One thing clear is the fact that celebrities misuse their money. Many of them entrust their accountants to help them. This is the saddest part in the whole thing. They cannot think independently, and blame others when something goes wrong.
I personally cannot stand people who make millions and spend too much of it in one shot. So here is the list, I’ve compiled, of 10 famous people who made more in their lifetime than we will ever make and have filed for Chapter 11.
1. Abraham Lincoln:
Before he was president, Lincoln was experiencing economic problems and money issues. He was forced into bankruptcy in 1833 because of a poorly performing retail business.
2. Willie Nelson:
Nelson is one the most world renowned country singer who sold over 50 million records worldwide. A gambling addiction caused him to become no stranger to debt. In 1997, the government seized his possessions including his gold records, Texas ranch and bank account. He owed a whopping $16.7 million dollars.
3. Toni Braxton:
This R&B singer made it to the top charts with her hits “You’re Makin’ Me High” and “Un-break My Heart”. When she tried to leave LaFace Records in 1998, she sued them. The lawsuit hit her in the behind as LaFace countersued Braxton back. She was forced to file for bankruptcy as a result, but made a comeback in the new millennium. In 2010, after battling lupus she filed for bankruptcy once again. She now owes $50 million.
4. Gary Coleman:
This troubled Diff’rent Strokes star suffered from financial dues as well as health and marital problems. In 1999, he filed for bankruptcy, even though he was making $70,000/per episode, while on Diff’rent Strokes. By 2009, he was $72,000 in debt and accused his adopted parents of robbing him of $1 million.
5. Stephen Baldwin:
In 2009, Baldwin and his wife filed for bankruptcy. They owed $1.2 million in two mortgage loans. Courts also revealed that he owed $70,000 in credit card debt and $1 million+ in taxes.
6. Elton John:
Not only did this star go bankrupt, but he sued his accountant as well. He believed that the accountant should have stopped him from spending. There are more stories like this sadly.
7. Nicholas Cage:
This movie star owed $14 million in taxes. This was despite the salary he made in the movie “Gone in 60 Seconds” which totaled $20 million. He is also suing his accountant for mismanagement of funds.
8. Mike Tyson:
Tyson earned over $300 million in his career as boxer. In 2003, he filed for bankruptcy. He owed $13.4 million to IRS and $9 million to divorce settlements to ex wife Monica Turner. His expenses keep rolling.
9. Heidi Fleiss:
This Charlie Sheen pimpstress was making $10,000 a night as the Hollywood Madam. This was until she was caught for tax evasion.
10. Glenn Quinn:
This star of Roseanne (ex. Mark) and Angel (ex. Doyle) made more money than we can ever imagine having. He never filed for Chapter 11, but his co-stars did for him. They tried to seek assistance from others to help pay for his funeral. He was found dead of a drug overdose, with mismatched socks and a couple of dollars in his bank account.