Contrary to common belief bankruptcy is faced by many famous and wealthy people too. Nothing is guaranteed in life and celebrities also know how to suffer from financial hardship, moreover, their fall hurts much more, because they fall from highest heights of social and financial peaks.
Maybe, after reading this you’ll make up your mind and make a key decision.
So, here are the TOP-10 loudest bankruptcies of celebrities you should read about.
1. Donald Trump
The current US president, Donald Trump was earlier well-known for his countless businesses and for his Real Estate developing business in particular. The public story of his extreme success starts dozens of years ago and includes such famous projects as Atlantic City casinos, Manhattan skyscrapers, resorts in Florida, countless luxury residents all around the world and media projects through which Trump also promoted his odious personality. Still, this story has some black spots when Mr. Trump had to file for bankruptcy at least six times! Six times he declared bankruptcy in a period between 1991- 2009 years.
For his businesses, Trump has chosen to file for under Chapter 11 bankruptcy that is known as a rehabilitation bankruptcy. By filing for it, he gave his businesses a chance to reorganize debts and reappear on the market as stronger and healthier companies. Experts say the main reason of his biggest bankruptcy was famous Trump Taj Mahal that made him take extremely expensive loans of summarized amount around 1 billion dollars.
2. Mike Tyson
The boxing legend, Mike Tyson was one of the most high-paid boxers with the income about 30 million dollars per fight. That crazily huge money made more bad than good to his as he was spending money like water: luxurious lifestyle, most expensive exclusive cars.
It’s been almost 15 years ago when he didn’t count the money while acquiring mansions, exotic animals, jewelry and lots of other extravagant physical assets. No wonder it led him into a financial catastrophe with the total amount of credit above 27 million dollars.
With this debt burden and the current lawsuit against his promoter, he had to forfeit his most expensive assets after he filed for bankruptcy to return money to his lenders.
3. Toni Braxton
Famous and previously terrifically successful singer Toni Braxton shows a great example of quick financial recovery after going bankrupt. She filed for bankruptcy two times. Having a debt of around 50 million dollars she couldn’t find resources to satisfy lenders claims that lead to bankruptcy, and the story has repeated in three years (in 2013, when he popularity declined and her income too). Nevertheless, right after her latest bankruptcy in just half a year, Toni Braxton acquired a 3 million dollars mansion in California. We don’t know the details of her bankruptcy process but her story is a good example of how people should not be afraid to take big decisions.
4. 50 Cent
He used to be the second richest hip-hop singer in the USA with more than 30 million albums sold all over the world. His earnings were colossal and his spending was beyond imagination. His luxury lifestyle required him to spend millions on lavish exclusive cars and mansions, parties and trips. All his numerous relatives and friends and family members have also experienced his generous financial support. He also gave a lot of money for charity purposes. His financial drain has started from the 5 million dollars lawsuit from his ex-girlfriend. Later on, he made some unlucky investments where he’s lost about 20 million dollars, while his overall assets were estimated at 15 million dollars only. He had no other choice than to file for bankruptcy under the Chapter 13 to win some time and reorganize his debts.
5. Nicolas Cage
Well, you will not find a celebrity with the more weird taste for luxury and exclusive pieces. He owned a shark and king cobras, he has bought a real skull of a dinosaur, and he has had a crocodile as a pet and a collection of pygmy heads. But not all those crazy purchases became his start of financial catastrophe but a case of unpaid taxed (several million dollars). You may have heard of this loud story that turned into a true nightmare for famous Hollywood actor.
After declaring a bankruptcy Nicolas Cage has lost his huge house in California and him home in Nevada at it was foreclosed (along with other valuable assets).
6. Kim Basinger
Now that’s a story of the remarkable fall and even more impressive rise. The Hollywood movie icon of the nineties has to file for bankruptcy due to the lawsuit against her from the “Line Pictures” company. At that moment Kim had a $5.4 million of assets while the company sued her for 8.1 million dollars.
Despite these shocking circumstances the actress was able to get several movie contracts and earned most of her money back. Unfortunately three years later she had to face a new trial for almost 4 million dollars.
Nevertheless, since the second lawsuit Kim Basinger repeater her success story by appearing in multiple movies and signing a contract with the Top model agency. Noticeable, that she has got that contract at the age of 60!
7. Francis Ford Coppola
A Hollywood director Francis Ford Coppola is known for filing for bankruptcy twice. What is really remarkable is the difference between his assets and liabilities at the time of second bankruptcy: 52 million against 98 million dollars.
Such colossal debt has arisen from his failure to earn on his movie “The Bling Ring” that cost his 27 million, while the total income from the movie has barely reached $4 million.
In spite of having such stressful times, currently, Francis Ford Coppola is a proud owner of hotels and winery.
8. Larry King
Gone are the days when Larry King was barely known radio announcer in the sixties so his earning were far from the current level (his current fortune is about 150 million dollars).
In the beginning of 70s, Larry was sued by his partner for stealing 5,000 dollars from him. Larry was eventually acquitted but due to this case, he was not able to find a job for several years after that.
Finally, Larry King declared himself bankrupt, having no source to repay the total debt of 352,000 dollars from. The same year he was offered a job of a host at the late-night talk where he has earned his millions and became famous and recognized all over the world.
9. Pamela Anderson
Former Playboy star and a Hollywood actress, Pamela Anderson has glorious times when she was earning big money, so she could afford massive expenses. She has spent remarkable million dollars on plastic surgery and even more money for her house and other stuff. What she clearly didn’t think about is IRS, while it was noticeable for the tax-guys Pamela has money. Miss Anderson didn’t pay taxes as fast as she ran in famed “Baywatch”, so she was questioned and eventually put in a position where she had to file for bankruptcy.
10. Michael Jackson
The legend and the pop-king of generations was probably the most discussed celebrity after he passed away as his children were left without money due to Michael’s enormous debts. He was # One on the stage and he spent money accordingly: his Neverland Ranch drained almost everything, while Jackson’s previous spending on plastic surgery were also beyond imagination.
At the time of his death, the pop-music king was on the edge of total bankruptcy.