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Thread: Stars Who Have Gone BANKPURT

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    Default Stars Who Have Gone BANKPURT

    No Money, Mo' Problems









    It takes a special kind of celebrity to burn through millions of dollars. Whether it's trouble with taxes or just an insane level of spending, these stars had to drop the "rich" from the phrase "rich and famous."





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    Gary Busey







    In one of his many crazy, acronym-filled musings, Gary Busey once stated, "'Gone' stands for Getting Over Negative Energy." Well it appears his income was full of bad vibes because Busey's cash flow has gone bye-bye. Busey went belly up and filed for bankruptcy after reporting $1 million in debt and just $50,000 to his name.





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    Kim Basinger







    There's extravagant spending and then there's literally buying an entire town. Even as one of the most successful actresses of the '80s, Kim Basinger's financial woes began once she purchased Braselton, Georgia, for $20 million. That, coupled with an $8 million dollar lawsuit for breach of contract, left the blonde beauty in the hands of bankruptcy proceedings.





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    Michael Jackson







    The King of Pop was prone to eccentric and lavish spending (a simple once over of Neverland Ranch would reveal that much). Although Michael Jackson never filed for bankruptcy himself, he was so far in debt at the time of his death that his estate was left dealing with more debt than assets.





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    Mike Tyson







    Given Mike Tyson's volatile past, you could assume that sound financial management was never his thing. Iron Mike's lavish spending and forgetfulness when it came to paying the IRS ended up in bankruptcy in 2003.





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    Toni Braxton







    Let Toni Braxton's bankruptcy story be a lesson to all those aspiring pop stars. Although Braxton had earnings in the tens of millions, she was in deep debt at the height of her career due to a bad contract that left nearly all of her money in the hands of agents, managers, and label execs. It got so bad, all of her possessions (including her two Grammys) were sold to pay off creditors.





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    Donald Trump







    Somehow Donald Trump has made his name synonymous with wealth, power, and success, but did you know he's declared bankruptcy on multiple occasions? While he has his hands in plenty of different markets, his casino business failed miserably in the early '90s and again in 2004 when Trump claimed losses of close to $1 billion.





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    Anna Nicole Smith







    Sexually harassing an employee is no joke, especially because it could cost you hundreds of thousands of dollars. Anna Nicole Smith went bankrupt in 1996 following a harassment suit that forced her to pay $850,000 in damages on top of legal fees.





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    MC Hammer







    In the early '90s, few musicians were as successful as MC Hammer, but his newfound financial boon brought plenty of friends and family out of the woodwork looking for a piece of the pie. The singer reportedly paid half a million dollars a month to his entourage on top of his already fancy spending habits. Hammer time came to an end in 1996 after he announced he was $13 million in debt.





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    Perez Hilton







    Perez Hilton is familiar with the life of luxury. After all, he built his gossip empire by hanging out with celebrities and partying with socialites. The good life came naturally to Hilton, who had already been living beyond his means. As a student at NYU, Hilton (then Mario Armando Lavandeira) racked up a ton of credit card debt, which resulted in his filing for bankruptcy.





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    Latoya Jackson







    Latoya Jackson may not have had the career of her brother Michael, but she did have similar financial troubles. In the mid-'90s, Latoya gambled everything she had on building a music career. Unfortunately, it didn't take off, leaving her bankrupt.





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    Burt Reynolds







    Burt Reynolds is a Hollywood icon, but an expensive divorce in 1996 revealed he was more in debt than his industry status would imply. Most absurd was the fact that Reynolds had a personal wig maker on staff who he owed $100,000.





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    Cyndi Lauper






    Cyndi Lauper dealt with her bankruptcy issues early on. Lauper filed in 1981, a couple of years before her first hit record She's So Unusual.





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    Tia Carrere







    Tia Carrere thought she was down and out when she filed for bankruptcy early in her career. Then she landed the role as Wayne's love interest in the breakout hit Wayne's World in 1992. People responded so well to Carrere that she was brought back for the sequel, and she's been financially stable ever since.





    Kaise Mujhe Tum Mil Gayee Ho
    Kismat Pe Naa Aaaye Yakeen....

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    Tom Petty







    Years before he wrote "Free Fallin'," Tom Petty's finances were in a steady descent. Petty found himself a half million dollars in debt in 1979, already two albums into his Rock and Roll Hall of Fame career with the Heartbreakers.





    Kaise Mujhe Tum Mil Gayee Ho
    Kismat Pe Naa Aaaye Yakeen....

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