You’ll probably think that celebrities have much more money than they actually need, but sometimes this is not the case. Big paychecks can often be tricky, so the celebrities simply lose the sense of reality. They are prone to impulsive shopping rather than smart investments. After they spend all their money on expensive vacations, cars, clothes, extravagant parties, they think the money will come soon enough. But unfortunately, it is not always like that. The celebrity lifestyle is often surrounded with scandals and they might just face a situation when nobody wants to hire them.
In this article, we are presenting you with a list of top 7 celebrities who lost their fortunes.
1 Mike Tyson
We all now Mike Tyson as a former world boxing champion who bit a half of his opponent Evander Holyfield’s ear during the match. Under the charge of rape, he was sentenced to 6 years in prison, but he served only 3. Also, he had a lot of problems with the law because of drug abuse. Despite the fact that he earned around 300 million dollars during his boxing career, he wasn’t able to pay the taxes and he eventually went bankrupt in 2003.
2 Tony Braxton
Tony Braxton was one of the best-selling singers during the 90s and she earned her title as the Queen of R’n’B music. Her song “Un-break My Heart” earned her the Grammy Award. But it was during 1998. when she went bankrupt because her shopping habits were out of control.
3. MC Hammer
Hit songs “2 Legit 2 Quit” and “U Can’t Touch This” helped him sell over 50 million records during his rap career. At one point Forbes magazine announced that MC Hammer was worth around 30 million dollars. Unfortunately for him, it didn’t last long. He spent too much money on the luxurious things, he supported his family and friends and soon he found himself 13 million dollars in debt which led him to bankruptcy in 1996.
Comedian Sinbad, whose real name is David Atkins, appeared in the various television shows such as “The Red Foxx Show”, “A Different World” and “The Cosby Show” during the 80s and the beginning of 90s. He even hosted his own show called “The Sinbad Show” and landed a lot of comedy specials and a couple of movie roles. But despite his success, he had a problem with paying his taxes. In 2007 he even found himself on the list of top 10 worst tax dodgers in the state of California. 2 years later he went bankrupt, which resulted in the confiscation of his property.
5. Kim Basinger
Kim built a name for herself as the Bond girl. She won the Oscar for her role in L.A. Confidential and made a fortune. But then she started to spend it unreasonably. She even went as far as buying the whole town of Braselton, Georgia. A couple of years later Kim withdrew from making a movie “Boxing Helena”, even though she signed a contract, which resulted in her being sued by the film studio. Then, she tried to sell her town to pay the court expenses. But its value dropped to only million dollars, which led her to bankruptcy.
6. Burt Reynolds
Famous American actor went bankrupt in 1996 when he lost 40 million dollars because of his divorce with Loni Anderson. And just when he thought his situation couldn’t get any more difficult, his accountant ran off with 15 million dollars. That eventually led to his bankruptcy.
7. Nicolas Cage
During the most part of his career, Nicolas Cage starred in 2-3 movies a year. Although many people criticize his acting and his choice of roles, he is one of the most paid actors in Hollywood earning up to 20 million dollars per movie. But Cage earned himself a place on this list because he is quite terrible at managing his fortune. He was able to spend 100 million dollars in just a couple of years which eventually led him to bankruptcy in 2009.