Being a rich celebrity may sound like luxurious fun, but money can be a fickle thing. Many public figures have fallen victim to terrible business circumstances, ill-informed lifestyle decisions, or sometimes out-of-control spending.
These 15 celebs couldn’t handle their financial struggles and had to file for bankruptcy:
Mike Tyson filed for bankruptcy in 2003 after going “obsessed” with money, spending it on jewelry, prostitutes, mansions and cars.
Kim Basinger had to file for Chapter 11 bankruptcy in 1993 due to breach of contract. A Los Angeles jury found that she had violated an agreement with Main Line Pictures to play the lead role. boxing helena (The same role from which Madonna also backed out at the last minute).
Teresa and Joe Giudice filed for bankruptcy in 2009, claiming they owed more than $10 million to their creditors. A few years later, the couple served long prison sentences for bankruptcy fraud.
Toni Braxton filed for bankruptcy twice throughout her career. The first occurred in 1998 amid bad record deals and excessive spending. The second filing occurred in 2010 when she canceled her self-funded Las Vegas show after being diagnosed with microvascular angina.
Marvel has such magic of a brand today that it’s hard to believe that Stan Lee once had to file for bankruptcy protection. Stan Lee Media Inc. ceased production and laid off most of its employees after its shares fell below $1 in 2000.
Iconic director Francis Ford Coppola filed for bankruptcy at least three times. His financial troubles started when he failed to make his 1982 film, with one heart, With your money The costly project flopped at the box office, and Coppola was deeply in debt.
Burt Reynolds’ bankruptcy filing was triggered by a lavish lifestyle and a messy 1993 divorce from his second wife, Loni Anderson.
Curtis Jackson, better known as 50 Cent, filed for Chapter 11 bankruptcy protection in 2015. The filing came shortly after he lost the lawsuit, and a jury ruled that he must pay Lastonia Lewiston several million dollars over the sex tape he posted without her permission.
Disney is one of the most recognizable brands in the world, but it wasn’t always rainbows and butterflies for its founder. Walt Disney filed for bankruptcy for his first animated cartoon studio, Laugh-O-Gram, in 1920 after a series of bad business deals.
Former Nickelodeon star Drake Bell once filed for bankruptcy, claiming he owed $581,000. At the time, his income was $2,820 a month, and he owed back taxes.
Cyndi Lauper found herself in some financial trouble before making it big as a solo artist. Her former manager, Steve Masarsky, sued Lauper and her fellow Blue Angel bandmates in 1980 for $80,000.
Lil’ Kim filed for Chapter 13 bankruptcy in 2018 in an effort to keep her New Jersey mansion. She paid off $4 million to creditors amid financial issues and even borrowed money from friend Missy Elliott.
Stanley Burrell, better known as MC Hammer, filed for Chapter 11 bankruptcy protection in 1996. He listed more than 200 creditors, with total debts of at least $10 million and only $1 million in assets.
The late Larry King had a rocky history with money. After all, he was once accused of grand larceny after allegedly stealing $5,000 from financier Louis Wolfson. King declared bankruptcy in 1978 when he was unable to pay more than $350,000 in IOUs and gambling debts.
Hailey Bieber’s father, Stephen Baldwin, filed for bankruptcy in 2009 after he owed $1.2 million on two mortgages, $70,000 in credit card debt, and more than $1 million in taxes.