50 Cent is not the only one. Here’s a list of some other stars unable to repay debts and had to declare themselves broke...
They seem to have it all — lavish homes, designer wardrobes, a jet setting lifestyle, much fame and adulation. But despite earning in millions, many celebrities end up squandering their income and going broke. Whether due to poor fund management or extravagant spendings or skipping on taxes a number of stars have lost their great fortunes. With rapper 50 Cent being the latest to file for bankruptcy, After Hrs takes a look at some others who went a similar route.
50 Cent
The rapper who's known for hit tracks like Candy Shop and In Da Club filed for bankruptcy protection on July 13. He apparently owes creditors over $28 million, according to a federal Bankruptcy Court filing. A number of his dues are because of lawsuits filed against him including Florida-based Sleek Audio who won a $18,428,257 judgement against him after they said he stole their design. Incidentally a few days back a jury directed the star to pay $5 million to a woman who sued him over a sex tape. He recently posted a picture of himself with a small car on Instagram saying, “Times are hard out here LMAO #EFFENVODKA #FRIGO #SMSAUDIO.”
Burt Reynolds
Burt filed for Chapter 11 bankruptcy in 1996 after his restaurant venture failed to take off. The Smokey and the Bandit star claimed he lost $40 million due to alimony and child support payments to ex wife Loni Anderson. He had also claimed a former accountant stole $15 million from him. He resorted to auctioning off personal items to keep away his money woes.
Kim Basinger
The gorgeous former Bond girl got into financial trouble when she backed out of a deal to star in the film Boxing Helena, due to which she was sued by Main Line Pictures, obliging her to pay them around $7 million. Kim filed for bankruptcy in 1993 and was forced to sell her $20 million town investment in Braselton, Georgia.
Mike Tyson
Despite being one of the best boxers globally, Mike managed to fall on hard times when he spent his $300 million fortune senselessly. The heavyweight champion wasted his millions on real estate, fancy cars and lavish living. Owing $9 million for his divorce, Mike was forced to declare bankruptcy in 2003, after accumulating debts of $27 million.
Michael Jackson
The King of Pop had amassed a vast fortune during his prime but still in 2007, was unable to repay a $25 million loan on his home, Neverland Ranch, since he was broke. The lavish ranch had a zoo, an amusement park, a movie theater and required annually $10 million dollars to maintain. His This Is It comeback tour was said to be MJ's way of trying to come out of his debts.
Willie Nelson
The country star declared bankruptcy in 1990 due to mismanagement of tax payments. He reportedly owed the IRS $16.7 million in unpaid back taxes and fees. Once his property was seized, Willie sought ways to pay them back by releasing an album in 1991 and auctioning off his personal belongings. A few years later he'd successfully paid off his tax debts.
Janice Dickinson
The supermodel fell on rough times a couple of years back when she found herself in debt of over $1 million. Unsurprisingly, this was due to her unpaid taxes and bills for her endless plastic surgery treatments. Janice turned to her fiancé Dr Robert Gerner, a leading psychopharmacology expert to help pay back some of the money.
Larry King
Larry found himself in an enormous debt of over $352,000 in 1978 after becoming part of a Wall Street scandal. His extravagant lifestyle did not help and with his reputation tarnished he was unable to hold a job. Larry persevered and bagged a radio talk show later that year which helped him get back on his feet.
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