Financial News
5 Celebrities Who Went Bankrupt
As a society, we have a constant fascination with the lives of celebrities. This is hardly a recent phenomenon. We’ve always wanted to know about those who have risen to the upper echelons of their industries. What do they wear? Where do they eat? Who do they marry? There are countless magazines and websites dedicated to these very topics.
We are also enthralled with tales of famous people who lost their fortunes. Bankruptcy vs. paying off debt is a concept that all of us can readily understand, even if we don’t have millions or billions of dollars to lose.
Let’s look at some celebrities who were on top of the world and then lost it all through poor decision-making or living indulgent lifestyles.
1. Curtis “50 Cent” Jackson
50 Cent, whose given name is Curtis Jackson, reached the heights of hip-hop stardom with hits like “In Da Club” and “P.I.M.P.” His trademark drawl and laidback delivery propelled him up the charts. His association with established stars like Dr. Dre and Eminem didn’t hurt, either.
At one point, 50 Cent had a net worth of approximately $260 million. However, in 2015, he was compelled to file for Chapter 11 bankruptcy. He was facing a lawsuit at the time for posting a sex tape against the wishes of the parties involved.
At the time, he agreed to enter into a five-year plan to settle about $22 million he still owed after liquidating his assets. It’s not all bad news for Mr. Jackson, though. At the moment, his net worth has rebounded to about $40 million, primarily due to his becoming a successful Hollywood producer.
2. Kim Basinger
Academy Award winner Kim Basinger is best known for her roles in films like 9 1/2 Weeks and L.A. Confidential. However, in 1993, she made headlines for a very different reason: bankruptcy. Basinger had just wrapped production on the film The Marrying Man when she learned that the studio was facing financial difficulties. In order to protect herself, she tried to back out of the project. However, the studio sued her for breach of contract, and a judge ordered her to pay $8 million in damages. Basinger was unable to come up with the money, and she was forced to declare bankruptcy. She also made a series of bad investments, including purchasing a small town in Georgia called Braselton. The town quickly went bankrupt, and Basinger was left with millions of dollars in debt. In the years since, she has bounced back financially, but her bankruptcy remains one of the most high-profile cases in Hollywood history.
3. Marvin Gaye
The crooner Marvin Gaye had several hits, mostly in the 1970s. His sultry voice was the soundtrack to many erotic evenings during that time, and he enjoyed plenty of money and fame.
In 1976, though, he filed bankruptcy after a court ruled that he had to pay his ex-wife about $600,000 in back alimony. His relationship with his ex was particularly contentious, and he had tried for as long as possible to avoid paying her that money.
When the judge ruled against him, he was forced to live a much less opulent lifestyle than he had experienced previously. He was able to rebound six years later, though. He recorded “Sexual Healing,” which went on to become his biggest single and perhaps the most recognizable song in his catalog.
4.Ozzy Osbourne
In 2003, after years of financial mismanagement, Osbourne filed for bankruptcy. Though this was a difficult decision, it ultimately allowed him to get his finances in order.Osbourne’s bankruptcy filing came as a shock to many fans, who assumed that he must be rich. However, the reality was very different. Thanks to poor financial decisions and an overspending issue, Osbourne was deeply in debt. Filing for bankruptcy was the best way for him to get a fresh start.Thankfully, Osbourne’s story has a happy ending. After getting his finances in order, he went on to continue making music and touring the world. He remains one of the most popular and successful musicians of all time. bankruptcy wasn’t the end of his story – it was just the beginning of a new chapter.
5. Mike Tyson
Former heavyweight boxing champion of the world “Iron” Mike Tyson is an iconic sports figure whose pitbull mentality made him one of the most feared fighters of all time when he rose to prominence in the 1990s. In 2003, though, he filed for bankruptcy, and it was revealed that he was about $23 million in debt. His excessive lifestyle was what did him in, a familiar story with celebrities who feel like they are invincible.
After many ups and downs, Tyson has once again achieved millionaire status. He’s worth about $10 million today, mainly through investing in the burgeoning recreational cannabis industry.
What Do These Lessons Teach Us?
The pointed lesson we can learn from Mike Tyson, 50 Cent, Kim Basinger, Ozzy Osbourne and Marvin Gaye is that no one is untouchable, no matter how much money they have. We all need to watch our spending and invest wisely, and we must all pay our obligations, like alimony and child support.
These celebrities experienced roller coaster rides where they made and lost millions. While most of us will never see those vast sums, we can still exercise caution with our finances. As a society, we will also doubtless love continuing to hear about celebrities whose stars burned as brightly as supernovas before they ultimately plunged back down to Earth.
Contact Information:
Name: Michael Bertini
Email: press@credello.com
Job Title: Consultant
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.