In life we all have to manage this to make sure that they last long be that anything and same goes for money especially when you are earning in millions and gonna use to the fat cheques coming you’re your way. Keeping track of how you spent your cash is a best way to keep from going bankrupt, but guess what; there are still some celebrities who are in love with spending their cash in things that might never come in use.
There are many names in the list of celebrities who went under bankruptcy due to their bizarre habits of spending money. There are many who made a rebound after the bankruptcy and there is who are still working in making their way back to the right path.
So let’s get started with our list of celebrities who went from filthy rich to bankrupt.
Number 7
Aaron Carter
Though Aaron Carter is not broke now but the once upon a time teen heart throb Aaron Carter might have missed the reminders for paying taxes. In 2013 the singer filed for bankruptcy, apparently he was in debt of 2 million dollars. Thought according to some sources Aaron Carter might have been broke way before he even resorted to bankruptcy, the paltry assets he had only included a flat screen TV, a Louis Vuitton backpack and 917 dollars in his checking account. According to Aaron Carter his managers that is his parents were responsible for his money and they didn’t do a lot of things right and a lot of neglecting was done by his parents side.
Number 6
Stephen Baldwin
The rich and famous Stephen Baldwin could not escape the recession even when his fame peaked not too long ago. The 43 years old Stephen Baldwin and Kennya his wife were in debt of more than 2 million dollars. The reports say he owed 1.2 million dollars on two mortgages for their home in Rockland Country, New York, more than 1 million dollars in taxes and 70,000 dollars in credit card debts. Stephen Baldwin is just one name of the long list of celebrities who had or have financial issues. Baldwin has defaulted on over 824,000 dollars in payments to the mortgage.
Number 5
Mike Tyson
The former heavy weight champion went bankrupt in 2003 after making more than 300 million dollars in his legendary career. Mike Tyson was reportedly had 28 million dollars in debt. Many reports have claimed that Mike Tyson’s excessive partying was what sunk him and the excessive spending on exotic things such as pet tigers.
Number 4
Kim Basinger
The Oscar winning star Kim Basinger on breaching an oral contract was ordered to pay 8.1 million dollars to Main Line Pictures. Kim Basinger’s assets which were liquidated included the towns of Braselton, Georgia which she and other investor bought to make them into a tourist attraction, her shares of investment were also sold.
Number 3
50 cent
Though being one of the first wealthiest hip-hop artist and net worth at 155 million dollars saw his worth drop by almost 200 million dollars in just 12 months in a legal battle in 2016 which left him bankrupt with 32.5 million dollars in debt. 50 Cent declared bankruptcy after he was found guilty of releasing a sex tape online in June 2015, to which the court ordered him to pay 5 million dollars to the victim.
Number 2
Nicolas Cage
The once upon a time highest paid actor in the world, with the earning of 40 million dollars in a year at the apex of his success found his financial situation change abruptly in 2009. The bizarre money spending habits of Nicolas Cage was the main reason behind his financial ruins. Nicolas Cage didn’t only spend his money on Rolls Royce’s or a private jet he had a habit of spending his money on very unusual items. For starters let’s take his several million dollars spent on comic books and comic memorabilia. Then comes a veritable zoo with pets including a shark, a crocodile and number of purebred dogs, he even owned a pet octopus of 150,000 dollars. Then comes the dozens of skulls belonging to long dead prehistoric creatures, he spent 300,000 dollars to buy a T-Rex skull. No wonder he went bankrupt.
Number 1
Michael Jackson
The king of Pop was majorly in debt after his death. Even after receiving royalties from his music catalogues annually, it was just not enough to keep him out of debts. The debt of 30 million dollars grew way too quickly, and when Michael Jackson died he was in between 400 million dollars to 500 million dollars debt. Michael Jackson had two internal trains lines on the property, a train station building with a 50 seated movie theatre, he even had a zoo on his property and to think the animals were exotic with tigers, elephants and a monkey.
The list of such celebrities just not end here, there is a way too long list which would shock many fans as to why their favourite stars went bankrupt.
Thanks for Reading.
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