Wealthy celebrities have tons of people after them every day wanting a piece of their pie. It could be a long-lost friend they haven’t seen in years, family members or even the IRS. Every year many celebrities lose all their money. Quite a few start off with very little but work their way to the top financially. Hollywood celebs lose their money for many different reasons as a result of their bad choices. Some have failed marriages, some don’t pay their taxes and other don’t invest their money properly. The celebrities in this article have lost their money due to their lavish lifestyles. Living in the limelight seems to have gone to their heads and they wasted their money as if there was an endless supply. Not all of them are smart with their money, in fact quite the opposite. We found 17 celebrities that have lost their fortunes because of their poor choices either going bankrupt or just ending up completely broke. The list could be longer, but the ones we found are the ones who made millions and let most of it all go.
17. Burt Reynolds is one of many celebrities to go flat broke.
Back in the 70s, Burt Reynolds was a very popular actor. Now he is close to 80 years old and is about $10 million dollars in debt because of his extravagant spending. Reynolds does not acknowledge that any of this is true, but people could clearly see that something was going on when he started selling all of his movie memorabilia. Reynolds apparently has been flat broke for a short time, but just won’t change his lifestyle. He has a 4-acre waterfront property located in Florida but has an outstanding debt to a mortgage lender in the amount of $1.2 million dollars. The mortgage company filed for foreclosure in 2010. Apparently, the star charges and runs up bills and does not pay them. As a result of not being a man of his word, he owes lots of people millions of dollars.
16. Leif Garrett is one of many celebrities who went bankrupt.
Everyone remembers Leif Garrett from the 1970s. At that time, he was just as popular as celebrities like Justin Bieber. Many of the young teenage girls loved and idolized him. He did not have a very long career, but he made millions while he was working as an actor. In 2001 Garrett had to file for bankruptcy because he didn’t have enough money in his bank account. He had around $350 and had a difficult time finding work. During his bankruptcy, his mother gave him $1,000 dollars a month to make ends meet.
15. Johnny Depp is one of many celebrities in a financial bind.
Johnny Depp is in such financial chaos, he let go of his longtime manager and signed a contract with another agency. Depp is just one of many celebrities that spends about $2,040,000 dollars per month on on his extravagant lifestyle. Jacobs, his former manager worked with Johnny Depp in 1988 when he was working on the TV show 21 John Street. Depp became one of Hollywood’s top earners. Depp let go of Jacobs because of the high commissions he was charging. When he signed up with a rival agency, they got him the part in the Pirates of the Caribbean and offered him better pay and took lower commissions. This actor spent $76.5 million dollars on various real estate, $17.85 million dollars on a luxury yacht, and $30,600 dollars per month on vintage wines. Depp claims that his management failed to pay his taxes, took out loans not approved by Depp and paid a lot of money for safety and security and other services.
14. Nicolas Cage is one of many celebrities to spend way too much money.
If you think other celebrities have money problems, Nicolas Cage has managed to spend his roughly $150 million dollar fortune, until he had nothing left. Nicolas Cage made his money in the entertainment industry because he is a great actor. Cage is considered one of the highest paid actors of all time. He earned approximately $150 million dollars between 1996 and 2011. With those earnings, he owes the IRS $13 million dollars. He lost all of his money because of his outrageous spending habits. In 2009 he filed for bankruptcy and the IRS sued Nicolas Cage for $6.2 million and put a lien against this property. Cage sued his money manager for fraud and negligence. Today Nicolas Cage isn’t picky about the movie roles he takes. The actor will take just about anything that comes his way, however, he is still deeply in debt. What did Cage spend his money on?
- Dinosaur’s skulls – He spent $276,000 on a 67-million-year-old skull that turned out to be stolen.
- Rare exotic king cobras
- Two islands in the Bahamas
- Expensive Lamborghini from the Shaw of Iran
- Vintage automobiles and motorcycles
- Four expensive yachts
- A well-known haunted house
- Shrunken Pygmy heads
- A pyramid tombstone located in New Orleans
- The number one issue of the Superman comic
- A crocodile
- A shark
- An octopus
- A private jet
- 15 luxury estates across the globe
- Two European castles
- Around 50 pieces of rare art
- Expensive jewelry
13. Lindsay Lohan is one of many celebrities to lose her money over a relationship.
Lindsay lost all of her money because she had a poor relationship with her former fiancé, Egor Tarabasov. They were dating for around 11 months and Lindsay claims she even had to pay for her own engagement ring. Egor apparently never contributed a dime while they were together. Egor’s father paid for his extravagant lifestyle. The couple lived in her home. Lohan paid for everything, and their relationship ended badly. This woman is a former wild girl who was known for her erratic lifestyle: she did a lot of partying and ended up spending time in a rehabilitation center. The actress was arrested in May 2007 for drunk driving and thereafter arrested for possession of cocaine and driving under the influence of alcohol without a valid license. This celebrity was out of control and spending loads of money then depending on her well-to-do friends to get her out of her jams. But no one is coming to her rescue anymore. She had to sell $14,000 of designer clothing just to pay for her apartment in England. She has $100,000 in credit card debt and apparently owes her sister $10,000.
12. Kim Basinger is one of many celebrities to lose her wealth because of bad investments.
In 1989, Basinger bought a small town in Georgia that was around 1691 acres called Braselton. She purchased it for $20 million dollars. It was her intention to turn it into a tourist attraction that would have movie studios and a film festival. As time went on, she ran into financial problems and began selling parts of the town off in 1995. Wayne Mason now owns the town. The whole estate became a rift in her life that caused problems with her family. Basinger’s money problems got worse when she decided not to do the film Boxing Helena in 1993. The film studio sued the star for $8.1 million dollars. As a result, she filed for bankruptcy. Basinger appealed the decision of the court and won. The film studio agreed to accept the amount of $3.8 million dollars.
11. Brendan Fraser is one of many celebrities to lose his wealth due to paying high alimony payments.
Fraser had to claim poverty because of the amount of money he was paying his ex-wife for alimony. He had an accident and damaged his back while trying to dispose of a tree that fell on his home during Hurricane Sandy. After his injury, he spent months on therapy in a Beverly Hills clinic. Doctors advised him not to do his own stunts and that drastically reduced his pay. The actor pays more than $300,000 a year in child support. As a result of the accident, Fraser had to go to court and file papers in order to have his alimony payments reduced.
10. Pamela Anderson is one of many celebrities to lose her fortune due to her lavish lifestyle.
Anderson spends all of the money she makes on her lavish lifestyle. A star from the original Baywatch TV series, this beauty also appeared in the recent Baywatch movie. This actress is gets hired on for roles in TV and film about once a year and she is currently the face for the British designer, Vivienne Westwood. Anderson owed $1.7 million dollars in back taxes back in 2009. In California, she had a delinquent tax of $525,000. She had to sell several of her belongings including a house in Sydney where she owed $37,000 in back taxes in 2012. Nothing as of yet has been published about whether or not she is still in debt but she still loves to spend her money.
9. Mike Tyson is one of many celebrities to go bankrupt.
Might Tyson made about $400 million dollars in his boxing career over the span of 18 years. Tyson was paid around $30 million dollars for each fight. He spent lots of money on jewelry, fancy houses, automobiles, parties, clothing, motorcycles, and exotic animals. Tyson was also in constant trouble with the law which included a sexual assault conviction where he served three years in jail. In December 2002, he bought a $173,000 gold chain which he paid for by credit card. This only added to his $27 million debt. By 2003 he filed for bankruptcy. He owed $17.4 million dollars in taxes to the US and British governments. He lost $9 million dollars because of his divorce from Monica Turner. The boxer sued Don King, his promoter , for $100 million dollars in 2004. Tyson said King cheated him out of tens of millions of dollars for more than 10 years. A settlement was reached for a lump sum of $14 million dollars. Some of the money went to pay off of his debts, but in order to pay off the rest, the bankruptcy court laid out a plan which the boxer fought seven times from 2004 to 2007. The IRS lowered his amount owing on back taxes by $2 million dollars. The boxer is now debt free but completely broke.
8. Margot Kidder is one of many celebrities to become homeless.
Margot played Lois Lane in all the Superman movies and was seen living on the streets homeless, because of her battle with bipolar disorder. She went from being a big start to living like a bag lady. Kidder had a problem with schizophrenia and manic depression. For a long period of time, she refused treatment. Haunted by paranoia, Kidder made a home out of cardboard boxes in Los Angeles in 1996. Both of her two front teeth were missing, and portions of her hair were gone. She said to a woman in Glendale California whose front yard she slept on “I may not look like it but I am Margot Kidder.” Today Margot Kidder is back on her medication and has become a spokesperson for mental wellness. In 2015, she received an Emmy for a role she played in the movie The Haunting Hour.
7. Erin Moran is one of many celebrities that died in poverty.
Erin Moran was a young actress on Happy Days. During the last days of her life, she was broke and homeless. She lived with her mother-in-law for a while but her mother-in-law kicked her out because of a drunken fight. Moran was very famous in the 70s but died of a possible heroin overdose. She was 56 at the time and living in Indiana. Actor Henry Winkler made attempts to get Moran a job on his new television show, Arrested Development, but that never happened. Earlier Erin lost her home due to foreclosure, and she wasted around $65,000. Moran was frequently found in bars at late hours of the night hanging out with friends and being very rowdy. The problems that Aaron was having did not go unnoticed by her childhood friends. They actively reached out to her in the last moments of her life but, were unable to help her.
6. Randy Quaid is one of many celebrities who became a fugitive.
Randy Quaid and his wife Evi had the assumption that there was an evil group of Hollywood people that were trying to kill them. And, apparently, this “organization” was responsible for killing Heath Ledger, David Carradine, and Chris Penn. This group also apparently stole millions of dollars from people’s bank accounts while driving others out of the US. The Quaids found themselves in trouble with the law and became fugitives. Later on, Hollywood filed a complaint with the Actors Equity Union, and Quaid now owes the union $81,000. As a result of the complaint, the Union banned him for life. The Quaid’s were arrested while in Texas for not paying a hotel bill in the amount of $10,000. Both he and his wife skipped out on several court appearances and were arrested regularly.
5. Gary Coleman is one of many celebrities to die poor.
Coleman was a very successful young actor in the 80s on the hit television series, Different Strokes. While on that show he made about $8 million dollars, however, he could not spend the money until he turned 18. By the time he received his money, he received $200,000. Coleman’s parents spent most of his fortune, and for the rest of his life, he lived as a person with very little means. The actor filed for bankruptcy in 1999. Although Coleman was working up until the time of his death, his wages were not very high.
4. Gary Busey is one of many celebrities to go bankrupt.
If you see Gary Busey today, you’ll see him on commercials taking a seashell and plugging it into a TV laughing hysterically. Before this, Busey ran into some money problems as a result of suffering from some serious illnesses. Busey was in a bad car accident in 1988. The accident left him with a head injury and then he later got cancer. As a result of his medical problems. Busey had two major surgeries and ended up owing around $1 million in medical bills. He tried to repay the money but instead went bankrupt in 2012. Busey owed everyone from the IRS to two different lawyers, a medical center, Wells Fargo, LA County Waterworks District and a storage company.
3. Willie Aames is one of many celebrities to become homeless.
Willie Aames was in the television shows Charles in Charge and Eight is Enough. He ended up sleeping under shrubbery and in parking garages after he filed for bankruptcy and lost his home in a foreclosure. All this left him homeless. The former child star was a multimillionaire in his 20s and spent time at the Playboy mansion. Today he’s lives in Kansas, is unemployed and is finding it hard to make ends meet. Willie takes on construction jobs when he can find them. He and his wife have an 18-year-old daughter and are so poor he can’t afford to buy a prom dress for their daughter. Many of his problems started when he invested $150,000 in a project that went bust. His wife also has an autoimmune disease, lupus, which means expensive medical bills.
2. Wesley Snipes is one of many celebrities still working but in debt.
Snipes seems to be unlucky time after time. He was in prison for three years for not paying his taxes. Snipes has a lawsuit from a power public relations agency for not paying money owed to the government that was linked to some of the work he did as an actor. The amount that Snipes owes is around $103,000. All the money he made making movies was completely spent. The actor filed for bankruptcy. He owed the IRS $12 million dollars and did not pay them. He went to jail. Wesley was seen in the movie, The Expendables 3. Sylvester Stallone helped Snipes get a part in the film. Getting a part in The Expendables 3 didn’t help his financial situation out much.
1. Michael Jackson is one of many celebrities who was deeply in debt when he died.
The story of Michael Jackson is will probably leave you awestruck. The Jackson business was a multi-billion dollar industry. He sold more than 61 million record albums. At the time of his death, he was about $400 million dollars in debt. His album Thriller was the second best-selling album of his career. Apparently, the music video played almost every hour. After Thiller, Bad sold around 22 million copies. In 1991, he entered into a contract with Sony for $65 million dollars. Jackson was so popular that they featured him at the Walt Disney theme park. So what went wrong? Jackson wasted and spent money like there was an unlimited supply. Here are a few example of his expenditures: he spent money on plastic surgery, he acquired the copyright songs written by the Beatles in 1985 for $47.5 million dollars, and he paid over $14 million dollars for the Neverland Ranch. The ranch was a beautiful place to visit. It costs over $10 million dollars every year just keep it up because there was a small amusement park on the property that cost quite a bit of money to run. Jackson took out several loans to keep the property going. The singer found that he could not afford to keep up with the payments. After his death, nothing was left to his children.