Famous People Who Lost All Their Money
To all of us, it’s hard to grasp just how on earth successful people can find themselves without a dollar to their name. But it happens – and more often than you think! Here’s a list of famous people that somehow managed to get all the way down to rock bottom.
Earning a whopping $400 million spanning his 20-year boxing career, it would come as a huge surprise to most that Tyson’s earnings weren’t quite enough to suit his lavish lifestyle. It’s safe to say that his financial collapse was as brutal as his boxing…
The heavyweight champion amassed a debt totaling $23 million when he filed for bankruptcy back in 2003, after squandering his fortune on mansions, cars, jewelry and prostitutes.
Curtis Jackson had far less than 50 cents to his name when he filed for bankruptcy. This came shortly after a court ruling ordered him to pay $7 million to a woman whose sex tape he made public online – without her consent…
So how did a man worth an estimated half a billion dollars lose it all? Seems living it large paid its toll on the famous rapper as he amassed $22 million worth of debt.
Known as one of the greatest blues/soul singers the world has ever seen, Marvin Gaye had an estimated worth of $5 million. But that large sum wasn’t enough to keep him out of the woods. When the legendary singer divorced from his first wife back in 1976, the star was forced to file for bankruptcy to cover the $600,000 alimony payments that he owed her.
A drug addiction didn’t help his financial woes and unfortunately, Gaye was killed by his very own father – who shot him shot during a heated argument in 1984.
Hollywood royalty Nicolas Cage pocketed $150 million between 1996 and 2011, earning a massive $20 million per blockbuster! But where did his fortune go? By 2009, Cage’s lavish (and in some cases, ridiculous) spending habits caught up with him. His decade-long buying spree saw him spend money on outrageous purchases including a shark, a crocodile, a dinosaur skull, a private jet (a more normal sort of purchase) and just when you thought it couldn’t get any more absurd…he added a collection of pygmy shrunken heads to the list.
His expensive taste soon caught up with him and in 2009, he owed $6.5 million in taxes. To top it all off, he was being sued by his former manager. Cage was still paying the money back in 2012, but since acting in a number of recent films (including The Croods) he narrowly missed the need to file for total bankruptcy.
The CNN talk show host filed for bankruptcy in 1960 and again later in 1978. He may be worth $150 million today, but he wasn’t earning anywhere near as much working as a Miami radio announcer. Lavish spending in the 60s left him drowning in a debt of over $352,000. After struggling to find a job in journalism, he then went on to become one of the most successful talk show hosts, after CNN offered him a late-night radio show – what a comeback!
Sir Elton John, AKA Britain’s finest, went broke in 2002 over massive debt amassed from his many lavish properties worldwide. He once even spent £30 million on houses in two years – that’s an average of 1.5 million a month! Talk about excessive spending.
So what can we learn from all of this?
If you are lucky enough to come into a huge fortune, don’t go blowing it on sharks and crocodiles, like Nicolas Cage!