20 Celebrities Who Have Declared Bankruptcy
A list of stars who have gone bankrupt. Celebrities often get carried away with their reckless spending, from ultra-luxurious mansions to fancy cars, while there are those who lost everything because of misguided investments or some type of addiction. In Hollywood, some of the most famous names have fallen into debt at some point in his or her career. There are the headline making stories such as rapper MC Hammer amassing $13 million in debt in the mid 1990s, to the King of Pop Michael Jackson owing millions on his famous Neverland Ranch estate. Stars who went broke range from musicians, athletes, reality TV personalities and even Hollywood legend Walt DisneyThere are times when celebrities declare bankruptcy more than once. Singer Toni Braxton first filed in 1998 and again in 2010 after dropping out of her one-woman Vegas show due to a bout with lupus. Real estate mogul Donald Trump reportedly filed for bankruptcy four times, in 1991, 1992, 2004 and 2009. While there's definitely an increasing fascination for stars and actors going bankrupt, comeback stories are just as noteworthy. The famous people on the list below not only went from rich to broke, but most bounced back from their financial troubles and bankruptcies on some level and even turned their lives around.
- Photo: Michael Vadon / Flickr / CC BY-SA 2.0
A few of Donald Trumps riskier ventures caused him to be millions of dollars in debt. He has declared bankruptcy four times in total in the years 1991,1992, 2004 and 2009. In 2011, Trump told George Stephanopoulos that he never personally filed for bankruptcy. He always had the money invested in a company that went bust, so the company filed bankruptcy, not Trump.
- Age: 76
- Birthplace: New York, New York, USA
- Photo: Alex Const / Wikimedia Commons / CC BY 2.0
50 Cent ain't worth what it used to be. According to the Wall Street Journal, the rapper and actor (whose real name is Curtis James Jackson III) filed for Chapter 11 in July 2015, stating that he had assets and debts between $10-$50 million.According to a press release from his lawyer, the declaration allowed 50 "to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests."
The decision could have had something to do with the ruling against 50 Cent in court the week before. He was ordered to pay $5 million to Lastonia Leviston after illegally releasing a sex tape featuring Leviston and her boyfriend in 2009.
- Age: 47
- Birthplace: New York City, New York
- Photo: Gage Skidmore / Wikimedia Commons / CC BY-SA 3.0
CNN talk show host Larry King filed for bankruptcy back in 1960 and again in 1978. He went on to become one of the most successful talk show hosts of all time.
- Age: 89
- Birthplace: New York City, New York, United States of America
- Photo: jenniferh2525 / Wikimedia Commons / CC BY-SA 2.0
Nickelodeon child actor Drake Bell, who starred in "Drake & Josh," has filed for bankruptcy. The 26-year-old actor just filed legal docs, claiming he's in the hole to the tune of $581,000. Bell says he's only making $2,820 a month, but his expenses total a whopping $18,771. The most lucrative year Bell lists is 2012, when he made $408,000, but the next year he made only $14,099.(source)
- Age: 36
- Birthplace: Santa Ana, California, United States of America
- Photo: Boy Scouts of America / Wikimedia Commons / Public DomainIn 1921, Walt Disney filed for bankruptcy after his Laugh-O-Gram Studio failed and left him in debt. Disney recovered and in 1928 he developed the iconic character Mickey Mouse.
- Age: Dec. at 65 (1901-1966)
- Birthplace: Chicago, Illinois, USA
- Photo: Bob Jagendorf / Wikimedia Commons / CC BY 2.0In 1990, country music legend Willie Nelson filed for bankruptcy after discovering that he owed the IRS over $16 million in back taxes.
- Age: 90
- Birthplace: Abbott, Texas, United States of America