These are top celebrities who went broke or bankrupt after years of being rich and powerful. What accounted for their descendency into bankruptcy is multi-faceted since managing wealth is a tough task that many fail at.
Some of the factors that account for celebrities moving from riches to penury include bad investments, spending lavishly, living above one’s means, and individual recklessness.
These are some of the broke celebrities. Here, broke, is very relative. We are looking at the money they had as compared to the money they have.
These are celebrities who went broke:
1, Curtis Jackson (50 Cent) – $30 Million
Curtis Jackson aka 50 Cent used to be one of the richest celebrities in the world. It’s difficult to imagine someone as successful as 50 cents going bankrupt.
The rapper and musician declared bankruptcy in 2015 after it was revealed that he was $32.5 million in debt as a result of several lawsuits and unpaid child support bills. His financial woes were exacerbated when he was forced to pay $5 million after releasing an explicit tape online, tarnishing his reputation in the process.
2, Nicolas Cage – $25 Million
Nicolas was one of Hollywood’s biggest stars, earning $40 million in just one year. On the contrary, he is one of its most ardent supporters. He bought a lot of houses, cars, and rare artifacts. Because of his precarious lifestyle, he had to sell many of his personal belongings, including a prized comic book.
He’s spent a lot of money on oddities like a dinosaur skull, a collection of shrunken pygmy heads, and a couple of castles in Germany and the United Kingdom.
3, Pamela Anderson – $20 Million
Pamela Anderson was figuring out how to keep her accounts on track despite a way of life that included luxurious homes, costly celebrations, and various plastic surgical procedures until the assessment man came calling.
Anderson was one of Hollywood’s most valuable centrefold girl treasures, earning $35 million. In any case, after losing all of her well-deserved fortunes, this American actress ended up living in a trailer park, becoming one of the homeless celebrities.
4, Lisa Marie Presley – $16 Million
Presley has never been short on cash, and he revelled in a youth filled with horses, personal luxury planes, and private amusement parks. The father was well-known for being extravagant with his money.
He once flew his girl to Idaho in a private luxury plane after she requested to play in the snow, only to have her return twenty minutes later. Following a tumultuous divorce from Michael Lockwood, the artist-musician was left with $16 million in debtors.
5, Johnny Depp – $15 Million
Depp was earning $30 million for each Pirates of the Caribbean film. In 2012, he was the highest-paid actor in the world, with his films earning him $8 billion worldwide. He owned 14 homes, an $18 million yacht, and 45 vehicles as of 2017.
He also spent a lot of money on wine every month. He claimed that his financial team mismanaged his millions, leaving Depp bankrupt.
6, Mike Tyson – $15 Million
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Credit: Andre Ortiz
During his boxing career, Mike Tyson amassed more than $400 million. He was also known for his lavish lifestyle, lavishing money on adornments, mansions, sports cars, and parties—he even kept Siberian tigers as pets.
In any case, he was unable to bring in that cash last and went bankrupt in 2003, when he was required to declare financial insolvency due to a $23 million obligation.
7, Lena Headey – $15 Million
Lena is a British-Bermudan actress. She portrayed Cersei Lannister in the HBO series Game of Thrones. She made a lot of money from the movie, but she was going through a divorce at the time, and her husband was suing for palimony and child support payments. She is still working hard to make ends meet.
8, Wesley Snipes – $10 Million
Wesley Snipes was one of Hollywood’s biggest stars in the early 1990s. His roles in New Jack City, Passenger 57, Blade, and other films helped him become one of Hollywood’s highest-paid and most popular actors.
His problems began when he was sentenced several times for failing to file US federal income tax returns, resulting in time in federal prison for tax fraud. Furthermore, he went bankrupt as a result of his extravagant spending.
9, Chris Tucker – $5 Million
Tucker was one of the highest-paid actors in Hollywood. However, after the government filed a $2.5 million tax lien against him, he found himself in dire financial straits. Fortunately, he was able to reach a settlement agreement and avoid going to jail. His financial problems began when he let his management team handle his money, which he now deeply regrets!
10, Sinbad – $4 Million
Sinbad, the comedian, has been bankrupt twice. The first occurred in 2009 as a result of a massive expense obligation of more than $2.5 million. Sinbad sought financial protection in 2013 due to the high costs of doing business, all in the hope of landing a lucrative film job that would replenish his coffers.
Sinbad was apparently in the red for $10 million at the time of his subsequent liquidation, $8 million of which was due to unpaid assessments from 1998 to 2006.