10 Celebrities Who Filed For Bankruptcy
They say that making money isn’t the hard part, its keeping a hold of your money. Celebrities know this to be true more than anyone else in the world. They are a part of a fickle profession that sometimes respects you and treats you like a God, but can just as easily ignore you and forget about you entirely. A lot of celebrities have found it extremely hard to maintain their wealth and status, and end up losing everything after a period of time. Here is a list of 10 extremely famous celebrities who have had to face bankruptcy.
Willie Nelson is one of the most famous pot enthusiasts on the planet and has been doing extremely well for some time now. The only time he experienced the depths of financial depravity is during 1990 and 1993. Apparently the country singer owed the IRS 16 million dollars during this time and was unable to pay them because he was completely bankrupt. This is when he made the album “The IRS Tapes: Who’ll Buy My Memories”. and managed to fight his way out of bankruptcy.
Lindsay Lohan began her career better than most people would have ever expected. Unfortunately she got involved pretty deep in the world of partying and drugs and never managed to come out of it. Apart from becoming a public spectacle, she also went bankrupt in 2012 and has been broke since.
Gary Coleman made it pretty big as a child star on the hit sitcom “Different Strokes”. Unfortunately, the entire 8 million he earned during the run of the show was not accessible to him till he turned 18. By the time he did turn 18, he realized that his parents had spent the bulk of the money and only left him with 200,000 dollars. He ran out the money pretty quickly and became broke soon after.
Nicolas Cage has been in so many movies, that you would think that it was impossible for him to be broke. Apparently the actor is also a major spendoholic and ended up going 14 million dollars in debt. He had to sell off a lot of his possessions including cars, houses and boats to eventually get even with his expenditure.
A man who the world knows as the ‘king of pop’ should not even be close to bankruptcy. Unfortunately, Michael was always known for being on the eccentric end of the spectrum, and he ended up spending almost 10 million dollars every year just to maintain his fabled ‘Neverland ranch’. Eventually it got so bad that he had to take out several loans just to keep the place up and running.
That’s right, the man who is the front-runner Republican candidate for the President of America actually had to declare corporate bankruptcy four times just so that he could keep his business running. America is already over $18 trillion in debt. Is it really a good idea to let this man run the country?
This former action-comedy star from the 90’s used to make more than 2 million dollars a year during his peak. His dying career, coupled with child support payments amounting to 75,000 dollars each month, ensured that he would not work his way out of a financial crunch. He can now be seen acting in several horrible movies just to keep the cash flow going.
Wesley Snipes is the man responsible for the ‘Blade Trilogy’. Yes, that’s right! You can make the Blade trilogy and still be broke after that, let that be a warning to you. Things got so bad for the director that he actually had to go to jail in 2006 because he owed the IRS 12 million dollars. He eventually got out of jail in 2013.
Despite being in the spotlight for most of her life, Courtney Love has had to face some terrible problems. She was the lead singer of Hole and was the girlfriend of legendary artist Kurt Cobain before he took his own life. Even a portion of the money from Nirvana’s record sales wasn’t enough to keep Courtney Love from going bankrupt. She got too involved in her drug habits and ended up having to sell her home just to make ends meet.
The former Baywatch star was literally a house-hold name around the world thanks to her beauty and sex-tapes. Apparently the actress got questioned by the IRS for spending over a million dollars in decorating her new home, and ended up declaring bankruptcy and selling the home in order to pay her taxes.