Celebrities who went bankrupt

25 February 2013 / 3 years 7 months ago

Granted many athletes and celebrities have little to no money problems but you’d be surprised how many unwise moves some of these folks have make.In fact, bankruptcy is much more common than you think when it comes to celebrities.Check out this list of celebrities who have gone bankrupt at one point or another, as compiled by SheBudgets.1. MC HammerThe flamboyant musician earned $33 million in the early 1990s, but quickly blew all his cash, aided in part by his purchase of two private helicopters.2. Michael JacksonThough he never filed bankruptcy, The King of Pop had a well-documented struggle with debt. Sources say Jackson purchased ten robot dogs with artificial intelligence on a whim.3. Kim BasingerThe actress allegedly paid $20 million to buy a small town in Georgia in 1989. Basinger’s grand ambitions were thwarted when she filed for bankruptcy four years later.4. Mark TwainThe creator of Tom Sawyer and Huckleberry Finn saw his finances float up the river when he invested in a series of misguided get-rich-quick schemes.5. Mike TysonTyson had to file for bankruptcy despite earning more than $300 million as a professional boxer.6. Willie NelsonThe famous singer-songwriter filed bankruptcy after receiving a bill from the Internal Revenue Service topping $16 million for unpaid taxes.7. Walt DisneyBefore he created the eponymous entertainment company, Disney had a few failed business ventures, forcing him to file bankruptcy in 1923.8. Nicolas CageThe notoriously crazy actor was charged with unpaid taxes totaling more than $6 million by the IRS. And that was just the taxes for the 2007 fiscal year.9. Elton JohnDid you know he was spending $400,000 a month on credit cards?10. Cyndi LauperBack in 1981 she filed and had to work in retail before she was famous.11. Chris TuckerAccording to court documents filed at Lake County, the IRS has a lien of $11.5 million so that they can collect federal income taxes.12. Tia CarrereCarrere got greedy. In an attempt to get out of her “General Hospital‘ contract and join the cast of “The A-Team,‘ Carrere filed a lawsuit for bankruptcy stating that “General Hospital‘ was no longer providing her with enough work to sustain her lifestyle.13. Toni BraxtonIn 1998, Braxton filed for bankruptcy despite having a huge hit album with “Secrets.‘ She was reported to be in debt for $3.9 million. Her personal possessions were sold including awards she had received. It seemed things were getting better, but Braxton filed for Chapter 7 again in 2010 due to her problems with Lupus, a divorce and a child with autism. She was believed to have debts from $10 million up to a possible $50 million.14. Wesley SnipesHe was indicted in 2006 for tax evasion. He apparently tried to cheat the government out of almost $12 million and for not filing any tax returns for six years. In the court case that followed, the claims were affirmed and Snipes surrendered for a jail stint in 2010.15. Gary BuseyAt his lowest point, Busey was said to have less than $50,000 in assets to his name even though he has appeared in over 70 films including “Lethal Weapon‘ and “Point Break.‘

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