We all know the saying “Money doesn’t buy happiness”. But, for many of us, money does indeed make life more comfortable. For celebrities, money also provides them with a platform to further their career and pursue their dreams.
But what happens when these celebrities end up losing their fortunes? Fame, fortune and high-flying lifestyles may seem like a never-ending reality for many celebrities, but for a few, their financial situation has gone from being an embarrassment of riches to a state of near financial ruin.
Here, we will take a look at 7 celebrities who have gone from being rich to broke.
1. Kim Basinger
Kim Basinger rose to fame in the late ’90s and early 2000s with roles in films such as Batman Forever, 9½ Weeks and The Natural – making her one of the highest-paid actresses of her time. However, in 1993, Basinger knowingly purchased an entire town in Georgia named Braselton, with the hope of turning it into a tourist destination.
Unfortunately, this dream never came to fruition, and Basinger was eventually forced into bankruptcy. To make matters worse, she was forced by the bankruptcy court to pay over $7 million in damages to her former business partner.
2. Nicolas Cage
Nicolas Cage is one of the highest-grossing actors of all time. However, not even his Hollywood success could help to save him from financial ruin. Having made a series of poor investments and purchased expensive properties, his lavish lifestyle eventually led to his financial collapse. In fact, Cage has personally declared bankruptcy after owing the IRS $6.2 million in unpaid taxes.
3. Mike Tyson
The late heavyweight champion of the world, Mike Tyson is an example of how even sports stars aren’t immune to financial ruin. Although Tyson was once worth $300 million, his extravagant lifestyle, lawsuits, and divorces led to him losing almost all his money. And what’s more, Tyson was even forced to sell his mansion and most of his expensive possessions.
4. MC Hammer
MC Hammer rose to fame in the late ’80s and early ’90s with his signature dance moves and hit records such as ‘U Can’t Touch This’. Despite being one of the world’s highest-paid entertainers during his time, by 1996 he had declared bankruptcy due to a combination of overextended business investments and an expensive lifestyle.
5. 50 Cent
50 Cent was once one of the biggest names in hip-hop and one of the richest men in music. However, his lavish lifestyle eventually caught up with him. In 2015, 50 Cent declared bankruptcy with a reported debt of over $36 million.
6. Toni Braxton
The seven-time Grammy award-winning artist, Toni Braxton found herself in dire financial straits when she filed for bankruptcy in 1998 with a debt of over $10 million. Braxton blamed her financial woes on poor career choices by her now former management.
7. Gary Busey
The actor Gary Busey has had a long and colorful career in Hollywood, including roles in films such as Point Break, Predator 2 and Rookie of the Year. Having earned the majority of his money through his acting career, his 1993 bankruptcy filing was prompted by a series of bad investments and poor financial decisions.
Conclusion
No matter how much wealth, fame and success a celebrity may achieve, it’s important for them to remember to spend responsibly, as it’s easy to get lost in the glam and glitz of the celebrity lifestyle. The 7 celebrities we have looked at here are a stark reminder that no matter how rich and famous you are, it’s always important to save your money and to budget responsibly – or risk going from riches to rags.
