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Top 10 list of Famous People Who Went Bankrupt

Top 10 list of Famous People Who Went Bankrupt

Feb 17, 2014

Famous stars, whether singers, pop stars, rappers or actors are known for their wealthy and extravagant lifestyle that is associated with extreme spending or bad habits. Sometimes, the extreme spending can land these stars in financial troubles and it can even cause bankruptcy. Here is a list of the top 10 famous stars who went through financial issues that sometimes led to total bankruptcy. These problems include issues with the IRS, expensive divorces or they simply wasted away all of their money.

10) Kim Basinger:

Kim Basinger was a very popular name in the 1980s and this popularity earned her millions of dollars. She did not just spend her money on unnecessary things, but she went overboard and bought an entire town for twenty million dollars when she bought Braselton, Georgia. Add to that the 8 million dollars she paid when she lost her lawsuit for breach of contract, all of that left Kim going towards bankruptcy.

Basinger

9) Michael Jackson:

Although Michael Jackson did not declare bankruptcy but at the time of his death, he was deep into debt that his estate had to deal with more debts instead of dealing with assets. Michael Jackson was not a stranger to extravagant spending because he made millions because after all, he was the king of pop.

MJ

8) Mike Tyson:

This one is an no brainer because the powerful and deadly boxer had his share of trouble with the law and with the IRS. He filed for bankruptcy back in 2003 after he had to pay millions to the IRS, after all, financial management was not his thing, combine that with extravagant spending and you got yourself the perfect combo for bankruptcy.

Tyson

7) Donald Trump:

This might be surprising to many, heck, it was even surprising to me since Donald Trump is a name that is always associated with rich, wealth and money. What many people do not know that he has filed for bankruptcy, not once, but multiple times. He has money in plenty of markets but he lost almost all of his money that was in the casino business in the 1990 and once again in 2004 when he lost more than 1 billion dollars.

Trump

6)  DMX:

The famous singer filed for bankruptcy in July of last year after he was arrested under suspicion of Driving under the Influence. The rapper listed less than 50k in assets and between one and ten million dollars in debt. Apparently, he owed more than 1 million dollars in child support.

DMx

5) Anna Nicole Smith:

Being a porn star does not mean that everyone would want to sleep with you, Anna Nicole Smith learnt that the hard way as after sexually harassing an employee, she was forced to pay 850k dollars as well as legal fees after she lost the law suit in 1996, then she filed for bankruptcy.

Nicole Smith

4) MC Hammer

MC Hammer had a very successful career that a few people had in the early 1990s. Due to his great success, many family members appeared out of nowhere wanting a piece of the rich pie. He ended up paying half a million each month to his accompanying entourage. This had its toll as he was forced to declare his bankruptcy in 1996 while he was 13 million in debt.

MC Hammer

3) Latoya Jackson:

She did not have the same career as her brother but she had similar financial problems. She bet all what she had on her aspiring musical career but that did not pay off and she was forced into bankruptcy in the mid 1990s.

Latoya

2) Tia Carrere:

Tia Carrere thought that she was out when she filed for her bankruptcy very early in her career. Luckily for her, she was able to land a role as the love interest of Wayne in Wayne’s World. People responded really well to her and she has been stable financially ever since.

Tia

1) Dorthy Hamil:

She is one of the most beloved American Olympians, but she found herself in great financial trouble after she decided to pursue her passion. In 1993, she bought the rights to the Ice Capades and in only 2 years, the company was losing too much that she had to sell it losing a great amount of her own money.

Dorthy

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