Many celebrities go from being rich and famous to being involved in various scandals or lawsuits.
The lives of rich and famous people often seem glamorous, but even the biggest celebrities have issues. Despite the many inspiring stories of Celebrities who rose from nothing and worked their way out of financial hardships, many have risen only to fall again.
In this article we will be seeing eight celebrities who lost all their money at some point in their careers. Some of them managed to bounce back while others never did.
1. MICHAEL JACKSON
He was said to be in about 400 million dollar debt before he died unexpectedly in 2009. His money problems got intense when he got involved in numerous expensive law suits and the interest rate on his debt increased.
2. NICHOLAS CAGE
He was one of Hollywood’s biggest stars in 2009 earning about 40 million dollars. Alongside earning large, the actor was known to spend large too. Nicholas purchased many houses, automobiles, rare artefacts among many others. In 2015, reports began to emerge about how he blew his $150 million fortune from 1996-2011.
3. 50 CENT
50 Cent started his major career as a rapper in the late 90s. Reports say that the musical industry was not his only source of income since he had other businesses. In 2015 he was said to be in a $32.5 million debt while caught up in lawsuits and unpaid child support.
4. KIM BASINGER
The actress in 1989 paid $20 million for the town of Brasetton, Georgia. She intended to create tourist attraction with the purchased property, unfortunately she declared bankruptcy in 1993and had to sell it off.
5. LARRY KING
He was a famous face the American media in the 1950s and 60s. He was charged with grand larceny at the same time accused of stealing $5,000 from his business partner then. In 1978, King fell into deep debt and was forced to declare bankruptcy in 1978.
6. TERESA GIUDICE
She was among the stars of the movie “Real Housewives of New Jersey” alongside her husband Joe filed for bankruptcy in 2009. After the couple claimed to be in $10 million debt, their creditors alleged that they were hiding assets, charging them with bankruptcy fraud.
The famous musician went from having $40 million in the bank to having to borrow money to get his kids Burger King. The rapper opened up about his financial ups and downs in an interview with the radio show “The Breakfast club.” The rapper said the bankruptcy was caused by series of bad investments and bad spending habits.
8. ISAAC HAYES
He was one of the most influential artist of his time filed for bankruptcy in 1976 saying he owed $6 million in taxes.