As an individual, have you thought about gathering a lot of money of any currency at all and suddenly you lose all of it to anything which may come up? To think of that happening is going to be very tragic. Some people would say that it is better off not thinking about at all.
Furthermore, a lot of people often have the belief that if you have amassed a lot of wealth, you cannot go broke again. However, that is not the plain truth. The basic truth and reality are that amassing a whole lot of money does not mean that you cannot go broke. After all, take a good look at those celebrities that have made their name in the entertainment industries. How many of the rich celebrities who have made a whole lot of money are still booming today.
Certainly, there are a whole lot of celebrities who are presently struggling to meet ends meet. It is also heartbreaking if you are taking a look at it from the perspective and angle from a normal individual not to talk more of a celebrity. You might be wondering where and how the celebrities who had amassed wealth still went ahead to become bankrupt.
It may be hard to believe by a lot of people, but the truth still remains that there are a lot of celebrities out there who still loses their large amount of money. For some of the celebrities who went bankrupt, their cases may even be worse than you had earlier imagined. A few of the celebrities whom you thought had the whole world often end up without a home afterward. The causes of the celebrities getting bankrupt are numerous and could range from lawsuits with other sets of people entirely.
Other major causes of celebrities getting bankrupt may also come from tax evasion. In any case, spending money lavishly (without foresight) is another major cause of celebrities getting bankrupt and going broke over time. A lot of celebrities spend their money unwisely without thinking of what might happen later on in their future endeavors. They majorly go on to purchase expensive cars such as Benz, Lamborghini and so on. Others may go on to spend their money on expensive pieces of Jewelry and even donating to charities around them.
This article will go through the lives of those celebrities who have gone bankrupt during the course of their life as a celebrity. It is also important to note that some of the celebrities who had gone broke/bankrupt have in one way or the other re-gained their wealth through the help of some people or if they are more than committed to making money again. Celebrities who go bankrupt happens times without number and it is also set to continue happening in the near future.
Below, is the compiled list of those celebrities who have gone broke and bankrupt over the course of their career. They include:
Curtis James Jackson III popularly known as 50 cent by a lot of people was born on July 6, 1975. 50 Cent, as we all know, is a celebrity in America who performs the profession of rapping, singing. He is also known to be a profound songwriter, actor, entrepreneur, T.V producer as well as an investor. 50 Cent was born in South Jamaica but later made his name in the United States of America while he began his career in music. While dating back to the year 2015, 50 Cent was listed amongst the 5 wealthiest hip-hop singer while having an estimated net worth of over 155 million dollars. His bankruptcy nature began when he had some investments which backfired to him. In addition, one big lawsuit which came against 50 Cent that forced him to pay 5 million dollars to Rick Ross Child’s mother due to a sex tape post he made of her on the internet also made him spend the money which he never bargained for and dent his wealthy nature.
Nicolas Cage has had a lot of problems which made him go bankrupt. Nicolas Cage was formally known to be a National Treasure to a lot of people. However, some decisions which he made were not favorable to him as it placed him in a life of being broke.
Nicolas Cage had previously spent a large sum of money on pets and as well as shrunken heads. In addition to that, Nicolas Cage also owed the IRS over 14 million dollars as the tax which he was unable to pay.
Furthermore, Nicolas Cage had a lawsuit with his ex-lover in the year 2009 where he was ordered to pay the sum of over 13 million dollars to her. Lastly, Nicolas Cage also went bankrupt when a real estate company sued him with the sum of money which is yet unidentified up till date.
Lisa Marie Presley
Some time ago in February 2018, there was discovered to be a court document which clearly showed that Lisa Marie Presley owed about the total sum of 16.7 million dollars which was as a result of defaulted mortgage, credit card bills and some other means.
It was also reported that in the year 2018 also, she was involved in a tussle with her financial manager which saw the duo take the matter to the court to decide their fate.
As well all know, Aaron Carter was the younger brother to Nick Carter. Aaron Carter was a very famous celebrity back in his days while making his name from the popular Aaron’s Party as well as when he featured in Nickelodeon.
However, his popularity and his fame did not stop him from going broke later on in his career. It was reported that in the year 2013, Aaron Carter was known to owe the total sum of 2 million dollars which were seen as taxes which he had not paid. He currently seems to be getting back to fame and back to his best which he is currently featuring on Dancing With the Stars among others.
Joey Lawrence became bankrupt in the year 2017 together with his lovely wife identified as Chandie Yawn-Nelson. According to a couple of sources, both Joey Lawrence and his wife, Chandie Yawn-Nelson had just 8 thousand dollars between them in the bank which was a way off from the money they were supposed to pay.
The couple of Joey Lawrence and Chandie Yawn-Nelson were told to pay the sum of money rising up to 19 thousand dollars in one month due to several offenses which range from the likes of credit card debt, loans which were unpaid, back taxes, and also rent which they had not paid as well.
Way back in the year 1991, M.C. Hammer was estimated to have a whopping sum of over 33 million dollars according to a popular brand known as Forbes. However, the way M.C. Hammer lived his life as a celebrity while buying things he should not buy, partying when he should not party and doing kinds of stuff which he should not have been doing, resulted in his wealth drastically dropping to just about 13 million dollars.
Notwithstanding the fact that M.C. Hammer is among those set of people that can bounce back to wealth in style, he certainly did that. Presently, M.C. Hammer has his own record label and also runs over 22 martial artists and also teaches in Harvard.
Toni Braxton is known to have won the Grammy awards in the past due to his amazing voice. However, that did not prevent the popular Grammy winner for going broke 2 times in the past as well. His first bankruptcy occurrence came in the year 2010 and the second one happened three years later (2013). Even with the fact that she had a very high sale of her album, she still owed her recording company a whole lot of money which put her in debt.
However, she seems to have put her past behind her now as she has featured in Dancing With the Stars and she also owns a reality show which is titled Braxton Family Values.
Linsday Lohan is known to be a very popular celebrity especially with her roles in The Parent Trap and as well as Mean Girls. In the year 2010, she was known to have a debit credit card of about 600,000 dollars.
While in the year 2013, she had to pay IRS 93,000 dollars. In addition, in the year 2016, she was sent parking from her house in London because she was unable to pay 137,000 dollars.
Larry King is known to be a popular host on a talk show.
Larry King was accused of grand larceny by his ex business partner. In the year 1960, he went broke and he was also broke in the year 1978 as he owed over 350,000 dollars due to unwise spending of money.
Stephen Baldwin is known to be the youngest in his family. He was also known to have filed for bankruptcy in the year 2009. Stephen Baldwin has involved himself in a lot of sorry moments including when he was arrested in the year 2012 for failing to pay taxes.
He had a debt of over 2.3 million dollars in credit card and mortgages. When Stephen Baldwin was found guilty of the offense, he was told to gather up any pay the sum of 400,000 dollars in one year. However, he was able to pay the sum of money.