Celebrities are often pressured to live a certain lifestyle. Some of them are forced to live in big mansions with high walls – to keep their privacy. Some celebrities are compelled to keep up with fellow stars. While their million-dollar pay allow them to live extravagant lives, their fame may not have the same destiny. There are celebrities who suddenly fade from the spotlight and without their ability to draw an audience, producers will naturally stay away.
This is when some celebrities start having troubles. While others are wise enough to invest their money elsewhere, there are those who end up being financially broke.
Here are some of them.
The 2016 Republican presidential candidate have had a couple of businesses go bankrupt.
Curtis Jackson III filed for Chapter 11 bankruptcy protection. However, he was forced to settle when he was told by the court to pay $23 million to his creditors within 5 years.
He though financial troubles cannot touch him – but it did. He was once worth $33 million but after only 5 years, he was forced to file for bankruptcy. The reason? Excessive spending.
The talk show host was once stole $5,000 from a business partner and this led to his arrest. He was charged with grand larceny in 1971. It was his show that eventually helped him go from being financially broke into a success.
Bad spending habits also caused this R&B singer to file for bankruptcy twice – once in 1998 and then in 2010.
The actress once filed for bankruptcy after pulling out of a project that led the producers to sue her in court. They won and she was forced to settle and pay $3.8 million.
During the first 18 years of his career, Mike Tyson earned $400 million. A series of bad habits and anger management issues took all of that away. In 2003, he filed for bankruptcy and soon focused on fixing his reputation.
The actor was forced to downsize his life after a couple of lawsuits from the government, an ex-girlfriend and a business manager cost him a huge part of his assets.
Cyndi Lauper once had to sing dressed like a geisha in a Japanese restaurant. This was after a failed singing and songwriting stint with Blue Angel and before she released her hit album “She’s So Unusual.”
The rapper went through a lot of settlements and repossessions for failing to meet various financial and credit obligations.
The Baywatch star had to reveal that he was financially broke. This was to help lower his $252,000 spousal support payments to ex-wife Pamela Bach.
Another Baywatch star owed $1.7 million on her taxes and $800,000 on the construction company that built her home. This caused her to lose her house.
The rapper was chased for unpaid taxes – both owed to the federal and state government. This can lead to the seizing of his assets and properties.
The singer in American rock band Creed revealed in a Facebook video that we has “penniless”. This was in November 2014.
The recession in Ireland caused this Westlife star to file for bankruptcy in 2012. Fortunately, he is on his way to recovery through new albums and tours.
The Game of Thrones actress said she only had $5 in the bank because of an expensive divorce and custody battle.
Brendan Fraser was unable to work after suffering a back injury when Hurricane Sandy hit. He had to challenge the $900,000 annual child support payments that he had to pay ex-wife Afton Smith.
Burt Reynolds filed for bankruptcy after a couple of investment failed on him. An expensive divorce also added to his financial troubles.
The Baldwin brothers are all famous. Stephen Baldwin was known for his financial woes. He went through bankruptcy, a foreclosed home and millions worth of debt.
This action star could have lived a comfortable life after a series of box office films. Unfortunately, financial mismanagement led to millions of debt and even a three-year sentence for tax fraud.
Can you believe her over-the-top costumes led to her financial demise? Thankfully, Live Nation’s Arthur Fogel wrote her a check for $40 million – a great deal for any struggling artist.