13 celebrities that also went bankrupt or close

Nathan Johnson Published 07/16/2015

50 cent isn't the only one

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1.
Nicolas Cage: Between 2000 and 2007, Cage went on huge spending sprees, buying everything from a $8 million castle to $1 million Ferrari Enzo. In 2009, after the recession Cage was forced to sell everything including that precious castle.
2.
Michael Vick: In 2005, Vick’s bad ways cost him $135 million and the title of the 33rd Most Powerful Celebrity (according to Forbes).
3.
Rihanna: In 2009, Rihanna’s fortune diminished from $11 million to just $2 million. Her accountant was to blame and now Rihanna is doing just fine with a net worth around $85 million.
4.
Gary Coleman: Coleman amassed $8 million in trust funds during his time as a young actor. He later found out that his manager and parents spent the majority of his money leaving him with $200,000. Coleman filed for bankruptcy in 1999.
5.
Billy Joel: The singer-songwriter and composer declared bankruptcy several times throughout his glorious career. Rumor has it that Joel lost somewhere around $90 million due to his brother-in-law’s mismanagement of funds.
6.
Willie Nelson: Due to unpaid taxes and fees adding up to $16.7 million, Nelson filed for bankruptcy in 1990. To help pay his debt Nelson released the album “The IRS Tapes: Who’ll Buy My Memories.”
7.
M.C. Hammer: Before going bankrupt in 1996, M.C. Hammer had a net worth around $33 million.
8.
Wayne Newton: Newton was once listed as the highest paid entertainer in the world (according to the Guinness Book of World Records). In 1992, after a slew of bad investments Newton filed chapter 11 bankruptcy.
9.
Mike Tyson: Tyson had a hard time getting back on his feet after serving three years in jail for sexual assault causing the boxing legend to blow through his $400 million fortune.
10.
Burt Reynolds: In 1996, Reynolds filed for Chapter 11 after a costly divorce and a failed restaurant venture.
11.
Kim Basinger: In the ’90s, Basinger backed out of the horror film ‘Boxing Helena,” costing her millions and forcing her to sell the town of Braselton, Georgia. Yes, she owned a town!
12.
Larry King: In the early ’70s, King’s former business partner publicly accused him of grand larceny causing him to collect $352,000 in debt. King filed for bankruptcy in 1978, which was the same year he was offered his eponymous show.
13.
Marvin Gaye: In 1978, to pay alimony, Gaye was forced to use royalties from an upcoming album. Ultimately leading to the Motown legend filing for bankruptcy.

1.
Nicolas Cage: Between 2000 and 2007, Cage went on huge spending sprees, buying everything from a $8 million castle to $1 million Ferrari Enzo. In 2009, after the recession Cage was forced to sell everything including that precious castle.
2.
Michael Vick: In 2005, Vick’s bad ways cost him $135 million and the title of the 33rd Most Powerful Celebrity (according to Forbes).
3.
Rihanna: In 2009, Rihanna’s fortune diminished from $11 million to just $2 million. Her accountant was to blame and now Rihanna is doing just fine with a net worth around $85 million.
4.
Gary Coleman: Coleman amassed $8 million in trust funds during his time as a young actor. He later found out that his manager and parents spent the majority of his money leaving him with $200,000. Coleman filed for bankruptcy in 1999.
5.
Billy Joel: The singer-songwriter and composer declared bankruptcy several times throughout his glorious career. Rumor has it that Joel lost somewhere around $90 million due to his brother-in-law’s mismanagement of funds.
6.
Willie Nelson: Due to unpaid taxes and fees adding up to $16.7 million, Nelson filed for bankruptcy in 1990. To help pay his debt Nelson released the album “The IRS Tapes: Who’ll Buy My Memories.”
7.
M.C. Hammer: Before going bankrupt in 1996, M.C. Hammer had a net worth around $33 million.
8.
Wayne Newton: Newton was once listed as the highest paid entertainer in the world (according to the Guinness Book of World Records). In 1992, after a slew of bad investments Newton filed chapter 11 bankruptcy.
9.
Mike Tyson: Tyson had a hard time getting back on his feet after serving three years in jail for sexual assault causing the boxing legend to blow through his $400 million fortune.
10.
Burt Reynolds: In 1996, Reynolds filed for Chapter 11 after a costly divorce and a failed restaurant venture.
11.
Kim Basinger: In the ’90s, Basinger backed out of the horror film ‘Boxing Helena,” costing her millions and forcing her to sell the town of Braselton, Georgia. Yes, she owned a town!
12.
Larry King: In the early ’70s, King’s former business partner publicly accused him of grand larceny causing him to collect $352,000 in debt. King filed for bankruptcy in 1978, which was the same year he was offered his eponymous show.
13.
Marvin Gaye: In 1978, to pay alimony, Gaye was forced to use royalties from an upcoming album. Ultimately leading to the Motown legend filing for bankruptcy.

Nicolas Cage: Between 2000 and 2007, Cage went on huge spending sprees, buying everything from a $8 million castle to $1 million Ferrari Enzo. In 2009, after the recession Cage was forced to sell everything including that precious castle.

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13 celebrities that also went bankrupt or close

1.
Nicolas Cage: Between 2000 and 2007, Cage went on huge spending sprees, buying everything from a $8 million castle to $1 million Ferrari Enzo. In 2009, after the recession Cage was forced to sell everything including that precious castle.

2.
Michael Vick: In 2005, Vick’s bad ways cost him $135 million and the title of the 33rd Most Powerful Celebrity (according to Forbes).

3.
Rihanna: In 2009, Rihanna’s fortune diminished from $11 million to just $2 million. Her accountant was to blame and now Rihanna is doing just fine with a net worth around $85 million.

4.
Gary Coleman: Coleman amassed $8 million in trust funds during his time as a young actor. He later found out that his manager and parents spent the majority of his money leaving him with $200,000. Coleman filed for bankruptcy in 1999.

5.
Billy Joel: The singer-songwriter and composer declared bankruptcy several times throughout his glorious career. Rumor has it that Joel lost somewhere around $90 million due to his brother-in-law’s mismanagement of funds.

6.
Willie Nelson: Due to unpaid taxes and fees adding up to $16.7 million, Nelson filed for bankruptcy in 1990. To help pay his debt Nelson released the album “The IRS Tapes: Who’ll Buy My Memories.”

7.
M.C. Hammer: Before going bankrupt in 1996, M.C. Hammer had a net worth around $33 million.

8.
Wayne Newton: Newton was once listed as the highest paid entertainer in the world (according to the Guinness Book of World Records). In 1992, after a slew of bad investments Newton filed chapter 11 bankruptcy.

9.
Mike Tyson: Tyson had a hard time getting back on his feet after serving three years in jail for sexual assault causing the boxing legend to blow through his $400 million fortune.

10.
Burt Reynolds: In 1996, Reynolds filed for Chapter 11 after a costly divorce and a failed restaurant venture.

11.
Kim Basinger: In the ’90s, Basinger backed out of the horror film ‘Boxing Helena,” costing her millions and forcing her to sell the town of Braselton, Georgia. Yes, she owned a town!

12.
Larry King: In the early ’70s, King’s former business partner publicly accused him of grand larceny causing him to collect $352,000 in debt. King filed for bankruptcy in 1978, which was the same year he was offered his eponymous show.

13.
Marvin Gaye: In 1978, to pay alimony, Gaye was forced to use royalties from an upcoming album. Ultimately leading to the Motown legend filing for bankruptcy.

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eBaum's Picks

1. Nicolas Cage: Between 2000 and 2007, Cage went on huge spending sprees, buying everything from a $8 million castle to $1 million Ferrari Enzo. In 2009, after the recession Cage was forced to sell everything including that precious castle.

2. Michael Vick: In 2005, Vick’s bad ways cost him $135 million and the title of the 33rd Most Powerful Celebrity (according to Forbes).

3. Rihanna: In 2009, Rihanna’s fortune diminished from $11 million to just $2 million. Her accountant was to blame and now Rihanna is doing just fine with a net worth around $85 million.

4. Gary Coleman: Coleman amassed $8 million in trust funds during his time as a young actor. He later found out that his manager and parents spent the majority of his money leaving him with $200,000. Coleman filed for bankruptcy in 1999.

5. Billy Joel: The singer-songwriter and composer declared bankruptcy several times throughout his glorious career. Rumor has it that Joel lost somewhere around $90 million due to his brother-in-law’s mismanagement of funds.

6. Willie Nelson: Due to unpaid taxes and fees adding up to $16.7 million, Nelson filed for bankruptcy in 1990. To help pay his debt Nelson released the album “The IRS Tapes: Who’ll Buy My Memories.”

7. M.C. Hammer: Before going bankrupt in 1996, M.C. Hammer had a net worth around $33 million.

8. Wayne Newton: Newton was once listed as the highest paid entertainer in the world (according to the Guinness Book of World Records). In 1992, after a slew of bad investments Newton filed chapter 11 bankruptcy.

9. Mike Tyson: Tyson had a hard time getting back on his feet after serving three years in jail for sexual assault causing the boxing legend to blow through his $400 million fortune.

10. Burt Reynolds: In 1996, Reynolds filed for Chapter 11 after a costly divorce and a failed restaurant venture.

11. Kim Basinger: In the ’90s, Basinger backed out of the horror film ‘Boxing Helena,” costing her millions and forcing her to sell the town of Braselton, Georgia. Yes, she owned a town!

12. Larry King: In the early ’70s, King’s former business partner publicly accused him of grand larceny causing him to collect $352,000 in debt. King filed for bankruptcy in 1978, which was the same year he was offered his eponymous show.

13. Marvin Gaye: In 1978, to pay alimony, Gaye was forced to use royalties from an upcoming album. Ultimately leading to the Motown legend filing for bankruptcy.

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4.

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6.

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8.

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10.

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Share This Image

1 Comments

eBaum's Picks

1.
Nicolas Cage: Between 2000 and 2007, Cage went on huge spending sprees, buying everything from a $8 million castle to $1 million Ferrari Enzo. In 2009, after the recession Cage was forced to sell everything including that precious castle.

2.
Michael Vick: In 2005, Vick’s bad ways cost him $135 million and the title of the 33rd Most Powerful Celebrity (according to Forbes).

3.
Rihanna: In 2009, Rihanna’s fortune diminished from $11 million to just $2 million. Her accountant was to blame and now Rihanna is doing just fine with a net worth around $85 million.

4.
Gary Coleman: Coleman amassed $8 million in trust funds during his time as a young actor. He later found out that his manager and parents spent the majority of his money leaving him with $200,000. Coleman filed for bankruptcy in 1999.

5.
Billy Joel: The singer-songwriter and composer declared bankruptcy several times throughout his glorious career. Rumor has it that Joel lost somewhere around $90 million due to his brother-in-law’s mismanagement of funds.

6.
Willie Nelson: Due to unpaid taxes and fees adding up to $16.7 million, Nelson filed for bankruptcy in 1990. To help pay his debt Nelson released the album “The IRS Tapes: Who’ll Buy My Memories.”

7.
M.C. Hammer: Before going bankrupt in 1996, M.C. Hammer had a net worth around $33 million.

8.
Wayne Newton: Newton was once listed as the highest paid entertainer in the world (according to the Guinness Book of World Records). In 1992, after a slew of bad investments Newton filed chapter 11 bankruptcy.

9.
Mike Tyson: Tyson had a hard time getting back on his feet after serving three years in jail for sexual assault causing the boxing legend to blow through his $400 million fortune.

10.
Burt Reynolds: In 1996, Reynolds filed for Chapter 11 after a costly divorce and a failed restaurant venture.

11.
Kim Basinger: In the ’90s, Basinger backed out of the horror film ‘Boxing Helena,” costing her millions and forcing her to sell the town of Braselton, Georgia. Yes, she owned a town!

12.
Larry King: In the early ’70s, King’s former business partner publicly accused him of grand larceny causing him to collect $352,000 in debt. King filed for bankruptcy in 1978, which was the same year he was offered his eponymous show.

13.
Marvin Gaye: In 1978, to pay alimony, Gaye was forced to use royalties from an upcoming album. Ultimately leading to the Motown legend filing for bankruptcy.