A-List Celebrities Who Were Forced To File For Bankruptcy

A-List Celebrities Who Were Forced To File For Bankruptcy
New York Daily News

1 Tori Spelling Is Totally Broke

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  • Net worth: $500,000
  • A slight inheritance: Tori Spelling’s father, Aaron Spelling, had a net worth of $500 million when he died in 2006. It shocked her to learn that he only left her $800,000 in his will.
  • Financial troubles: Spelling and her husband, Dean McDermott, faced a federal tax lien in 2016. They owed $707,487.30 in unpaid federal taxes in 2014 alone.
  • Mounting debt: The couple was sued for an unpaid credit card balance of $87,595.55.
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A-List Celebrities Who Were Forced To File For Bankruptcy
The Express Tribune

2 Johnny Depp Squandered His Fortune

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  • Net worth: $200 million
  • Lost: $650 million
  • Careless spending habits: Depp’s former money manager disclosed in court documents that the actor spent $30,000 a month on wine, to which Depp replied, “It’s insulting to say that I spent $30,000 on wine. Because it was far more.”
  • Serious debt: Owes $100 million in taxes, but claims that his business managers stole from him.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Pinterest

3 Pamela Anderson’s Tax Troubles

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  • Net worth: $13 million
  • Unpaid taxes: According to E! News, Anderson faced a federal lien in 2012 to the sum of $259,395, and a second one in 2011 for $112,118. She also owed $493,000 in personal income taxes in 2010.
  • A sad accomplishment: Celebrity Net Worth reported that in 2009, Pam appeared on the state of California’s list of Top 500 Delinquent Tax Payers.
  • Forced to list her home: The former Baywatch actress listed her Malibu home for $7.75 million in hopes of paying off her taxes.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Daily Mail

4 Michael Jackson’s Downfall

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  • Net worth: $-400 million in debt at the time of death in 2009.
  • Foreclosure: He was on the brink of having to foreclose on his home at the Neverland Ranch.
  • Unpaid loans: Careless spending and relentless lawsuits led Jackson to take out outstanding loans.
  • Settled: His estate resolved his financial problems after his death.
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A-List Celebrities Who Were Forced To File For Bankruptcy
The Express Tribune

5 Lindsay Lohan Lost Most Of Her Money

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  • Current net worth: $800,000
  • Former net worth: Reportedly made $30 million in 2004
  • Tax problems: According to People, Lohan owed  $100,710.55 in unpaid taxes for 2017.
  • Unpaid bills: She failed to pay a limousine company $100,000 for their services in 2011. Lohan was taken to court in 2012 for an unpaid bill of  $40,000 to a Las Vegas tanning salon.
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A-List Celebrities Who Were Forced To File For Bankruptcy
The Mercury News

6 Brendan Fraser Turned His Back On Hollywood

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  • Net worth: $20 million
  • Court case: Fraser was taken to court over alimony payments to his ex-wife, Afton Smith.
  • Alimony: According to court files, Fraser loses $87,000 a month to alimony, child support, and other expenses.
  • Why he left Hollywood: Fraser claims he left his A-list status because he was sexually assaulted by a movie executive.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Pinterest

7 Chris Tucker Was Drowning In IRS Debt

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  • Net worth: $5 million
  • Past success: According to Celebrity Net Worth, Tucker made $50 million from filming the Rush Hour franchise movies.
  • Tax issues: California tax filings revealed that Tucker owed Uncle Sam $11 million in taxes for the years 2001, 2002, 2004, and 2005.
  • He paid up: His debts were settled in 2014 when he paid the IRS $14,068,047.50.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Page Six

8 Teresa Giudice Charged With Fraud

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  • Net worth: -$11 million
  • Current earnings: According to Radar Online, Guidice makes $62,000 per episode of Real Housewives of New Jersey.
  • Jail time: She spent 15 months in prison for bank, mail wire, and bankruptcy fraud. She and her husband Joe Giudice netted over $5 million over a ten-year period.
  • Tax problems: She filed for bankruptcy in 2009 and had to pay $414,588 to the IRS.
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A-List Celebrities Who Were Forced To File For Bankruptcy
The Independent

9 Nicolas Cage’s Extravagant Purchases

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  • Net worth: $25 million
  • Lost: $150 million
  • Lavish spending: According to CNBC, Cage spent his money on extravagant purchases like a dinosaur skull, 15 different homes, a nine-foot-tall burial tomb, and shrunken Pigmy heads.
  • Debt troubles: He owed $14 million in back taxes to the IRS and was sued for $13 million by his real estate company for unpaid loans after purchasing a private island and castles.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Pinterest

10 50 Cent Filed For Bankruptcy

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  • Net worth: $30 million
  • Lost success: Was worth $150 million
  • Legal issues: Celebrity Net Worth reported that Curtis Jackson was ordered to pay h
  • Lavish spending: According to The Wall Street Journal, Jackson paid $3,000 a month for meals and entertainment, $3,000 on wardrobe, $2,000 on travel, $1,000 on personal grooming, $17,400 on his mortgage, and $9,000 on “security and protection.”
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A-List Celebrities Who Were Forced To File For Bankruptcy
Pinterest

11 Courtney Love Failed To Pay Her Taxes

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  • Net worth: $100 million
  • Lost: Love admitted to losing $27 million because of her lavish spending.
  • Tax troubles: According to Page Six, Love was given a lien from the IRS for $568,674.62 for unpaid taxes in 2016.
  • Debt issues: The singer paid $320,000 to settle all of her previous debts.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Nicki Swift

12 Mike Tyson’s Financial Collapse

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  • Current net worth: $10 million
  • Deep debt: $23 million in debt and filed for bankruptcy in 2003.
  • An expensive divorce: Forced to pay $9 million in a divorce settlement and unpaid child support.
  • Lavish spending: Known for his expensive collection of Bengal tigers that cost $70,000 each.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Taste of Country

13 Lisa Marie Presley Mismanaged Her Money

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  • Net worth: -$16 Million
  • Inheritance: Presley inherited $100 million from her father, Elvis Presley’s estate, at the age of 25.
  • Bad investments: Presley criticized her money manager, Barry Siegel, claiming in court documents that Siegel paid himself a salary of $700,000 while in charge of the trust set up by Elvis. She accused him of squandering the $100,000 to just $14,000.<
  • Excessive debt: According to court documents, Presley owes $10 million in unpaid taxes from 2012 to 2015.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Pinterest

14 Larry King Charged With Grand Larceny

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  • Current net worth: $50 million
  • Grand Larceny: King’s business partner accused him of stealing $5000 in 1971.
  • Career trouble: Despite the charges being dropped, King’s career suffered.
  • Bankruptcy: He fell deep into debt and went bankrupt in 1978.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Entertainment Weekly

15 Abby Lee Miller Hid Secret Money

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  • Net worth: $2 million
  • Secret bank accounts: The Dance Moms star hid $775,000 in secret bank accounts from 2012 to 2013.
  • Legal woes: Miller pled guilty to felony bankruptcy fraud in May 2017.
  • Jail time: She was sentenced to one year and one day in federal prison, but was released early.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Pinterest

16 Toni Braxton Filed For Bankruptcy Twice

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  • Net worth: $10 million
  • Poor spending habits: According to Celebrity Net Worth, Braxon racked up $50 million in debt, owing money to Tiffany & Co, AT&T, and Neiman Marcus.
  • Bad business practices: Braxton saw huge success in her music and sold millions of dollars worth of albums, but was given a mere $2000 in royalties.
  • Bankruptcy: She was forced to file for bankruptcy in 2010 and 2013.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Nicki Swift

17 Kim Basinger Hit Financial Troubles

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  • Net worth: $40 million
  • Bad investment: Business Insider reported that Basinger invested $20 million on Georgia property, but was forced to file for bankruptcy and sell off the property after mismanaging her money.
  • Legal dispute: Basinger was involved in a 1993 legal dispute with Main Line Pictures when she broke an oral contract to star in the movie Boxing Helena. She was ordered to pay $7.4 million in damages.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Pinterest

18 Burt Reynolds Overspent His Money

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  • Net worth: $5 million at the time of his death in 2018.
  • Extravagant lifestyle: Reynolds made a fortune from acting in films in the 70s and 80s, but spent his money on a private jet, mansions, and over $100,000 in toupees.
  • Divorce: According to the LA Times, his divorce from Loni Anderson in 1993 cost him more than $2 million and $47,000 a month in divorce-related expenses.
  • Crippling debt: Reynolds declared bankruptcy in 1996 with $10 million in debt.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Stereogum

19 Lauren Hill Was Incarcerated For Tax Evasion

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  • Net worth: $8 million
  • Past Success: Earned $25 million in the 1990s for her time with The Fugees.
  • Tax problems: Hill pled guilty to owing the IRS $1.8 million of taxes for the years 2005 to 2007.
  • Incarceration: She served three months of jail time for late taxes.
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A-List Celebrities Who Were Forced To File For Bankruptcy
iCharts

20 MC Hammer Can’t Afford The Rich Life

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  • Net worth: $1.7 million
  • Lost fortune: Hammer amassed $33 million at the height of his music career.
  • Bankruptcy: He filed for bankruptcy in 1996 after mounting $14 million in debt.
  • Exorbitant spending habits: According to CNN, Hammer mismanaged his money. “The singer’s paid entourage was said to number 40 people, he owned at least 17 cars, and he kept a stable of racehorses,” an insider said.
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A-List Celebrities Who Were Forced To File For Bankruptcy
NPR

21 Willie Nelson’s Tax Problems

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  • Current net worth: $25 million
  • Tax bill: Nelson owed the IRS $16.7 million in interest and penalties after tax evasion.
  • He lost everything: The IRS seized his home, twenty properties, and nearly all of his possessions in 1990.
  • Fundraisers: Wilson released the album, “The IRS Tapes: Who’ll Buy My Memories” and his fans raised enough money to pay off his debts.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Pinterest

22 Mike “The Situation” Sorrentino Was Embroiled In Tax Evasion

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  • Net worth: $300,000
  • Past worth: He netted $10 million for his time on the Jersey Shore series.
  • Tax problems: Sorrentino skipped taxes on $8.9 million of his income from the years 2010 to 2012.
  • Jail time: He was indicted for tax offenses and conspiring to defraud the United States, serving 8 months of prison time.

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A-List Celebrities Who Were Forced To File For Bankruptcy
T-online

23 Joey Lawrence’s Financial Woes

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  • Net worth: $250,000
  • Mounting debt: According to People Magazine, Lawrence had debt that included, “$132,000 in credit card bills, $100,000 owed for automobiles, $88,000 in back taxes, $54,000 in unpaid rent and $32,000 for an unpaid loan.”
  • Bankruptcy: Filed insolvency in 2017 after racking up $355,517.27 worth of liabilities.
  • Lost fortune: At the time Lawrence and his wife filed, they reportedly had only $8,000 in the bank and $60 in cash.
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A-List Celebrities Who Were Forced To File For Bankruptcy
Billboard

24 Tyga’s Out Of Control Spending

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  • Net worth: $5 million
  • Lost: $2.2 Million Maybach vehicle due to bad financial decisions.
  • Unpaid bills: Tyga owed $280,000 for unpaid jewelry and didn’t pay a six-figure bill to his landlord.
  • Tax troubles: He failed to pay almost $1 million of taxes for the years 2011 to 2016.
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A-List Celebrities Who Were Forced To File For Bankruptcy
The Independent

25 Aaron Carter Lost His Fortune

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  • Net worth: $400,000
  • Bankruptcy: Filed insolvency in 2013 after being $3.5 million in debt.
  • Tax problems: Carter owed  $1.368 million to the IRS
  • Excessive spending: According to Celebrity Net Worth, he listed an average monthly income of $2,000 and expenses of $2,005.
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Leigh Hewett

Freelance writer and pop culture junkie, Leigh Hewett loves to keep her finger on the pulse of celebrity news. Her work has been featured on TheTalko, Babygaga, and TheRichest. Her hobbies include keeping up with the Kardashians, eating french fries, and driving her two sons to and from basketball practice, all while blasting 90s hip hop from her minivan.

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