10 Celebrities Who Went Bankrupt

There’s always that slight feeling of regret and remorse when we decide to splurge on a holiday or a fancy meal, especially during this economically uncertain time. You should become less obsessed or frightened of the occasional spree because at least you’re not stooping as low as these celebrities who have filed for bankruptcy.

You’ll be shocked to discover that the following famous faces have gone from riches-to-rags. The days of swimming in dosh are over and the hard-times have risen. Whether it be an unnecessary blow-out of cash on luxury items or simply due to irresponsibility of finances, these celebrities have unfortunately gone from bank to broke.

It becomes comforting knowing that your overspending is a minor issue compared to these red-faced stars.

Find out which stars are making big bucks in my list of Top 10 Highest-Paid Actresses in Hollywood

1. Mike Tyson

The former Heavyweight Champion filed for bankruptcy in 2004 after reportedly being $23 million in debt. Guess he throws a punch just as well as he throws his money.

2. Lindsay Lohan

The redhead star went through a financial flop in 2012 when she dodged paying over $900,000 in back taxes. It seems drugs and alcohol were not the only problems Lindsay had to deal with.

3. Nicholas Cage

Cage nearly hit rock-bottom in 2009 when he avoided paying taxes of $6 million. The Oscar-winning actor was forced to put many of his properties on the market to escape bankruptcy. Hollywood doesn’t always promise prosperity hey?

4. Lauryn Hill

The soulful singer was sentenced to three months in prison this year for failing to file returns on $1.8 million that she had earned during 2005-2007. Another big name - busted!

5. Donald Trump

Believe it or not, Mr Trump filed for bankruptcy in 1991, 1992, 2004 and 2009 because his casino and hotel properties were in debt. However, the billionaire is still worth $2.7 billion!

6. Kate Basinger

Basinger was tapped out in 1993 after losing an $8 million lawsuit to Main Line Pictures for rejecting a movie role. However, the actress made a financial recovery after starring in 8 Mile and Charlie St. Cloud.

7. Courtney Love

Courtney was on the verge of being broke after American Express sued her for $350,000 due to her refusal of making payments on her card. It wasn’t only drugs that led towards Love’s breakdown.

8. Pamela Anderson

This blonde bombshell dug herself into a hole when purchasing her luxury Malibu mansion. Anderson owed $800,000 to the construction company that built it and was burdened with a $1.7 million tax bill leaving her broke in 2009.

9. MC Hammer

Spending habits and outrageous splurging was the cause of this rapper’s filing for bankruptcy in 1996 after he gathered up $14 million worth of debt. He didn’t realise being a one-hit-wonder doesn’t exactly promise a lifetime of wealth.

10. Toni Braxton

Braxton has been left with up to $50 million in debt even after selling over 40 million albums. Someone ’Unbreak her Heart’.

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