The number of rich celebrities who went broke at some point in their careers seems to be growing. They never learn. Their lives often seem glamorous, but even the rich and famous have been broke. There are billionaires who lost everything and remain broke to date. But some found their way back. Here is the list of Famous People Who Lost All Their Money and Went Broke.
1. Michael Jackson
You might think being the child of Michael Jackson would leave you a nice house and a healthy bank account, but you would be wrong. Neverland Ranch took nearly 10 million dollars per year to operate and the Michael’s constant plastic surgeries were draining his funds. By the time he passed away, his vast fortune was down to almost nothing which meant that his kids likely had more debt to look at than fortune. As much as we sometimes hate them for being so rich, it is often sad to see a famous billionaire going broke.
2. Johnny Depp
Johnny Depp claims he discovered at a 2016 meeting with his accountant that he had lost 650 million dollars in movie earnings. The loss was immediately prior to an incident when he is alleged to have been angry toward his then wife Amber Heard. A court heard this claim on the fifth day of his libel trial in London against the publisher of The Sun newspaper.
Depp had found out that he had lost the 650 million dollars due to alleged financial mismanagement. He discovered that tax had not been paid on his behalf for 17 years, meaning that he owed the IRS 100 million dollars in back taxes.
3. Lindsay Lohan
A lot of partying, a lot of addiction, and a lack of common sense allegedly led Lohan to plummet from what was supposed to be a promising career into a long dry spell of gigs. After Mean Girls, she virtually disappeared except in the tabloids. Eventually her billionaire lifestyle forced her to file for bankruptcy in 2012.
In 2010, Hollyscoop reported that she spent 5,000 dollars a week on recreational drugs. according to E! News, Lohan left rehab in 2010 with a 50,000-dollar unpaid bill. In 2012, Huffington Post estimated that Lindsey racked up about 150,000 dollars in rehab time. And she went back multiple times after that.
4. Mike Tyson
He is one of the famous people who struggled with personal and legal issues starting in the late ’80s. As he went through a divorce, Tyson grew increasingly out of shape and started to lose his superstar image.
A New York Times article stated he had made 400 million dollars in the last 20 years but still managed to blow it all. According to the article, Tyson had 23 million dollars in debt. He owed 13.4 million dollars to the Internal Revenue Service. He also owed 600,000 dollars to several law firms, 500,000 to his financial manager, 800,000 to a former trainer, and the list went on.
5. Kanye west
His family did not have any significant amount of money or connections. As such, his wealth seems to be a product of his struggle. Despite making more than 1 million dollars per night while on tour, the rapper who is broke famously took to Twitter in 2016 to announce his 53 million-dollar debt.
According to Forbes, his apparel brand, Yeezy, is a billion-dollar empire. Forbes estimates West earned over 150 million dollars pretax in 2018. His income is due largely to Yeezy’s Adidas deal, a line that was expected to top 1.5 billion dollars in sales in 2019.
6. Drake bell
No. Not that Drake. This billionaire former child actor who starred in Nickelodeon's Drake & Josh, reportedly filed for bankruptcy.
The actor filed legal documents claiming that he was 581,000 dollars in debt. While he listed the value of his home at 1.575 million dollars, Bell apparently still owed 1.597 million. He indicated that his monthly expenses totalled 18,771 dollars and that he was only pulling in 2,820 a month. The former child actor listed 2012 as a good year in which he earned 408,000 dollars, but the next year saw him making just 14,099.
7. Stephen Baldwin
In 2009, the youngest of the four Baldwin brothers filed for bankruptcy. He owed about 1.2M dollars on his mortgage in New York City and more than 1M in taxes. The millionaire’s credit card debt was also through the roof. The actor had mild success as an actor over the years, from his appearance in “The Usual Suspects” to various appearances on reality TV shows, but his paychecks were irregular and could not cover his lavish, celebrity lifestyle.
What have you leant from these celebrities? Should they be getting life coaches or learn from each other? Let us know what you think in the comment below.
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