From rags to riches to rags again. Millionaires are always a talk of the town whenever they’re around.
As years go by and their careers are at their peak, they suddenly just tumble down, and a lot of us wonder what was the cause of their downfall.
We are going to look at these top 10 millionaire celebrities who were once big names in their own respective industries and now have become almost a shadow of who they were. We might be able to learn a lesson or two in relation to their life stories.
10. Gary Coleman
Debt Total: $72,000
Gary Coleman was a childhood celebrity earning $70,000 per episode on the hit ’80s show “Diff’rent Strokes.” He was on the road to success until both his financial advisor and his adopted parents mismanaged his hard-earned money. When the show went off the air, he struggled to find more work. He ended up working as a security guard to make ends meet.
He won a court settlement against the two of them, but sadly, this was not enough victory to avoid himself filing for bankruptcy back in 1999. Coleman passed away on May 28, 2010.
9. Dennis Rodman
Debt Total: $800,000
A famous basketball player and a known teammate of icon Michael Jordan, Dennis Rodman had a different life outside of the game court.
In 2012, his lawyer reports that he couldn’t even afford basic living expenses as well as paying child support. It was said that he owed $800,000 in child support. His short-lived marriage to Carmen Electra was talk of the news outlets back in the day.
8. Burt Reynolds
Debt Total: $10 million
Burt Reynolds was a man living the dream when he rose to fame on the 1955 TV show Gunsmoke and the 1977 movie Smokey and the Bandit.
Like Cage, bought a lot of his money on various things, like a private jet, spending on real estate, 150 horses, and unbelievably over $100,000 in toupees. Aside from this material stuff that the bought, it got hard for him when his marriage to Loni Anderson (which was also reported to be very expensive) ended up with divorce, which was even as expensive as his wedding ceremony.
He owed a huge loan of $3.7 million to CBS and filed for bankruptcy back in 1996 when his debt reached over $10 million.
7. Mark Twain
Debt Total: $15 million
For the famous author of the 1884 classic The Adventures of Huckleberry Finn, it wasn’t smooth sailing, even for popular writers like him at that time. Twain, like many others, wanted to become successful and very rich as an author. However, this dream never reached him in the end when his own publishing house went bankrupt after publishing The Adventures of Tom Sawyer.
The situation was too much for him, and he went depressed and filed for bankruptcy in 1894.
6. Kim Basinger
Debt Total: $20 million
Kim Basinger rose to fame in the industry for being part of LA Confidential and the 1989 Batman film. When she thought she had it all, she went downhill after she paid $20 million for the town of Braselton in Georgia.
Basinger planned to open up a theme park or movie studio in the area, hoping this would grow into a popular tourist place. This didn’t push through, and she had no choice but to sell the property instead. She filed for bankruptcy in 1993.
5. Floyd Mayweather Jr.
Debt Total: $22.2 million
The famous boxer Floyd Mayweather Jr. may have a lot of money in the bank, but behind all the glitz and glamour, he actually owes a lot of money to the IRS. This has been going on for more than a decade now.
Mayweather failed to pay his taxes, which ended up costing a debt of $22.2 million to the IRS. This is probably the reason why he had to get out of retirement from boxing to be able to settle the huge amount of debt he owes.
4. Mike Tyson
Debt Total: $23 million
Retired boxing superstar Mike Tyson had a very promising career with a reported net worth of $400 million. However, his huge amounts of debt were a complete knockout with a record of over $23 million back in 2003.
In that year, he owed money to British tax authorities, the IRS, a financial manager, lawyers, and other notable individuals. He also had a deal with a divorce settlement costing him $9 million, as well as some unpaid child support. He filed for bankruptcy and was reported to have started a cannabis-themed resort in 2018.
3. 50 Cent
Debt Total: $32.5 million
50 Cent is one of the world’s notable rappers, but his fame did not escape him from all the controversies that he had to deal with. Aside from making music, he was also a businessman.
However, reports say that he had a huge debt of $32.5 million in 2015 due to unpaid child support and some piled up lawsuits. He then filed for bankruptcy in 2016.
2. Nicolas Cage
Debt Total: $150 million
Nicolas Cage is notable for his roles in Hollywood movie hits such as The Rock, Face/Off, Con Air, City of Angels, and National Treasure to name a few. While his great fame has been raking him some big earnings, his spending on the luxurious things was just too much.
He was notable for being one of Hollywood’s biggest spenders, buying various automobiles, rare artifacts, and a lot of homes. From 1996 to 2011, he had a record of spending of more than $150 million.
Tax liens were placed on a lot of his properties by the IRS. He paid around $6 million to the organization for failing to pay his 2007 bill. Due to this crisis, he had no choice but to sell a lot of stuff to make up for the losses.
1. Michael Jackson
Debt Total: $400 to $500 million
The King of Pop, Michael Jackson, went through ups and downs in his career, from releasing chart-topping songs to numerous allegations and controversies.
One of the most expensive properties that he has ever owned is his own multi-hectare home Neverland, where he had his own theme park, zoo, and rooms that any kid would ever dream of going to and staying at.
The place was close to foreclosure, and this resulted in him getting loans to pay off the things needed to keep Neverland going. Reports say that a majority of the loans Michael signed up for were never paid pack, which was recorded at $400 to $500 million.
The good news here is that there was a resolution when it came to his estate back in 2012, so all seemed well even after his untimely death in 2009.
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