We’re all big suckers for a good rags to riches story. They warm our hearts and make us believe in the American Dream.
While these stories are fun to read, riches to rags stories are so much juicier.
When most of us think of celebrities going broke, the first person that comes to mind is MC Hammer. He blew more than $30 million in just a few years!
To be fair, if I won the lottery I would probably have no idea how to control myself and would buy the most ridiculous things.
Managing your assets is not easy. These actors found out the hard way…
The TLC star was raking in a lot of money when Jon & Kate Plus 8 was the show everyone was obsessed with.
When the network decided not to renew another season, Kate went under great financial stress to take care of her eight children.
According to an insider, her money started running out fast, and sending her kids to private school is costing her approximately $150,000 a year.
Luckily she’s getting a new reality show called Kate Plus Date, which will be focusing on her romantic life. If the show flops, it’s not going to look good for her and her family.
The sex symbol of the ’90s is just another celebrity who owed a lot of money to the IRS.
All those overdue taxes forced her to sell her home in Malibu and Australia, leaving her to move into a trailer park in California.
That being said, she’s not broke anymore. Anderson claims that everything’s “all sorted out now.”
“I have a beautiful home in Canada, nine little cabins on the dock that I’m building on Vancouver Island and a store in the front. That’s going to be kind of my sanctuary. I think eventually I’ll be out of LA. I have been building my place in Malibu for four years, it’s not finished yet.”
If her claims are true, she definitely bounced back.
You’d think that Kurt Cobain’s wife would be set for the rest of her life after receiving all her deceased husband’s money. Not even close.
Love was an actress and the lead singer of the band Hole, so she was generating her own income as well.
She admitted in an interview with UK’s Sunday Times that she lost approximately $27 million of “Nirvana money” as she tried to settle lawsuits. Then another time she claimed she somehow lost $530 million.
In 2009, Love reportedly defaulted on her credit cards and was sued by American Express, owing them $350,000.
Things got so bad she had to borrow a couple million from her daughter’s trust fund.
The country music legend didn’t try to hide his financial woes when times got rough.
He released an album called The IRS Tapes: Who’ll Buy My Memories? so that he could repay the IRS $16.7 million in loans.
He had to declare bankruptcy in 1990 because of it. At the time, that figure was the largest individual federal income tax bills ever given to someone.
Surprisingly, his debt was cleared in only a few years. The lesson here is, don’t buy twenty properties in four different states.
The Academy Award winner has starred in some of the most famous Hollywood films, which would probably mean that he’s raking in a lot of dough.
That’s actually far from the truth. Even being part of the wealthy Coppolla family couldn’t save him.
Cage is quite the spender, and is still being sued by investment companies for failing to repay millions of dollars in loans. He reportedly owes the IRS more than $6 million in property taxes.
It’s not shocking in slightest that purchasing deserted islands, castles, yachts, cars, waterfront properties would get you in a whole lot of debt. Billionaires don’t even spend money like that.
If you thought these celebrities have it tough, keep reading…