Not all celebrities can actually afford to live like celebrities and spend a lot of money on what we see as unnecessary things. Many of them may had money at first, but then things started to change. In these instances, before long, they have no money left to spend on even the most necessary things. Some of those celebrities who faced the above-mentioned dilemma are not small-time actors but big guns who made millions just a few years ago. We look at some of these very well-known celebrities who are supposed to live like royalty after making millions but now can not.
If you want to know who they are, click next and be amazed or surprised who those have been millionaires are.
Michael Jackson
This singer was one of the most controversial celebrities when it comes to spending money and mismanagement of millions of dollars. Michael’s extravagance forced him to take out loans of millions to cover for all his expenses, including the average yearly maintenance of Neverland of around $10 million. Luckily for the children, his estate sorted everything out at the time of his untimely death, so they do not need to worry about that millions of dollars debt.
Aaron Carter
He made millions before the age of 18, but as soon as he turned 18, he was eligible for tax and had to pay nearly all his money for taxes. That was in 2016, and now he owes more than 100 000 dollars, and that after he filed for chapter 7 bankruptcy. Hopefully, this pop star still has a few good songs in him to help him get to the top again to pay off the debt.
Charlie Sheen
Once one of the world’s most famous actors, who made more than $600 0000 per month, now only has debts of more than $15 million. This is because of bad decisions and uncontrolled spending of money on the credit card that cost him more than 6000 dollars a month. Unfortunately for Charlie Sheen, he has nowhere to turn to, to help him pay the more than $6 million on back taxes and all the other debts.
Gary Busey
After acting in more than 70 movies, you would think that Gary will have the financial security that will last for many years to come. But that is not the case with this actor who owes more than 500 000 dollars in debts, but he has no cash left at all. You would always wonder what happened to the fortune he earned in all those movies and how he ended up filing for Chapter 7 bankruptcy after a lifelong career.
David Cassidy
This singer sold more than 30 million records but still used credit cards and only paid the minimum monthly fee, which slowly caught up. After many years of piled up minimum payments on his credit card, he owed more than 350 000 dollars, which he could not pay, and after his divorce, it got worse. By the time of his death, he still owed that money after denying that he had no money problems just a year before.
Stephen Baldwin
This film and television actor was not supposed to end up being declared bankrupt if he managed his finances properly with the many roles he played in. But it happened, and he ended owing more than 70 000 dollars on his credit card, and that just because of the lack of knowledge about debts. Unfortunately, Steven became a statistic of so many people that owe a considerable debt on their credit card, and he ended up losing everything, even his house in foreclosure.
DMX
Earl Simmons, better known as the rapper and songwriter Dark Man X, sold more than 30 million albums but did not guarantee a huge bank account. He actually filed for bankruptcy and has an estimated net worth of just over negative, yes you read right, negative 10 million dollars. This may seem like a nasty joke, but it is the truth and that after he had to pay child support for 15 children and pay off some tax restitution as well as other credit card debts.
Randy Quaid
After playing in so many popular movies such as Independence Day, you would think this star would have it made for the rest of his life. You cannot imagine how these people spend their money as if it is going out of fashion and end up having huge amounts of debts. But this is the case with Randy, and he has even been on the run from law enforcement because of tens of thousands of dollars on hotel bills.
Janice Dickinson
After 40 years in the business and many as a judge in America’s Next Top Model, this veteran supermodel has very little to show for her life in money. She currently only owes around $500 000 after spending all the money she earned, and a claimed $19 000 in assets, yet she still filed for bankruptcy. Even after everything, she still owes quite a considerable amount on back taxes of around 550 000 dollars. Hopefully, it will not bite away from the remainder of her net worth.
Mike Tyson
The now-retired boxer, Mike Tyson, made more than 300 million dollars in his life as a heavyweight boxing champion but has nearly nothing left. Of all that money he made, he only has about $3 million left at the age of 50 and that after he filed for bankruptcy at 30. But as he said, he is still alive and lived through that bankruptcy, and he will prevail with the last bit of his money.
Heidi Montag
After earning more than $2 million a year, they have nothing to show for it; that is the words she said to People not many years ago. Currently, she only sits on a net worth of about 20 000 dollars and that with a wardrobe of more than one million and bottles of wine worth more than 3000 dollars. At least this is only the net worth of Heidi Montag and does not include her husband, but they still spend millions in their lives.
Dennis Rodman
This NBA basketball player, who played for many years for the Chicago Bulls, earned more than 24 million dollars in his very successful career. But that vast amount of money did not last, and he claimed in 2012 that he could not afford the 800 000 dollars he owed in child support. This is one of the many examples of celebrities who earned millions and just spent it to leave nothing for their old age; for now, he is only worth about 500 000 dollars.
MC Hammer
With a 17-car garage and a million dollars in the bank as well as all the fame, at this age, he has nearly nothing left to show after a long career. This rapper had a fortune of around 25 million dollars not many years ago, but that fortune shrank to only 1.5 million. After making more than 6 million a year, this must be quite a downfall. Hopefully, there is still some rapping left in the man.
Burt Reynolds
After many decades of earning more than 10 million dollars per year, this veteran actor ended up with just over 5 million net worth just before his death. He might not have been bankrupt, but he lost a lot of money in the course of his busy celebrity life, which in his own words, he regretted. At least he left something to his children and did not squander all the money he made in his long life of acting.
Evander Holyfield
With more than 20 years in the world of boxing, this four-time world champion made more than 230 million dollars in prize money. But this long time world champion learned in the hard way that nothing lasts forever, especially if you are in an IRS battle for many years. This millionaire is currently left with a humble net worth of only 500 000 dollars to his name, and he even lost his huge Georgia mansion.
Lindsay Lohan
Partying and more partying is one of the many reasons why Lindsay Lohan lost most of the money she earned for 34 years of her life. Bad luck struck when the IRS seized her bank account in 2012 and left her with only around 500 000 dollars net worth, only a fraction of previous fortunes. This is a good example that a life of drugs and alcohol is not good for your bank account, especially those who are rich and famous.
Chris Tucker
At one point in his acting career, this actor was one of the highest-paid actors in Hollywood and made up to 25 million dollars per movie. But this changed quite a bit for the famous actor of Rush hour and Fifth Element, with a string of financial crises that caused the foreclosure of his house. He also had to settle a tax lien, which set him back more than 2 million dollars, bringing his fortune down to a mere 3 million dollars.
Kelly Rutherford
This actress is best known for her roles in TV series such as Melrose Place and Gossip Girl and earned a lot of money from just these series. Unfortunately, her long life of acting did not protect her against bankruptcy. She filed for a chapter 7 bankruptcy in 2013 after a custody battle with her ex-husband. She is currently worth a very small portion of her lifelong earnings and has a net worth of only 1 million dollars.
Willie Nelson
This very popular country singer may not be bankrupt or poor in the usual sense, but he had some bad luck in his life. He lost most of his money at some stage and even owed the IRS around $35 million in back taxes, but that did not stop the singer from bouncing back. He currently has a net worth of just over $25 million, and that just in time for a good retirement and to live happily ever after.
Gary Coleman
This childhood star made 70 000 dollars per episode for the series he played in and was one of the highest-paid child actors of his time. But by the time the series ended, he had basically nothing left, and when he died in 2010, he had only 75,000 dollars to his name. In the last 10 years of his life, he had to work as a security guard to make ends meet and still had a lot of financial problems up to his death.
T-Pain
With a long name such as Faheem Rasheed Rajm, this American rapper and songwriter decided on the stage name T-Pain to make it easier to pronounce his name. He went from $40 million to nothing and had to borrow money to buy burgers for his kids, and that was in his own words. But he bounced back, and after years of singing, he is worth $10 million, but that could have been much more was it not for bad management.
Toni Braxton
This American singer and songwriter is not a stranger to bankruptcy. She filed in late 1998 for it and again in 2010. Now she has financial problems again because of serious money problems and some liens against her for back taxes and other debts she may have. Fortunately, she still has some money to make from her reality show. Hopefully, that will alleviate her from all the money problems and prevent her from making the same mistakes.
R Kelly
This singer and songwriter had his net worth shrinking from over 150 million dollars to a mere 1 million dollars in a very short time. But that was not the end because the newest reports showed that he was not even able to pay child support of $180,000 and has a net worth of only $100,000. But that is not the only problem he has; a lot of bad things are going on with this once-popular singer.
Chris Soules
This farmer and reality television personality had to pay a 2.5 million dollar judgment to the family of the victim that got killed when Chris was drinking and driving. This could easily bankrupt the farmer, and it was reported that his net worth might have shrunk down to 500,000 dollars.
For more information about celebrities that lost their fortune, see the following YouTube video to know more about some of their spending habits.
