michael jackson

  • Many celebrities go from being rich and famous to being involved in lawsuits or spending sprees that trigger bankruptcy.
  • One president was broke after leaving the Oval Office and had a famous author, who also went broke, write his memoirs.
  • MC Hammer, Meat Loaf, and 50 Cent all went from being top musicians with great wealth to bankruptcy and debt.

The lives of the rich and famous often seem glamorous, but even the biggest celebrities have issues with money.

Despite many inspiring stories of celebrities who came from nothing and worked their way out of financial hardship, the opposite also happens. For many stars, their career arcs are riches-to-rags.

From musicians to athletes to movie stars, sometimes fame and wealth results in a disastrous spending spree. Many celebrities have ended up declaring bankruptcy. A bunch of famous people had trouble paying off loans and making child support payments. 

Take these 18 examples of rich and famous celebrities who lost all of their money. Some of them managed to bounce back, while others remain in financial trouble.

SEE ALSO: 31 celebrities who found success later in life

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Michael Jackson

The King of Pop was supposedly $ 400 million in debt when he died unexpectedly in 2009. He was also close to foreclosure on his famous Neverland home

Large amounts of spending required Jackson to take out loans, many which he never paid back. Jackson’s money problems got worse once he was involved in numerous expensive lawsuits.

Right before he died, Jackson planned on getting out of debt by going on tour. His estate has resolved the financial issues and Michael has been the top-earning dead celebrity for five straight years.

 

Nicholas Cage

Cage was one of Hollywood’s biggest stars, earning $ 40 million in 2009 alone, but also one of its biggest spenders. He purchased many homes, automobiles, and rare artifacts. 

The IRS placed tax liens on multiple properties he owned and then had Cage hand over more than $ 6 million for failing to pay his 2007 tax bill. Cage’s precarious financial situation led him to sell many of his personal belongings, including a treasured comic book, and take many film roles.

Floyd Mayweather Jr.

Mayweather has never lost a match in the boxing ring, earning the nickname Money. Yet, Deadspin reported that Money Mayweather has owed the IRS money for over a decade.

The boxer’s failure to pay taxes resulted in a $ 22.2 million debt to the IRS, even as he came out of retirement for a high grossing fight. There are rumors that Mayweather will again come out of retirement to settle his debts.

See the rest of the story at Business Insider


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