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Broke As A Joke: Dumb Reasons These Celebs Went Bankrupt - YouTube
Channel: Nicki Swift
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celebrities often live lavish lives but
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which movie star went so far as to buy
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an entire town that's a formula for
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bankruptcy if ever there was one keep
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watching for some ridiculous stories of
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broke celebs
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in the 70s and 80s burt reynolds was an
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incredibly popular actor as he starred
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in such box office hits as smokey and
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the bandit deliverance and the
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cannonball run during this period he
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also went on a bit of a spending spree
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some of his pricey purchases included
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multiple properties custom cars a
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private jet a helicopter 150 horses and
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100 000 in toupees
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while this excessive spending certainly
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didn't help his bottom line his most
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serious financial trouble was actually
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caused by a bad investment
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at the peak of his career reynolds was
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persuaded by his business manager to
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invest in a chain of restaurants called
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po folks along with co-investor buddy
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killen the arrangement was sour from the
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start with killen telling the washington
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post in 1996 the service was bad the
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quality of food was not holding up
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everything that could go wrong went
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wrong in an attempt to offset the loss
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reynolds was advised to invest in
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another chain daisy diner but that also
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failed and cost him and kellen
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approximately 20 million dollars
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these failed investments as well as a
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messy divorce and a lack of funds to
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repay a loan from cbs led to reynolds
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filing for bankruptcy in 1996 as he was
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reportedly over 10 million dollars in
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debt
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curtis 50 cent jackson is one of the
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most popular rappers but that hasn't
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prevented him from getting in deep
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financial trouble after releasing his
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multi-platinum debut studio album get
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richer die trying in 2003 he continued
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to grow his musical career while also
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investing in a number of different
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businesses including vitamin water with
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total estimated earnings of
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approximately 100 to 150 million dollars
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this sure sounds like someone who's
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financially well off but by 2015 50 was
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living down to his name as he filed for
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bankruptcy that year claiming nearly 36
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million dollars in debt you declared
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bankruptcy you said you're out of money
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the filing came shortly after a court
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ruling required 50 to pay seven million
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dollars to lustonia levinston the
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ex-girlfriend of rapper rick ross for
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posting a not safe for work tape of her
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online he'd also lost 10 million dollars
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the year before due to failed business
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ventures and on top of that he owed
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money to his stylist barber and fitness
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coach
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in the late 80s and early 90s m c hammer
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was one of the biggest names in the
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music world with hits like you can't
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touch this and too legit to quit
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blasting out of stereos everywhere
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hammer was most famous for his unique
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wrapping style and unmatched dance moves
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but he was also known for his careless
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spending by 1991 hammer had an estimated
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net worth of 70 million dollars and
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earned approximately 30 million dollars
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a year but he also had serious expenses
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a majority of which were attributed to
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his custom-built mansion in california
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the home cost 30 million dollars to
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build which included indoor and outdoor
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pools as well as three waterfalls
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hammer's other expenses included tending
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to several horses an extensive car
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collection and a pricey entourage that
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reportedly cost him five hundred
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thousand dollars a month his days of
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excessive spending eventually had to
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come to an end as he filed for
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bankruptcy in 1996 claiming 13 million
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dollars in debt and assets of only one
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million dollars his debt included one
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hundred thousand dollars to both the irs
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and the california state franchise tax
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board with other creditors including his
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brother limousine companies department
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stores and utilities
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tony braxton had a successful music
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career along with her sisters as the
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braxtons but she's more widely known for
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her solo career with her 1996 release
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unbreak my heart spending 11 weeks at
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number one on the billboard hot 100 but
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just two years later she found herself
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in the midst of a complicated lawsuit
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that led to her bankruptcy the filing
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came eight weeks after braxton filed a
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lawsuit against laface records and its
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parent company arista to end her
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recording contract
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careless spending also played a role in
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her financial losses i love dishes and
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house things so i kind of lost it a
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little bit on the houseware
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despite this setback braxton managed to
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get back on her feet following several
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subsequent album releases and acting
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gigs alas in 2008 she found herself back
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in debt
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she had a set of shows booked in las
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vegas but reportedly had to cancel them
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due to angina a condition that causes
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chest tightness and pain this decision
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cost her millions and led to her filing
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for chapter 7 bankruptcy
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one of the greatest power hitters in
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baseball history jose canseco was once
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upon a time one of the most famous
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athletes on the planet over the course
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of his career he earned a total of 45
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million dollars but somehow he managed
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to blow through it all
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following his retirement from the mlb in
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2006 canseco had a brief stint with
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independent baseball leagues and
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nowadays he remains popular via his
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social media presence in 2012 he filed
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for bankruptcy claiming a total of 1.7
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million dollars in debt and only 21 000
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in assets he attributed the depletion of
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his multi-million dollar fortune to a
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number of things
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ranging from his two divorces to taking
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care of family members and even the
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government as he explained in an essay
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that he wrote for vice in 2012 if you've
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got friends and family the more money
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you make the more you spend on them so
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let's say you spend half your money on
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them and the rest on yourself and the
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cost of living it may so happen that
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during all of that you forget to pay
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your taxes and then all of a sudden
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penalties and interest start to add up
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and you're in a pool of quicksand from
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which you cannot escape larry king was
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one of the most successful radio and tv
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hosts of all time with a career that
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spanned more than 50 years at the time
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of his death in 2021 he was reportedly
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worth 50 million dollars but before his
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start as the media figure we remember
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today he had a rocky relationship with
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his finances king's career in broadcast
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journalism took off in the 1960s when he
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got a job as a radio announcer for a
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station in miami throughout the decade
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he managed to establish himself as a
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reputable journalist
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by 1971 however it all came crashing
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down when he was charged with grand
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larceny as he'd allegedly stolen five
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thousand dollars from his business
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partner wall street financier louis
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wolfson
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though the charges were eventually
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dropped king was fired and essentially
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blacklisted from any broadcast
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journalism jobs leaving him out of the
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industry for four years
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during this time king fell deep into
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debt he had married and divorced
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multiple times in the 60s and 70s and
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the lack of work wasn't exactly helping
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his finances either in 1978 he filed for
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bankruptcy claiming over 350 thousand
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dollars in debt but good fortune was
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just around the corner as that same year
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he was offered his own radio talk show
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which would become larry king live and
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remain on the air for 25 years
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a renowned pitcher for teams like the
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philadelphia phillies and the arizona
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diamondbacks kurt schilling was once one
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of the biggest names in the sport of
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baseball according to celebrity net
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worth he earned 114 million dollars
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throughout his playing career and
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additional millions in endorsements
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following his retirement he explored an
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interest in the video game industry and
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in 2006 he founded the company 38
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studios alas this ended up being a
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financial disaster that led to the loss
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of his entire fortune from 38 studios
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very beginnings shilling knew what his
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dream needed to survive in an interview
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with boston radio station w-e-e-i he
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explained
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one of the going concerns from day one
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is we needed to raise capital we tried
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for a long time to do that and it didn't
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come to fruition
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schilling invested 50 million dollars
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into the company and also received a 75
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million loan from the state of rhode
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island and 5 to 10 million from other
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investors the loan was supposed to
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provide jobs for over 400 employees as
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well as bolster the economy of
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providence where schilling promised to
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move the company to but a series of bad
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financial decisions failed deals and an
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inability to pay employees ultimately
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led to the demise of 38 studios the
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company filed for bankruptcy claiming
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150.7
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million dollars in debt and only 21.7
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million dollars in assets
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by the early 90s kim basinger was one of
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the biggest names in hollywood as she'd
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recently starred in the likes of the
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natural and batman
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in 1989 she purchased most of the land
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in the town of brazilton georgia for 20
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million dollars the plan was to glam up
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brazelton into a tourist attraction as
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well as a destination for movie studios
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but it didn't exactly turn out as
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planned basinger ended up juggling
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brazilton along with her acting projects
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including the 1993 film boxing helena
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alas conflicts between her and
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co-producer carl mazzicone and
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screenwriter jennifer lynch reportedly
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led to baysinger pulling out of the film
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but this sudden decision had serious
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consequences as she was sued by mainline
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pictures for 7.4 million dollars for
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breaching her oral contract meanwhile
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her business plan was falling through
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and costing her millions so in 1993 she
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filed for bankruptcy despite an
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approximate net worth of 5 million
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everybody seems to be kind of
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disappointed right now because they
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thought when she bought this thing
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they do something with it right away i
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reckon
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this one's slightly different as nicolas
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cage has never formally declared
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bankruptcy but he is known for his
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eccentric and extravagant spending
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habits this has included burning through
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his 150 million dollar fortune on a
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variety of expensive items ranging from
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cars and mansions to a haunted house and
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even a piece of an extinct animal
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in the 90s and early 2000s cage was
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reportedly earning approximately 40
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million dollars per year making him one
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of the richest actors in hollywood as
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his income continued to increase he went
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on a spending spree that resulted in him
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losing most of his money and approaching
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the brink of bankruptcy his purchases
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included 15 residences including a 25
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million waterfront home in newport beach
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california a haunted mansion in new
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orleans two european castles and an
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island in the bahamas and that's not all
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as he also reportedly bought a 150 000
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pet octopus and a 276 thousand dollar
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dinosaur skull i just don't
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know what you mean by that
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cage's days of spending quickly came to
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an end in 2009 when several of his
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properties were lost due to foreclosure
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at the time the homes were worth
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millions of dollars the actor also owed
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six million dollars to the irs for
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unpaid property taxes following this
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period of financial trouble he was
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ultimately able to take on various
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acting projects and stay afloat while
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paying his debts
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at the height of his boxing career mike
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tyson was reportedly worth 300 million
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dollars in 1991 as his career was
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continuing to blossom he was arrested
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for rape and found guilty of the crime
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in february 1992 for which he spent
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three years in jail by the time of his
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release in 1995 he became notorious as a
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lavish spender tyson spent hundreds of
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thousands of dollars on a variety of big
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ticket items ranging from jewelry to
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real estate and exotic animals he
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reportedly spent over four million
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dollars on a car collection one hundred
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thousand dollars on bengal tigers two
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million dollars on a solid gold bathtub
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for his ex-wife robin gibbons and lavish
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parties with a price tag in the 400 000
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range to name just a few of his spending
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sprees
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money yeah what about it what does
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money mean to you paper blood paper yeah
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i don't know
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by 2003 however tyson had blown through
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his 300 million dollar fortune and filed
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for bankruptcy as he claimed that he was
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23 million dollars in debt this included
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13.4 million dollars owed to the irs
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four million dollars owed to british tax
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authorities and 51
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949 owed in child support if you or
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anyone you know has been a victim of
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sexual assault help is available visit
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the rape abuse and incest national
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network website or contact raine's
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national helpline at 1-800-656-hope
[749]
4673
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