Celebrities Who Have Gone Broke – There is an old saying: “Easy Come, Easy Go.”
Well, celebrities can definitely agree.
Maybe it didn’t come that easily, but the quickly earned money can
surely disappear as fast as it came. After earning dozens of millions
during their careers, it is hard to imagine how in the world these
famous people manage to lose their fortune.
It seems that you need to have a
special kind of talent to declare bankruptcy after obtaining that much
money. You can probably guess the cause – bad management, a crisis in
the world of finance, divorces, not paying taxes or just being greedy;
the fact is solid – all these celebrities went bankrupt at least once.
Their stories can teach us lessons:
every time you face financial problems, you can say something like:
“This is nothing. If 50 Cent can lose all those millions and be just
fine, why should I stress about 2,000$?” It can be a good stress
reliever; don’t you think? These celebrities prove that being rich and
famous doesn’t necessarily go hand in hand. If you ever come to the
point that you wish to be in their place, consider questioning yourself.
They also have problems like we do, they make bad decisions, and face
difficulties managing their money.
Anyone can face money issues sometimes.
You can’t avoid that, and if you have more money, more problems might
emerge. That’s another thought to keep you worriless. Why worry if it’s
still gonna happen? Here are 12 celebrities who went from filthy rich to
penniless:
14. 50cent
50 Cent, who’s real name is Curtis
James Jackson III, Who used to be worth over $400Million filed
bankruptcy last June days after a New York jury awarded fellow rapper
Rick Ross’ baby mama, Lastonia Leviston, $7 million in a legal battle
over her leaked sex tape. Which he has yet to fork over.
The lawsuit stemmed from a 13-minute
video that appeared online in 2009 featuring a wig-wearing Fifty as a
narrator dubbed Pimpin’ Curly.
The character made explicit remarks
about Leviston and taunted rap rival Rick Ross, who at the time was
trading barbs with Fifty via video, lyrics and interviews.
50 Cent got the 2008 tape from the man in it – Leviston’s boyfriend at the time.
The 40-year-old rapper also lost a
legal battle with his ex-business partners over a failed headphone deal
and was slapped with a $17 million judgement in that case.
According to his Chapter 11 petition,
Fifty claimed he had assets between $10 to $50 million but that his
liabilities were in the same range.
Few months back, he filed documents in the bankruptcy stating he only had $16 million in assets.
13. DMX
Everybody seemed to love DMX. He had the hardcore East Coast aggression, the radio-friendly hooks, and the “tear da club up” energy that resonated with all of the disparate camps at my school. We all had It’s Dark and Hell Is Hot that spring.
But Now, there’s an entire generation
of music fans who only know DMX as this middle-aged troubled figure who
was once, apparently, a very big hip-hop star.
Almost immediately after he became a
star, DMX was making headlines for bad behavior. There were drug and
weapons possession arrests, and charges of animal cruelty. He’d been
ordered to make public service announcements and he’d gone to rehab, but
DMX’s demons never seemed to subside.
One of the most notoriously bizarre
moments happened in 2004, when DMX and an accomplice broke into the
parking lot of New York’s John F. Kennedy International Airport after X
told an attendant he was a federal agent, then attempted to commandeer a
man’s SUV, with X telling the shocked driver he was working for the
FBI. According to court documents, DMX then physically removed the
driver from his vehicle—while the man’s 12-year-old daughter was in the
car. Upon his arrest, police found a handgun, nightstick, 20 rocks of
crack cocaine, Oxycodone, and Diazepam, and the rapper was charged with
criminal possession of a weapon, criminal possession of a controlled
substance, criminal mischief, driving under the influence, menacing,
impersonation, and endangering the welfare of a child. He struck a plea
deal where he only ended up serving under six weeks behind bars for
violating parole.
He became a celebrity pariah more
renowned for his bad behavior than catchy hits: the drug addiction, the
seemingly endless litany of arrests, and his crumbling marriage to
now-ex-wife Tashera Simmons (she separated from X in 2010 after he was
incarcerated three times that year). X has also fathered 15 children
with several women, he declared bankruptcy due to outstanding child
support payments, and in July 2015 was sentenced to six months in jail
for owing over $400,000 in back child support.
12. Toni Braxton
Toni Braxton has sold more than 40
million albums in her career so far. But she’s filed for bankruptcy
twice – in 1998, due to an abominably one-sided new artist contract with
LaFace Records; and in 2010, after abruptly canceling a one-woman Las
Vegas show because of her unexpected battle with lupus, leaving her with
up to $50 million in debt.
Braxton has since launched a comeback with a hit reality TV series, The Braxton Family Values, a Lifetime movie, a Broadway stint, and a new collaboration album.
Braxton recently made the news when she
purchased a $3 million home in the exclusive gated community in
Calabasas, California, just six months after settling her second
bankruptcy.
11. Terrell Owens, NFL legend
Owens earned an estimated $70 million
throughout his football career as a wide receiver. By 2012, he had blown
through most of his fortune. Financial setbacks forced Owens to sell
several of his high-priced homes for under market value; he was
inundated with child-support payments upwards of $50,000 a month to four
different women; and he was recently hit with a tax lien of nearly
$500,000.
Owens has succeeded in reducing his child support payments. According to TMZ,
last April he sued his financial advisers for “opening a bank account
without his knowledge and then forging his signature, and leading him to
really bad investments, including a failed Alabama casino.”
The talented football player has tried his luck at a comeback, but no NFL team has been willing to take a gamble on him.
10. T-Boz of TLC
The TLC singer filed for bankruptcy in
1995 and in 2011. Then last year, a judge dismissed her third bankruptcy
case because T-Boz reportedly made no effort to settle her affairs, pay
off her debts or appear at a creditors’ meeting. Hopefully her recent
TLC network show, Totally T-Boz, generated some cash!
The first time Tionne “T-Boz” Watkins filed for bankruptcy was in 1995, after a famously short-shifting record deal from LaFace Records. The second time was in 2011. Watkins doesn’t have a history of living a lavish lifestyle, at least according to her public profile, however she hadn’t been working much to supplement her reported $1200 a month in royalties.
The first time Tionne “T-Boz” Watkins filed for bankruptcy was in 1995, after a famously short-shifting record deal from LaFace Records. The second time was in 2011. Watkins doesn’t have a history of living a lavish lifestyle, at least according to her public profile, however she hadn’t been working much to supplement her reported $1200 a month in royalties.
In addition, Watkins had been burdened
by medical bills after suffering from a brain tumor and sickle cell
anemia. Her ex-boyfriend and child’s father Mack 10 has not settled on
the reported $250,000 due in delinquent child-support payments.
The multi-platinum artist had a much
better year in 2013 when VH1 premiered the biopic “CrazySexyCool: The
TLC Story.” Watkins also joined her bandmate Chilli to release new
songs.
9. Evander Holyfield, heavyweight boxer
Holyfield earned over $200 million
dollars during a career that spanned more than two decades. The boxer
had been teetering on the brink of financial ruin for sometime when his
109-room mansion in Atlanta went into foreclosure in 2008. He would hold
off the foreclosure for a few years, but was forced to put the home on
the auction block in 2012 to pay off $14 million he owed to financial
firm JP Morgan Chase.
The home sold for $7.5 million. Holyfield owed $200,000 in back taxes and over $500,000 in child support payments as of 2012.
8. Chris Tucker, actor
Chris Tucker had become what few actors
could brag about – the face of a successful franchise film. In 2007,
Tucker negotiated a $25-million film deal to appear in Rush Hour 3,
which made him the highest paid actor in Hollywood at the time.
Three years later, TMZ uncovered court documents that revealed Tucker owed $11 million in back taxes from 2001, 2002, 2004-2006, 2007. Tucker was forced to sell two Florida mansions and another in L.A. to pay down his debts. Last year he reportedly paid nearly $1 million toward the debt.
Three years later, TMZ uncovered court documents that revealed Tucker owed $11 million in back taxes from 2001, 2002, 2004-2006, 2007. Tucker was forced to sell two Florida mansions and another in L.A. to pay down his debts. Last year he reportedly paid nearly $1 million toward the debt.
The “Friday” actor has been working
steadily, including in a critically acclaimed role in the 2012 film
“Silver Linings Playbook.”
7. Wesley Snipes, actor
Wesley Snipes was perhaps the most
bankable Black male actor next to Eddie Murphy in the 1990s. Snipes
continued to star in feature films in the early part of the millennium,
however he filed for bankruptcy in 2006. That same year, Snipes was
indicted for tax fraud for failing to pay over $12 million in taxes over
the course of six years.
Snipes was released from prison in April 2013 after serving three years.
6. Gary Dourdan, actor
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