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When celebrities go bankrupt

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  • When celebrities go bankrupt

    I don't know if it's just me, but I'm massively nosey when it comes to the financial affairs of celebrities - be it the size of their entertainment contracts or the size of their bankruptcie (for the unfortunate few that don't handle their money well). Anyway, this topic is about celebrities who have gone bankrupt!

    Here's some mainly UK examples...

    Shane Filan (£18m)

    The former boybander lead singer was declared bankrupt in 2012 after losing a wallet-busting £18 million due to bad property investments. He had to sell the house he designed in 2004, then worth a hefty £3.5million and said he couldn't even afford a £30 toy for his son. Days after the band played to a 80,000 crowd for their farewell tour, he had just £470 in his bank account. Scary.

    Richard 'Fazer' Rawson (<£1m)

    Last year, The Sun reported N-Dubz member Fazer, real name Richard Rawson, had 'been declared bankrupt' - after failing to pay back debts to the taxman. It wasn't known how much the 26-year-old, but the newspaper claimed he could lose his share of a North London flat he bought with Tulisa for £796,500.

    Suzanne Shaw (<£1m)

    Although she never formally filed for bankrupty, saying she was "too embarrassed" to do so, the former Hear'Say singer admits that at the height of her money troubles, she was £200,000 in debt. Two years after the band split and a steady stream of money was coming in, she was forced to hand the keys to a £710,000 property back. "At that point I had literally nothing to show for my efforts. No investments, no Isa accounts, no savings, no pension, nothing," she told The Telegraph. She said it took her eight years to pay back every penny she owed.

    Duncan James

    The Blue star filed for bankruptcy on September 12 2013 after the band's company Blueworld went into administration in May. At the time he said: "In some strange way, it's actually a relief to have been declared bankrupt. It means I can start again. Before I went bankrupt, I had been trying to pay off loans for years and felt as if I was drowning." Just months later, Duncan's Blue bandmate Simon also filed for bankruptcy.

    Calum Best

    Party boy Calum best filed for bankruptcy late last year. He confessed: “I was blessed to earn a large amount of money at a young age, and mistakes have come with that. But also lessons learned.”

    Martine McCutcheon

    In February 2013, former Eastenders actress Martine was declared bankrupt. The famous telly star filed the petition under her full name Martine Kimberly Sherri Ponting – which surprised us almost as much as the fact she’d run out of money – at Kingston-Upon-Thames County Court.

    Kerry Katona (>£1.5m)

    Ahh. Yes. Ms Katona. To give her credit (which nobody else will be doing for a while, that's for sure) Kezza did make a go of paying back her £400,000 tax bill. She just didn't quite make a go of it enough. And in 2008 she had to hold her hands up in the air and admit defeat. The year later, her £1.5million mansion was repossessed. In July 2013 she was declared bankrupt for the SECOND time, and just last month Kerry was forced to deny she was facing bankruptcy for the third time because she was still bankrupt from filing the second time. Keeping up?

    Miquita Oliver (<£200k)

    To be fair, we're not sure why BFF Lily Allen couldn't just auction off some of her clothes/saliva on ebay and help Miquita out a bit. But somewhere along the line things went a little bit wrong for the cheerful Popworld star, and she had to declare herself bankrupt. Oh dear.

    Mike Tyson (>£15m)

    Mike owed £8.62 million to the IRS, £5.79 million to his ex-wife, £5.79 million in legal fees, £148,000 on pagers and cellphones, £264,000 on a birthday party, £5000 on care for his tigers and £42,000 for limos. Sorry. We're too busy focusing on the tiger-debt to write any more here. Except that this was in 2003, and that Mr Mike was supposed to have earned over £300,000,000 at that point in his career. Which is quite a lot of money to misplace, really. Even if you are distracted by oversized cats.

    MC Hammer (£8.8m)

    This is a serious subject, so for the first time ever, we're going to refer to MC Hammer by his real name - Stanley Kirk Burrell - and not only because we just found it out on Wikipedia and really really want to show off about it. SKB forgot to pay his taxes for a few years back in the late nineties (he probably lost the bills in his pants, or something), and had to declare himself bankrupt. Duh duh duh duh...

    Sarah Ferguson (£5.15m)


    Michael Barrymore (£1.4m)

    Would you rather be Michael Barrymore in August 2001 when you were at the centre of a rather huge scandal involving your swimming pool, or be Michael Barrymore in May 2004 when he had to pay over a million pounds in taxes and probably had to give up having a swimming pool altogether?

    Meatloaf (£1.03m)

    It's quite bad luck to go bankrupt. But going bankrupt twice in the same decade (the 80s, obvs) just seems a little bit careless. Especially when your name is Meatloaf, and we imagine you could just sing really really really loudly in the bailiffs' faces until they forgot what was going on and went home. But maybe that's just something to keep in mind for the third time.

    Perez Hilton (<£100k)

    Back in 2005 Perez Hilton had only been blogging for four years, and he had to file for bankruptcy due to soaring credit-card bills and sky-high college debts. Thankfully it would appear that he managed to keep his computer. And his hair-dye collection. He owed over £32, 000.

    And here's some famous examples from global stars...

    Michael Jackson (>$400m)

    The King of Pop was also close to foreclosure on his famous Neverland home. Large amounts of spending required Jackson to take out loans, many of which he never paid back. Jackson's money problems got worse once he was involved in numerous expensive lawsuits and interest on his debt increased. At the time of his death, a forensic accountant estimated that Jackson owed $400 to $500 million. His estate has resolved the financial issues and Michael has been the top-earning dead celebrity since 2012.

    50 Cent ($32.5m)

    He broke out as a rapper in the late '90s, but he makes most of his money from a diverse business empire. In 2015, 50 Cent was reportedly $32.5 million in debt while caught up in lawsuits and unpaid child support payments. The next year, he declared bankruptcy. More recently, 2018 reports said 50 Cent was a millionaire because of the 700 bitcoins he was reportedly paid on his 2014 album. 50 Cent later filed court documents that said the reports weren't true and the rapper had never owned any bitcoins.

    Kim Basinger (>$8m)

    In 1989, Basinger paid $20 million for the town of Braselton, Georgia. She was expected to create a tourist attraction such as a theme park or movie studio, but she instead declared bankruptcy in 1993 and had to sell the property. The bankruptcy was a huge news story at the time. Basinger was sued by "Boxing Helena" producer Carl Mazzocone for backing out of an oral contract to star in the film. The Los Angeles Superior Court ordered her to pay damages and lawyer fees. Basinger eventually settled with Main Line Pictures in 1995, avoiding the initial $8.1 million judgment.

    Burt Reynolds (>$10m)

    "I've lost more money than is possible because I just haven't watched it," Reynolds told Vanity Fair in 2015. The movie star spent heavily on real estate, a private jet, 150 horses, and over $100,000 in toupees in the '80s, according to the Vanity Fair profile. After an expensive marriage to Loni Anderson, Reynolds experienced an expensive divorce. Due to large costs and dwindling income, Reynolds couldn't pay back a $3.7 million loan to CBS and declared bankruptcy in 1996 while he was over $10 million in debt. A year later in 1997, Reynolds earned accolades for his role in the hit film "Boogie Nights." Reynolds died, still making movies, in September 2018.

    Willie Nelson (>$6m)

    Nelson was avoiding federal taxes and the IRS came looking for a tax bill of $16.7 million, including interest and penalty. His lawyer negotiated the bill down to $6 million, but Nelson still couldn't pay up. In 1990, the IRS raided his home and seized nearly everything Nelson owned — including twenty properties and most of his instruments and music collection. Nelson recorded "The IRS Tapes: Who'll Buy My Memories" and fans organized fundraisers for the down-on-his-luck musician to help him settle his debt. With the help of the tapes, Nelson was able to pay off his debt. Today, Nelson is still recording music and as successful as ever.

    Wayne Newton ($20m)

    Wayne Newton had a few hits in the '60s, but he made it big as a Las Vegas lounge singer and was even the highest-earning performer in 1983. But by 1992, Newton was bankrupt and $20 million in debt. Even though he made his way out of debt, Newton's money problems didn't stop there. The IRS sued him in 2005 for failing to pay $1.8 million on the sale of a house. Newton's property, the 40-acre Case de Shenandoah estate, was seized in 2010 for reportedly failing to pay off a $3.35 million loan, though eventually it was agreed that the property could be turned into a public attraction. Most recently, Newton's Casa de Shenandoah — which had been used for public tours and events — was closed for renovations in 2018 with no current plans to reopen.

    Toni Braxton (>$10m)

    The "Unbreak My Heart" singer opened up about her financial troubles in a 2012 interview with ABC's "20/20." She said that in 1998, she had to file for bankruptcy due to her recording contract paying her poorly — she said she received less than $2,000 in royalties — as well as costly spending habits. Then in 2008, she had to cancel a Las Vegas revue due to ongoing health issues which forced her to again file for bankruptcy. Braxton has since starred on her own reality TV show, WE TV's "Braxton Family Values," and on other made-for-TV movies. She also announced a 2019 "As Long As I Live" tour in support of her latest album "Sex & Cigarettes."

    Aaron Carter (>$1m)

    The one-time teen pop star talked to Us Weekly in 2016 about the financially "terrible position" he was in. He even talked about not having any savings. "When I turned 18, I got hit with all those taxes. I filed a Chapter 7 bankruptcy last year; now I'm already over $100,000 in debt," he said. The 31-year-old is on tour and released an album in 2018 called "Løvë."

    David Cassidy (>$10m)

    According to People magazine, the '70s heartthrob filed for bankruptcy in 2015 in his home state of Florida, despite selling over 25 million records in the height of his career. Cassidy had a history of DUIs and other health issues aside from his financial troubles. By his third DUI, his wife, Sue Shifrin-Cassidy, filed for divorce in 2014. He put his mansion up for auction in an effort to finance his divorce and gave the Associated Press a tour of the house. Cassidy then passed away in November of 2017. In 2018, a voice recording revealed that he admitted to lying about having dementia and that his health issues were caused by alcohol addiction.

    Isaac Hayes ($6m)

    The Rock & Roll Hall of Famer had to file for bankruptcy in 1976, claiming he owed $6 million in taxes. In 1977, he told Ebony magazine that financial mismanagement from his record label coupled with lavish spending and putting "too much trust in people" resulted in bankruptcy. However, Hayes — who died in 2008 at 65 years old — went on to make more music, own two restaurants, and write a best-selling cookbook.

    There's loads on the web about stars who have squandered their money - and it is their money, so I'm not casting aspersions. But fascinating to read about the likes of Meat Loaf whio had to declare bajnkruptcy because at one point, he was battling 45 different lawsuits totalling $80m and Toni Braxton who's first record deal was so poorly negotiated, she declared bankruptcy at the height of her popularity..

  • #2
    In the case of big stars, I think it’s partly because of their own people leeching off of them, convincing them they need this and that (and directly or indirectly profiting from the ‘solutions’). “Your mansion needs another makeover... I know just the person who can do it”


    • #3
      I've recognised like two names.
      5.05.2009 / 6.22.2011 / 4.24.2013 / 4.25.2013 / 3.1.2014 / 9.13.2014 / 7.21.2016 / 7.14.2018 / 7.15.2018


      • #4
        Originally posted by KEY9481 View Post
        I've recognised like two names.
        Exaggerating much...


        • #5
          Originally posted by KEY9481 View Post
          I've recognised like two names.
          I've recognized 15 names from that list.
          My Chart


          • #6
            I swear some of these people go bankrupt as a way of selling another story to the papers (Kerry springs to mind).


            • #7
              Originally posted by KEY9481 View Post
              I've recognised like two names.
              The Uk tends to use the word "celebrity" very loosely.

              OT - never knew 50 cent went bankrupt. But at some of the people on that list. How they ever became famous in the first place is beyone me.


              • #8
                I find this article quite relevant to this topic:

                This is how some of them go broke I suppose


                • #9
                  Talking about luxury problems. I can't believe someone would seriously pay 80k/year for a dog walker .
                  Is it offensive to fall in love with you and everything you do
                  and everything you stand for?
                  Could I break through your invisible wall, could I hide my pride for once,
                  just to tell you that I see more?


                  • #10
                    Originally posted by theMathematician View Post
                    Talking about luxury problems. I can't believe someone would seriously pay 80k/year for a dog walker .
                    uugh nice, where can I apply?
                    aRat's NUDES LEAKED


                    • #11
                      Originally posted by theMathematician View Post
                      Talking about luxury problems. I can't believe someone would seriously pay 80k/year for a dog walker .
                      ... and probably not be aware of it


                      • #12
                        It’s sad to think they made it big with their talent but then went bust.
                        | Ciara | Beyoncé | Janet | Toni | Kelly R | Leona | Tinashe | Whitney | Brandy | Monica | Tevin | Mariah | Britney | Tamia |


                        • #13
                          I still can't believe that MJ owed so much money. You'd think that he'd be set for life just based on the royalties he was making off of his music catalog and other investments. I know that he was a big spender but didn't he have financial advisers to stop him from spending more money than he had?


                          • #14
                            These are the kinds of stories I have no sympathy for - I mean who needs (all at once or at various points):
                            • 15 mansions/homes.
                            • 4 yachts.
                            • 50 cars.
                            • 30 motorbikes.
                            • A private jet.
                            • A dinosaur skull costing $300k.
                            • A frigging tombstone!!!
                            How Nicolas Cage blew $150m fortune on islands, cars and zoo animals to end up broke

                            The actor, 56, has been the poster boy for blockbuster films since he launched his acting career back in 1983

                            Nicolas Cage has been a local in Hollywood for years on end - but he ended up broke after blowing his millions.

                            The actor, 56, has been the poster boy for blockbuster films since he launched his acting career back in 1983.

                            From starring in film National Treasure, to bagging a role in Snake Eyes, Nicolas Cage - real name Nicolas Coppola - soon put his name on the map.

                            An accumulation of his lead roles in successful movies led him to become a multi-millionaire, with the actor at one point becoming a top earner in Hollywood being worth an eye-watering $150 million.

                            But sadly his fortune didn't last.

                            The actor managed to squander his millions away on a string of expensive and often eccentric purchases.

                            In fact, his poor money management forced him to face foreclosure on several of his lavish properties.

                            He also quickly became in debt, owing the Internal Revenue Service a whopping $6.3 million in property taxes in 2009.

                            Soon, the global superstar had his back against the wall as he faced dire financial straits.

                            By the time he hit his 40s, the actor had spent so much money he was essentially broke, prompting him to shift blame onto his accountant.

                            He blamed his money manager on sending him "down a path toward financial ruin".

                            But before he found himself in turmoil, Nicolas enjoyed a lavish few years of spending (or overspending) on eccentric items.

                            Below, we take a look at some of his priciest purchases that contributed to him being broke and penniless before regaining control of his spending in recent years.

                            A dinosaur skull

                            Nicolas loved an eccentric purchase every now and again.

                            A dinosaur skull was something that was top of his list of things to bag - and whatever Nicolas wanted, Nicolas got.

                            The actor snapped up the 67 million-year-old Tarbosaurus dinosaur skull which he reportedly outbid Leonardo DiCaprio for.

                            Nicolas paid over an eye-watering $300,000 for the ancient item.

                            However it would later emerge that the skull had actually been stolen, prompting Nicolas to hand it over to Mongolian cops for it to be returned to its original owner.

                            What's more, this actually wasn't even his first skull purchase.

                            He previously owned a prehistoric bear skull that he accidentally destroyed while playing pool at home.

                            Exotic islands and castles

                            Up there with his priciest purchases are the two private islands he bagged in the Bahamas.

                            Nicolas bought a sprawling 40-acre island south of Nassau, for which he paid a whopping $7 million.

                            He actually once owned 15 residences simultaneously, which included a $25 million waterfront home in Newport Beach, California.

                            His other notable properties included a $15.7 million countryside estate in Newport, Rhode Island, as well as a pricey $8.5 million estate in Las Vegas.

                            And if that's not enough, Nicolas went on to purchase two European castles.

                            He snapped up an 11th-century Bavarian castle in Etzelwang, Germany, for $8 million, as well as a castle in Bath, England, that cost the same amount.

                            He went on to spend an extra few million on having both castles remodeled and spruced up.

                            Sports cars

                            Who wouldn't love to have a sports car?

                            Like most people in the world, the actor was lusting for a sweet ride to get him around Hollywood.

                            But unlike most people in the world, Nicolas decided to spend his money on more than 50 rare cars and around 30 motobikes.

                            His extensive vehicle collection included a Lamborghini he bought in 1997 that was once owned by the Shah of Iran, which he snapped up for a whopping $450,000.

                            He was also an owner of a 1955 Jaguar D-Type, which he proudly displayed in his game room at home, with many celebs saying it was definitely a conversation piece.

                            The most he's spent on a car was an eye-watering $1 million for a Ferrari Enzo, one of only 349 made in the world.

                            He also owned around nine Rolls Royce vehicles.

                            Luxurious yachts and private jet

                            Nicolas at one point owned four gigantic yachts.

                            His most expensive yacht was worth $20 million, and boasted an excessive 12 master bedrooms.

                            To add to his countless transportation options, Nicolas also bought a luxurious private golf stream jet.

                            A haunted House

                            It seems as he had more money than he knew what to do with, as in 2006 Nicolas purchased a haunted house for $3.45 million.

                            What makes this purchase even stranger, is that this property belonged to serial killer Madame Delphine LaLaurie.

                            Madame Delphine LaLaurie was a notorious serial killer who was a New Orleans Creole socialite.

                            Between 1787 and 1849, she tortured and murdered countless slaves in her household.

                            It's said she carried out her horrific murders in that exact house.

                            A tombstone

                            The cherry on top of all his purchases was a nine-foot tall pyramid-shaped tombstone in the oldest cemetery in New Orleans.

                            Although it's not known how much he paid for the bizarre tombstone, it's safe to say it wasn't a cheap purchase.

                            After buying the pyramid, Nicolas said he intends on being buried inside it when he passes away.

                            Both the haunted mansion and the tombstone were foreclosed on in 2009 after his tax fiasco.



                            • #15
                              I know it's not remotely a funny subject, but I was a bit baffled how every single member of Blue declared backruptcy over the years.
                              Also, 50 cent going bankrupt was a bit ironic.
                              Waffles are checked cookies


                              • #16
                                Queen of Popsitution Rihanna was pretty much bankrupt after the Rated R era coz her bad accountant screwed her real bad.

                                Funny how she managed to recover and become the richest female musician after that though. We luv to see it.
                                BEAUTY IS A MUST, TALENT IS A PLUS
                                98 - OUT


                                • #17
                                  Originally posted by Wayne View Post
                                  These are the kinds of stories I have no sympathy for - I mean who needs (all at once or at various points):
                                  • 15 mansions/homes.
                                  • 4 yachts.
                                  • 50 cars.
                                  • 30 motorbikes.
                                  • A private jet.
                                  • A dinosaur skull costing $300k.
                                  • A frigging tombstone!!!
                                  Who even needs 4 yachts it’s like he has the urge to give away his money.
                                  I’m not even gonna comment about the other stuff


                                  • #18
                                    TLC were the story. They signed a bad deal and ended up in the minus after 2 multi platinum albums. If they hadn't done their fan mail tour and album they'd have had nothing
                                    Uk the only way


                                    • #19
                                      This is all covered in a (very good) documentary about her, and I’m not sure if she actually filed for bankruptcy but Kate Nash had money problems. She made a lot off of her debut album but spent it irresponsibly and was also very generous to fans and finding schemes to engage women with music. She also invested what was left of the money made from Made of Bricks into her independent, non-commercial third-album Girl Talk and, after extensive touring, ended up just about breaking even. But then her manager used what was left of her money to fund his wedding and she had to move back to the U.K. from LA to live with her parents due to the cost of legal fees. She won the case though, funded her fourth album through PledgeMusic and now (probably) makes good money through her supporting role in Glow on Netflix.
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