Celebrities Who Lost It All Archives

Celebrities Who Lost It All - Celebrities are not immune to money issues, despite they make a lot of it and have access to business managers, sometimes it is just hard to stop them from spending. We might think that millions last forever, but if you keep spending and spreading money all the time they certainly don’t. Just because celebrities have lots of money it doesn’t mean they get to keep it. From tax evasion to lawsuits to just excess, this list of celebrities lost it all. Some of them have made their way back, but others are still trying to survive and are relegated to the has-been category. Most of these celebrities spent money like their fortune and glory days would never end, but of course, they were wrong. And when they started having problems the first thing they did was stopping to pay taxes. Some just decided it was the right move, and others trusted the wrong people and have been deceived. Sometimes even the best of us can make a mistake. Let’s see who are these 10 celebrities who Lost It All. 10# Willie Nelson Willie Nelson was a country/folk star, so we would think that his financial troubles were more interesting than just the age-old story of someone never paying taxes. In 1990, the Us Internal Revenue Service seized most of Nelson’s assets after he discovered that his accountants had not been paying taxes for years. The star had a debt of $32 million, which went down to $6 million after a lot of negotiations. Shortly thereafter, he released his double album The IRS Tapes: Who’ll Buy My Memories?, with all the profits going to cover his debt. At the end, he sued his accountants and was free from debts in 1993. Celebrities who Lost It All #9 MC Hammer Mc Hammer became famous in the 1990s and earned around $30 million during the peak of his music carrer. Unfortunately, his music career has been outweight buy his terrible sense of business. Even though he was worth $30 million he was spending far more on his expensive lifestyle, he was reportedly paying $500,000 per month for a 200-person entourage. No wonder he filled bankruptcy in 1996 when he had a debt of §13 million. More than 10 years later, the Internal Revenue Service stated that Hammer still owed them $700,000 in back-taxes. He aswered via Twitter saying that he had already paid all his debts and that he even got a receipt. We all certainly hope so! 8# Nicolas Cage Celebrities Who Lost It All - Celebrities are not immune to money issues, despite they make a lot of it and have access to business managers, sometimes it is just hard to stop them from spending. Nicholas Cage, another star who didn’t like to pay taxes. Despite being one of the most paid actors in the industry, Cage avoided paying taxes especially on several homes he owned. He, of course, claims that it is not his fault and that it was his business manager who didn’t pay taxes and got him into risky real estate in the first place. According to the business manager instead, it was Cage’s shopping sprees who got him into the mess. He bought 15 houses, 22 cars (9 Rolls Royce), art and exotic items, including a $276,000 dinosaur skull which he had to return after it was determined that it was stolen. He owed so much in back-dated taxes that he had to sell a lot of his properties. Celebrities who Lost It All #7 Michael Jackson You might be surprised to find out that the “King of Pop” is in this list, but yet here he is. In his last years, his music was almost left aside to only report things about Michael’s bankruptcy and the child molestation rumors. The problems began in the mid-’90s when he was first accused of molestation by one child. From that point, his career started to slow down from what it had been the ’80s and he began borrowing money here and there. Also, he was overspending every year by about $30 million, and when he passed away he had debts of 500 million dollars. The Internal Revenue Service also believes his estate was undervalued and that he still had to pay $700 million in taxes. But on the bright side, even after his death, Michael’s music is still bringing in profits. 6# Burt Reynolds Movie star Burt Reynolds hasn’t been immune to the housing crash. In 2011, his Florida home was foreclosed claiming he owed $1.2 million on the house and hadn’t paid his mortgage in a year. This foreclosure was not the first time he had money issues. He had a difficult divorce with Loni Anderson which involved claims of abuse and cheating, but also money became a big issue. During the divorce proceedings, it came out that Reynolds had $10 million in debts, accumulated by wrong investments, by not being a box office guy, and last but not least by a bad divorce. Celebrities who Lost It All #5 Lauryn Hill Lauryn Hill became famous and acclaimed at the age of 21, she sold approximately 8 million copies with her only solo studio album The miseducation of Lauryn Hill. Soon after winning a Grammy Award she dropped out of the public eye, dissatisfied with the music industry and pressured by the fame. In 2012, she pleaded guilty to tax evasion and served a 3-month sentence in prison. She owed approximately $1 million on income earned during her career. During his time in prison, she paid back her debt. She was also supposed to release a new album but we are still waiting. 4# Mike Tyson Who would have guessed that a man with a face tattoo was bad at managing money? Apparently, he is one of the worst on this list, in fact, he spent all his fortune on fashioned excesses. Here a few things he spent his $300 million fortune on Roll Royce’s, Harleys, Ferraris, a $2.2 million gold Bathtu and Bengal tigers. Yes, you read that right, he had 3 white Bengal tigers which cost hundreds of thousands to buy and nearly $1,500 a day to feed. After all these crazy expenses he filed for bankruptcy in 2003, owing $10 million to the IRS. Tyson even spent 3 years in prison on rape charges, that he repeatedly denied. Celebrities who Lost It All #3 Kevin Bacon and Kyra Sedgwick One of the main characters of the financial crisis of 2008 was without any doubt, Bernie Madoff. He swindled millions of dollars from a lot of people, but Bacon and his wife were two of his most high-profile clients. they didn’t reveal how much they lost, but it was clear most of their savings. While they lost almost everything for trusting a fraudulent man, they must-have felt better when Madoff was sentenced to 150 years in prison. 2# Wesley Snipes Wesley Snipes is another jailbird on our list, he is one of the most high-profile criminal tax evasion defendants in modern history. Not only he didn’t pay taxes for a few years but he was also charged for defrauding the government and filing false returns. In 2006, he filed a return stating that he was an alien; what a funny guy! While he was acquitted on conspiracy to defraud the US, he was convicted on failure to file charges. He was then sentenced to 3 years in prison and was released in 2013. Celebrities who Lost It All #1 Kim Basinger Kim Basinger has made her share of poor financial decisions; in 1989, she bought the entire town of Braselton in Georgia for $20 million with the project of turning it into a tourist attraction. Based on the fact that it was a totally insignificant and unknown city her plan failed and she had to sell off most of the town. She also had to pay a film production company who sued her for failing to honor her verbal commitment to star in the movie “Boxing Helena”. Imagine you quit your job and it costs you $9 million, this is what Kim had to pay the company. After the sentence, she filed for bankruptcy, appealed the case, and settled for a lower $3.8 million.

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