20 Celebrities Who Went Broke Part 2 of 2
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.
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.
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”.
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.
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 – particularly on plastic surgery and on a little property you may have heard of, the Neverland Ranch.
At one point, the Neverland Ranch was the most notable home in the United States.
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.
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.
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
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.
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.
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.