
As per the court documents, the NBA star is known to owe his wife $ 800,000 in child support. To top it all, he suffers from alcohol addiction for which he sought help on Celebrity Rehab with Dr. Drew.