When you’re rich, you will get hundreds of phone calls each month from people asking you for money. Whether it be friends, family you haven’t seen in over a decade (or ever heard of), or even the IRS— people are going to want your cash once they find out you’re a millionaire. Celebrities have been going broke since currency was invented, and there’s no shortage of bad breaks and bad decisions made each year.
Celebrities go broke at a monumental rate for a lot of reasons. Divorce, not paying taxes, and bad investments lead the way (which comes as almost no surprise.) Nobody is safe, either. Celebrities that are loved, ones that are hated, those that seem smart and those that seem dumb— every single one of them is only one Papa John’s franchise away from going completely broke.
We found 20 celebrities that did just that. Maybe not going bankrupt off of a bad pizza store deal, but just ones that went broke, period. This doesn’t mean that there are only 20 celebrities that have gone broke through the years by any stretch. We just found the 20 most notable actors, actresses, singers, and entertainers that saw their net worth shoot up like a rocket then come crashing back down to Earth.
Here are the 20 most notable celebrities to lose millions of their hard earned dollars.
#20 – Burt Reynolds
It was reported that Burt Reynolds, the nearly 80 year old star, owed $10 million thanks to his massive spending. Reynolds denies the rumors, but it was clear that something was up when he was selling all of his movie memorabilia. The rumors seemed to be true, so we can only assume that Reynolds went flat broke for a little while.
The old timer played football in college as a Florida State running back, and became a huge star in the 1970’s. So even if he is broke, Reynolds has had a hell of a career. If he needs to make money, maybe he can sign up for one last Cannonball Run or smuggle Coors, a la “Smokey and the Bandit”.
#19 – Larry King
In 1978, Larry King fell on tough times. After the first of one of his many divorces, King was flat broke and without a major job. King had to file for bankruptcy as he owed $360,000 to creditors. A stroke of luck came around the corner, though, when King was offered to host his own show that became a piece of Americana.
His debts were paid off almost immediately, but King has never been able to achieve a super amount of wealth. This is because King has been divorced more times than the entire state of Utah combined and has had to write alimony checks left and right. He’s still doing just fine for himself, so don’t feel too bad.
#18 – Wayne Newton
Wayne Newton has spent almost every waking moment of his life performing in Las Vegas. At one point in the 1980’s, Newton was the highest paid entertainer in the world. Despite earning this honor, he went bankrupt nearly a decade later in 1992. Astonishingly, Newton had $20 million in debt.
It would seem that Newton has been able to come back from his huge debt due to performing, since he can afford countless plastic surgeries. Newton thinks that it makes him look young, but he is starting to resemble some sort of human-cat hybrid than a guy that sings for a living every night.
#17 – Meat Loaf
Meat Loaf was the master of the power ballad, including the seemingly 45 minute long “I Would Do Anything For Love (But I Won’t Do That)”. During the 1980’s, Meat Loaf got some help from his pal Jim Steinman for writing his songs because when they are that long, you can’t write them all on your own.
Steinman filed a lawsuit against Meat Loaf for not getting enough royalties on the songs, which caused Meat Loaf to go broke. After filing for bankruptcy, Meat Loaf was in a tough spot. He wrote his own songs from there on out and has since recovered nicely from his 1980’s bankruptcy. Loaf would do anything for cash, but he won’t sell out.
#16 – Toni Braxton
Music fans that remember the late 1990’s will recall the unstoppable “Unbreak My Heart” by Braxton. The only thing is, Braxton didn’t have a huge collection of hits after that song, which led to some overspending and a couple of bankruptcy filings.
They bankruptcy filings didn’t come far apart from each other, with one happening in 2010 and the other happening in 2013. For most of us, filing for bankruptcy twice means that you aren’t going to be able to get a house anytime soon. For Braxton, it means you get to buy a $3 million house despite having $50 million in debt. You can probably expect a third bankruptcy filing in 2015 at the rate Braxton seems to be going.
#15 – Sinbad
Sinbad has appeared in some truly terrible movies that are memorable due to the fact that we all get nostalgic about the 1990’s. Think about it, “First Kid”, “Goodburger” and “Jingle All the Way” are not going to the movie hall of fame anytime soon. Still, Sinbad made a good living for himself at the time.
Despite the fact that Sinbad said he never spent too much money, he has had to file for bankruptcy on two separate occasions. The second time around, it was revealed that Sinbad owed $8 million to the IRS and was set up on a plan to repay it. There has to be some of that sweet “Goodburger” money laying around somewhere.
#14 – Mickey Rooney
Mickey Rooney has been acting since the invention of the camera. While that may be an exaggeration, it is not an exaggeration to say that the actor went bankrupt during the early 1960’s. It was believed that Rooney’s net worth was around $12 million, but he only had about $500 to his name at the time of bankruptcy.
Rooney passed away in early 2014 after a long life, and was able to get out of bankruptcy in the 52 years that followed his initial filing. Just like Robin Williams, Rooney’s final film was “Night at the Museum: Secret of the Tomb”. It might be time for Ben Stiller to keep one eye over his shoulder at all times.
#13 – Pamela Anderson
Some remember Pamela Anderson from “Baywatch”. Others may know her as the ex-wife of both Tommy Lee and Kid Rock, since she loves rockers. Others really might remember her for appearing in Playboy. No matter how you remember Anderson, the IRS didn’t forget about her, either.
After allegedly spending big bucks on plastic surgery and more than $1 million to spruce up her house, Anderson was questioned by the IRS about why she hasn’t been paying her taxes since it’s clear she has money. Anderson had to declare bankruptcy and sell the home that she had literally just finished remodeling. It’s a tough break, but you have to pay your taxes back faster than you can run in “Baywatch”.
#12 – Gary Busey
These days, Busey is entertaining the world in his Amazon commercials by trying to plug a seashell into a TV and laughing maniacally. Before that, Busey had some serious financial troubles as a result of medical problems. The actor got into a serious car accident in 1988, which left him with a head injury and then later a cancer diagnosis.
After having two major medical procedures, Busey was left with huge medical bills that put him in debt of around a million bucks. Instead of tapping out and going bankrupt, Busey has tried to repay the money by continuing to be crazy. We all get a good laugh from his crazy sense of humor and hope that Busey gets back to the green financially.
#11 – Courtney Love
Courtney Love was the lead singer of Hole, and the girlfriend of Kurt Cobain (of Nirvana fame.) There are still rumors floating around from Nirvana fans that Love was the one that took the life of the late singer. That has never gone into a full investigation, so it is still more of a conspiracy theory at this point.
The conspiracy really gathered steam due to the fact that Love got a big stake in the Nirvana catalog of songs. After Cobain’s death, Love ended up spending way too much money and developed a big drug habit that sent her into bankruptcy. As a result, Love had to sell her house and give up a piece of her stake in Nirvana’s song catalog. Hardcore Nirvana fans still don’t feel too sorry for her.
#10 – Wesley Snipes
Apparently making three “Blade” movies about hunting vampires doesn’t pay the bills quite like it used to. Snipes was making tons of money during the 1990’s, but managed to squander it all. In 2006, Snipes was busted for tax evasion and had to go to jail for a few years as a result.
During the bankruptcy hearing, it was revealed that Snipes owed the IRS $12 million but just didn’t pay it. He finally got out of prison in 2013. Since then, Snipes has only one movie credit to his name, “The Expendables 3”. It was more of a favor from Sylvester Stallone to his friend than it was as a much needed actor for the movie.
#9 – Leif Garrett
To anyone that is reading this under the age of 40, you might not know who Leif Garrett is. Think of him as the Justin Beiber of the 1970’s, the one that preteen girls flocked to and idolized. Garrett’s career was pretty short lived, but he racked up quite a bit of money during his peak.
In 2001, Garrett was forced to file for bankruptcy because he didn’t have enough money in his account. It was discovered that he only had $350 to his name and couldn’t find work. What was Garrett’s only source of income at the time of bankruptcy? A $1,000 per month allowance from his mother. Ouch.
#8 – Brendan Fraser
Brendan Fraser might come as a bit of a surprise to you since we still manage to see him pop up in movies and TV shows from time to time. He was making around $2 million a year during the late 1990’s and early 2000’s, but the spending that Fraser did during his prime didn’t really slow down.
Fraser has to pay $75,000 each month for child support due to his old salary, which has caused him to lose almost all of his net worth. When cash is a bit short, you will see Fraser in another goofy movie to make up for it. That would explain why he was in the movie “Furry Vengeance”.
#7 – Donald Trump
Donald Trump still flaunts his money around to this day, which is incredible despite the fact that he has filed for bankruptcy a total of four times. Between 1991 and 2009, these four bankruptcies would surely put Trump in the poor house, right? Well after some creative accounting, Trump declared for corporate bankruptcy instead of personal.
This allowed his company to be bailed out on multiple occasions while protecting his personal assets, which also allows him to keep spending. Could Trump have paid off his company’s debts with his own money? Probably. But taking a look at Trump, you wouldn’t think that he’d be one to give up his own wealth. Trump still hasn’t ponied up the cash for a good barber.
#6 – Michael Jackson
We all remember when Michael Jackson passed away, and it was a very sad time. Despite the fact that he was the most successful entertainer in the history of pop culture, Jackson spent money like there was no tomorrow. The most notable home in the United States at one point was the Neverland Ranch.
It was a pretty cool place to see, but it cost over $10 million per year just to keep it going since there was a small amusement park located inside of the estate. Jackson had to take out an enormous loan to keep Neverland Ranch operating, but could no longer afford to keep up on payments. The huge debts left his children with almost nothing after Jackson passed away.
#5 – Gary Coleman
Everyone remembers the pint size child actor from the successful “Diff’rent Strokes” show in the 1980’s. That show alone made him $8 million, but he wasn’t able to touch it until he turned 18. Coleman must have thought, “What’chu talkin’ ‘bout financial adviser?” when it ended up being just $200,000 by his 18th birthday.
Coleman’s parents completely screwed him over by spending most of his money, and he had to go through life as a recognizable little person with a dwindled bank account. After being able to sustain himself for over a decade, Coleman ended up going bankrupt in 1999. Thanks for nothing Ma and Pa.
#4 – Nicolas Cage
Nicolas Cage may not know how fiction works and thought he actually discovered the Declaration of Independence. The actor sure spent like he did find it, as he purchased numerous mansions, private jets, boats and cars. Clearly, Cage didn’t have as much money as he thought since he went bankrupt with $14 million in debt.
All of Cage’s luxuries had to be sold off so that he could pay off his debt. Since Cage is still acting in movies and making a decent amount of money, it’s only a matter of time before he gets out of debt. Hopefully the second time around, Cage learns not to spend all of his money and then some, since he was a millionaire spending like a billionaire.
#3 – Lindsay Lohan
After a solid start to Lindsay Lohan’s acting career, we all had such high aspirations for her. Things went south pretty quickly in the mid 2000’s. After starring in the smash hit “Mean Girls” (a chick flick that even entertains every man that sees it), Lindsay’s career derailed. She developed a drug and partying habit that seemed like it would never end and her life became a circus.
After not being able to land a notable acting gig for quite some time, Lohan went bankrupt in 2012. The IRS put a stop to all of her assets because she owed nearly a quarter million. You know things are bad when you are asking Charlie Sheen for $100,000. It’s also a bit of surprise that Charlie Sheen still has that kind of money, but “Two and a Half Men” was a hit.
#2 – Marvin Gaye
Even the younger crowd will recognize the name Marvin Gaye, but they may not know that he was one of the biggest musical acts for a while. After racking up nearly 70 hit songs in the Top 40 Charts, Gaye became a millionaire. That money would be short lived, though, as Marvin went broke due to spending way too much money.
After declaring bankruptcy, Gaye was out of money and could never find his way back to financial comfortability. Gaye spent the last five years of his life living on other people’s couches and even in the back of vans. Let that be a lesson to everyone that you shouldn’t spend your money before you get it, even if you have written dozens of songs about making sweet love.
#1 – Willie Nelson
Willie Nelson has been the opposite of broke for the past 20 years, but for a three year span between 1990 and 1993, Nelson was in deep trouble financially. The notorious pot smoking country star owed $16 million to the IRS and went completely bankrupt.
This story has a happy ending. Willie Nelson released an album that was called “The IRS Tapes: Who’ll Buy My Memories”. It sold enough copies to the point where Willie was able to pay off all of his debt in just that three year span. Nelson is doing just fine for himself now, still traveling the world singing music and advocating for the legalization of marijuana.
