Admit it or not, every one of us has dreamed of becoming a celebrity. Why wouldn't we, right? You'll be famous all over the world, have so much money in your bank account that you'll be able to afford whatever you want like expensive cars, personal planes, luxury houses, private yachts. But the thing is, if you have a lot of money, you tend to overspend. Yes, celebs have a lot of money, and we mean a lot, but that is not to say that's it's limitless. An over-extravagant lifestyle could lead you to bankruptcy. Here, we'll show you 40 celebs who became completely broke.
Dennis Rodman - Child Support
Dennis Rodman is one of the greatest defensive players the NBA has ever seen and has won five NBA championships in his career. He has earned millions because of his very successful basketball career, but thanks to three divorces and hundreds of thousands of dollars in bills and spousal support, he eventually became bankrupt.
Michael Vick - Imprisonment
Michael Vick is a former NFL quarterback who was convicted to 21 months in federal prison for his involvement in a dogfighting ring in 2007. When he got out of jail, he was still able to play in the NFL, but his time in prison damaged his career, and he eventually ended up filing for bankruptcy. He retired from professional football in 2017.
Lena Headey - Divorce
Cersei Lannister is the Queen of the Seven Kingdoms and part of the richest House in Westeros, but in real life, Lena Heady became bankrupt. She and her ex-husband, musician Peter Loughran, got divorced in 2013. The divorce and the custody battle left her with only $5 in her bank account! The good thing is that it looks like she's finally back on her feet. "A Lannister always pays her debts".
Brendan Fraser - Child Support
Brendan Fraser has appeared in a lot of films and TV shows and is one of the best actors of the '90s. He has starred in some blockbuster hits, and that's why it may come as a big surprise that he was bankrupt once. The exact reason is not clear, but rumor has it that he lost all of his money and had to file for bankruptcy due to immense child support payments.
Teresa Giudice - Legal Issues
The Real Housewives of New Jersey star Teresa Giudice made a ton of money from appearing on the show, and in turn, she has been able to live a more luxurious lifestyle. But before she became a real housewife, she was involved in some legal troubles and was even forced to serve some time in jail. In the end, she had to file for bankruptcy.
Meat Loaf - Thieving Managers
Meat Loaf is a singer/songwriter, and record producer that is famous for his Bat Out of Hell trilogy of albums which has sold over 50 million records worldwide. With that many record sales, you would think that he would be rich. But due to his managers' stealing his money, even suing him and ruining his image, he was forced to file for bankruptcy.
50 Cent - Lawsuit
50 Cent is a rapper known for his extravagant lifestyle and has made a lot of money over the years. However, he once faced a massive lawsuit that led him to file for bankruptcy. The good thing is that now, he has gotten back on his feet and is enjoying the lavish lifestyle that he's used to. Come to think of it, calling himself "50 Cent" may not have been a good idea.
Kelis - Divorce
Kelis is an American singer, songwriter, and chef who has made a considerable fortune, thanks to her music career. She married hip-hop artist Nas in 2005, then divorced him in 2010. They have a son together, and Nas was ordered to pay $55,000 per month in child and spousal support. However, the divorce had led Kelis to bankruptcy.
Lindsay Lohan - Addiction
Lindsay Lohan is one of the most famous teen stars of the '90s, but as time passed by, she struggled with legal troubles and even battled drug addiction and alcoholism. It damaged her career, and also due to an overly extravagant lifestyle, she accumulated a credit debt that amounted to $600,000. Eventually, she became broke.
Heidi Montag & Spencer Pratt - Crippling Gullibility
Heidi Montag and Spencer Pratt became famous for appearing on the MTV series, The Hills (which was kinda like Keeping Up With The Kardashians). The couple made a lot of money from the show, but foolishly believed the Mayan’s prediction of the 2012 Apocalypse, that's why they spent their entire fortune. Do you think they were happy that the world didn't end in 2012?
Mike Tyson - Overspending
Mike Tyson is one of the greatest heavyweight boxers the world has ever seen. At the height of his career, Tyson had a $300 million net worth, but thanks to an exceedingly lavish and extravagant lifestyle, he squandered his entire fortune and even obtained a $50 million loan and mortgage. Today, the champ has gotten back on his feet and has an estimated $3 million net worth.
Courtney Love - Mortgage Debt
The American singer, songwriter, actress, Courtney Love was the wife of Kurt Cobain. They were rock royalty back in the 90s until his death in 1994. Courtney bought a mansion for them, but after Kurt's death, she wasn't able to pay the mortgage debt amounting to $386,000. The mansion was later foreclosed.
Larry King - Debt
Before he became successful, Larry King had accumulated a $352,000 debt which made him broke. He filed for bankruptcy in 1978, but luckily, he was offered by CNN a late-night talk radio show which later became Larry King Live. Now, he has an estimated net worth of $150 million and is living like a king.
Nicolas Cage - Overspending
Nicholas Cage has been in tons of movies over the years. Though not all of them may have been masterpieces or blockbuster hits, he has nonetheless gathered a vast fortune in his bank account. But due to an over-the-top extravagant lifestyle and uncontrolled spending, he was able to accumulate a $14 million debt. He did pay his debts and now has an estimated net worth of $25 million.
Natasha Lyonne - Financial Difficulties
Natasha Lyonne was part of the original American Pie cast and has appeared in other films. She suffered from a lot of financial difficulties and was even diagnosed with Hepatitis C which drained her bank account. It seems that today, she has gotten back on her feet, and is now starring in the Netflix series Orange Is the New Black for which she received an Emmy nomination.
Burt Reynolds - Overspending
Smokey and the Bandit was one of the films that made Burt Reynolds one of the biggest stars of Hollywood during the '70s. He has appeared in other great movies, making him one of the highest-paid actors of the time. But he wasted his fortune and even gathered a $9.4-million debt and later became bankrupt.
R. Kelly - Financial Troubles
R. Kelly is a very successful singer, songwriter, and record producer. He faced a lot of financial and legal problems and even faced a $10-million lawsuit for having an intimate relationship with a 15-year-old when he was 24. He settled the lawsuit by paying $250,000. Today, he has millions in his bank account and an estimated net worth of $150 million.
Willie Nelson - Tax Payments
Country music legend Willie Nelson had a lot of debt from mishandling of his tax payments. He was able to accumulate $16 million in debts, which caused poor ol' Willie to go bankrupt and even had to auction off his belongings. Today, Willie is back on track and has a $25-million fortune.
Janice Dickinson - Debt
Janice Dickinson is one of the most successful models of the '70s up to the '80s and is considered the first supermodel. In 2003, she became a judge on the hit show America's Next Top Model for four seasons and started her own modeling agency in 2005. Sadly, she accumulated a debt of $1 million and was forced to file for bankruptcy.
Dorothy Hamill - Bad Investment
Dorothy Hamill is the 1976 Olympic champion in figure skating, and was even dubbed as "America's sweetheart". Dorothy and her husband decided to buy the "Ice Capades". They tried to revive the financially struggling company, but they were eventually forced to file for bankruptcy and had to sell their assets. She obtained a $1.6-million debt due to that bad investment.
Stephen Baldwin - Mortgage Debt
Stephen Baldwin is the youngest of the Baldwin brothers who are all actors. Stephen is best known for appearing in the films Born on the Fourth of July and The Usual Suspects. He also became known for the reality TV shows such as Celebrity Big Brother 7 (UK) and Celebrity Apprentice. Stephen had an enormous million-dollar mortgage debt which later caused him to file for bankruptcy.
Donald Trump - Repeated Bankruptcy
The 45th President of the United States of America, Donald Trump is the wealthiest US President, with an estimated net worth of $3.5 billion. Donald is a real estate mogul and very successful businessman, but he, too, has faced bankruptcy, not just once, but four times.
Pamela Anderson - Overspending
The blonde bombshell is known for her role as one of the hot lifeguards in a red one-piece bikini in the hit TV show, Baywatch. She was also the Playmate of the Month for Playboy magazine in February 1990. She lived a very luxurious lifestyle and didn't control her spending. As a result, she accumulated a debt of around $1.7 million.
Gary Busey - Unpaid Debts
Gary Busey has been in the show business for many years and has appeared in more than 150 films, most notably Lethal Weapon, Predator 2, and Carried Away. He also guest-starred in a number of TV shows such as Law & Order, Scrubs, and Entourage. Gary had accumulated a debt of $500,000 which eventually caused him to file for bankruptcy.
Lady Gaga - Risky Investment
Lady Gaga is known for her remarkable performances and weird outfits (like her "meat dress"). In 2009, she was bankrupt because she gambled $3 million in her bank account on her Monster Ball Tour. Lucky for her, it turned into a major success, grossing $227 million. She was then offered a $40-million contract with Live Nation.
Busta Rhymes - Tax Evasion
Busta Rhymes is known for his incredibly fast rap verses and his unusual fashion sense. Like most rappers, Busta Rhymes lives a very extravagant lifestyle while forgetting to pay his taxes. He eventually owed the IRS around $800,000 in unpaid taxes. You could say that Busta got Busted.
Tori Spelling & Dean McDermott - Financial Difficulties
Tori Spelling and her husband Dean McDermott are both TV personalities. Tori's father was a very wealthy man, and she was expected to receive a large sum from her father's $500-million estate when he passed in 2006, but she only received $800,000. She admitted to being in financial trouble due to her reality show getting canceled, bad real estate decisions, and also her fourth pregnancy which put her in the hospital for ten weeks.
Nelly - Gambling Addiction
Nelly is another rapper who is known for his love of ridiculously expensive things. But the reason why he became bankrupt was his massive gambling addiction. He was able to settle his gambling debts immediately, but he is now having trouble with the IRS for unpaid taxes amounting to $2 million.
Lauryn Hill - Unpaid Taxes
Lauryn Hill is best known as one of the members of the hip-hop group that rose to international fame in the '90s called Fugees. She is a woman of many talents: she is a singer, songwriter, rapper, record producer, and actress. She had some trouble with the law, due to not settling her income taxes, which eventually led to her filing for bankruptcy. The good thing is she has now recovered and has around $8 million in her bank account.
Chris Tucker - Unpaid Taxes
Chris Tucker is known for his role in the Rush Hour film series alongside Jackie Chan. He's one of the highest-paid comedic actors in Hollywood, but surprisingly, he has a net worth of -$11.5 million (yes that's right, it's a negative) due to unpaid taxes to the IRS. Owing $11 million is no joke, but thankfully, Chris was able to settle it.
Michael Jackson - Lavish Lifestyle
Michael Jackson or the "King of Pop" lived his life just like a King. Michael had a very extravagant lifestyle which resulted in a debt accumulation of $23 million for his Neverland Ranch and other unpaid bills. He passed away in 2009, and even years after his death, his estate still makes hundreds of millions of dollars.
Marvin Gaye - "Van" Living
Marvin Gaye was one of the most iconic artists in soul music and even earned the titles "Prince of Motown" and "Prince of Soul." Before he became famous, it was said that he was so broke that he was even seen living in his van. He was tragically shot by his own father on April 1, 1984, during his sleep in their home.
Zsa Zsa Gabor - Fraudulent Investment
Zsa Zsa Gabor was an actress who became famous in the '50s for her leading role in the original Moulin Rouge. She was also known for her extravagant lifestyle and her nine marriages. She was involved in a fraudulent investment, which caused her to lose $10 million and file for bankruptcy.
Leif Garrett - Drug Addiction
Leif Garrett was a child actor in the '60s who eventually became a teen idol during the '70s. Like many teen stars, he developed a drug addiction which eventually destroyed his career. He had been arrested multiple times due to possession of illegal substances like cocaine and had been forced to go to rehab. He later filed for bankruptcy.
Lorraine Bracco - Custody Battle
Lorraine Bracco became famous for her roles in the HBO series The Sopranos and also the film Goodfellas for which she got a nomination for an Academy Award. After a 12-year relationship with actor Harvey Keitel, the former couple had a custody battle over their daughter which resulted in $2 million in legal fees and loss of acting roles.
Wesley Snipes - Back Taxes
We all know Wesley Snipes as Marvel Comics' vampire-slaying half-vampire Blade in the Blade trilogy. He has appeared in other movies and even formed his own production company, Amen-Ra Films. Hence, it was a shock to learn that he was sentenced to three years in prison due to a $12-million worth of back taxes he owed the IRS.
Evander Holyfield - Overspending
Evander Holyfield is another heavyweight boxing champion who wasted his massive fortune. Evander is the guy that got a piece of his ear bitten off by Mike Tyson. Due to his excessive spending and extravagant lifestyle, he accumulated a $14 million debt. He was forced to sell his mansion, but it still wasn't enough to pay off his debts.
Toni Braxton - Financial Struggles
Toni Braxton rose to fame during the '90s and has sold over 41 million albums worldwide in her career. She has a lot of financial struggles and was forced to file for bankruptcy, not just once, but twice. It is said that she had debts of over $50 million, but it seems that's she's gotten back on her feet, and now has a $10-million net worth.
Jose Canseco - Tax Problems
Jose Canseco is a very famous outfielder and designated hitter in Major League Baseball. He had admitted that he used performance-enhancing drugs during his career. His financial problems came from incurring massive debt to the IRS which forced him into bankruptcy. Never forget to settle your taxes, kids.
Rihanna - Bad Manager
Rihanna has made a massive fortune, thanks to her highly-successful career. But believe it or not, due to mishandling by her manager, she lost about $9 million, and was "effectively bankrupt." Fortunately, she later won the case and was awarded $10 million by the court. She has now a net worth of $230 million. You go, girl!