10 Celebrities Who Went Bankrupt

 Celebrities Who Went Bankrupt, Kim Basinger
Kim Basinger - 
By Alan Light, via Wikimedia Commons
Let’s face it; you’d have thought that once you’ve got a few million bucks tucked away in your bank account, you’d have pretty much got it made.  That’s not been the case with many celebrities, though, because a lot of them have ended up flat broke. It seems that, what with dodgy accountants, not paying the tax man, and a lust for fast cars and yachts, a few million dollars just isn’t enough for some well-known celebs. Here are ten of those celebrities who had mishaps with their money and ended up skint.

1. Kim Basinsger
Kim Basinger was forced into bankruptcy after she breached her contract and pulled out of the movie “Boxing Helena” and the movie studio sued her for the princely sum of $8.1m in damages. She filed for bankruptcy in 1993 and was forced to sell her share in a small town in Georgia that she had invested in a few years earlier.

2. Michael Jackson
As if the king of pop didn’t have enough problems in his life, he also couldn’t pay his rent! He might have been worth a lot on paper, but very little of that was actually available in ready cash. Michael Jackson had to declare bankruptcy in 2007 when he could no longer afford to keep up with the payments on his Neverland Ranch.

3. Mike Tyson
Can you imagine blowing $300 million! Well, that’s exactly what the bad boy of the boxing ring did. He lost is fortune through nothing more than his own extravagance on himself and his entourage. Mike Tyson filed for chapter 11 in 2003 having blown all his money on Bentleys’ mansions, jewellery and, apparently, the Bengal Tigers that he kept as pets.

Celebrities Who Went Bankrupt, Nicolas Cage
Nicolas Cage -  
By Georges Biard, via Wikimedia Commons
4. Nicolas Cage
Nicolas Cage is another celebrity who got carried away with his spending and ended up broke. Just like Iron Mike Tyson, it was Nick Cage’s love of the high-life that eventually bankrupted him. At one stage, he was reported to have owned 15 mansions two castles and a fleet of Rolls Royce’s, but now he lives in a rented house and he still owes the tax man around $7 million.

5. M.C. Hammer
Perhaps MC Hammer was yelling “U Can’t Touch This”, when the repo men turned up at his house, because his overspending led to his bankruptcy in 1996. He sold 50 million records around the world, but that wasn’t enough to cover his extravagant spending. When MC Hammer filed for chapter 11, he owed nearly $14 million, but his assets only came to just over $9 million.

6. Wesley Snipes
It was the tax man that was the undoing of the star of the Blade movies, Wesley Snipes. He didn’t like handing over his cash to the IRS, so they got him on tax evasion, bankrupted him, and sent him to jail. At the time, he had an outstanding tax bill of $12 million.

Celebrities Who Went Bankrupt, Pamela Anderson
Pamela Anderson - 
By Toglenn (Own work), via Wikimedia Commons
7. Pamela Anderson
Star of Baywatch and two other extremely popular videos that become a hit on the internet, Pamela Anderson assured the tax authorities that she didn’t have the money to pay her tax bill. The IRS was not impressed when they discovered that, despite her pleading poverty to them, the star had managed to find $1 million to renovate her home. Anderson had to sell the home that she just renovated in order that she could pay the tax man what he was due.

8. Meatloaf
Even though Meatloaf’s album “Bat Out of hell” still sells about 200,000 copies every year, the star has been bankrupted twice in his career. The first time was in 1983 when his business partners sued him for breach of contract. Meat found himself in financial trouble again in 1986, when his songwriter convinced him to release some dance tracks which, unsurprisingly, flopped.

9. Marvin Gaye
Even with massive hits under his belt like “How Sweet It Is (To Be Loved by You)” and “I heard it through the Grapevine”, Marvin Gaye’s income could not match his spending.  At one stage, in 1979, Gaye was flat broke and living on friend’s couches and in the back of a van.

10. Burt Reynolds

“Smokey and the Bandit” star, Burt Reynolds owed over $9 million when he went bankrupt in the 1990s. Part of his money problems stemmed from a costly divorce from his ex-wife Loni Anderson. Reynolds has had to sell much of collection of movie memorabilia as well as his home, on which he could no longer afford to pay the mortgage payments. He did recently, however, make the final payment to his ex-wife, twenty two years after they got divorced!

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