Young Never Broke Again Outside Today
Even celebrities who brand millions a year aren't immune from bankruptcy. Without getting into statistical analysis, let's only say a disproportionate number of athletes, actors and singers appear on bankruptcy court dockets. Gear up greenbacks, friends who love to spend and the temptations that go with sudden fame go far all as well like shooting fish in a barrel to get carried away.
Throw in a nefarious family member and a decadent business concern advisor or ii, and defalcation could be simply around the corner. And don't "forget" to pay your taxes! A lot of the stars on this list didn't, and they paid a hefty price for it. Ready to have your heed blown past some of the celebrities who went broke in the 2010s? Take a look!
Lisa Marie Presley
Lisa Marie Presley inherited more than $100 meg from her father, Elvis Presley. It's gone. She blames her quondam concern manager, Barry Siegel, for her massive losses. In a lawsuit filed by Presley in 2018, she accused Siegel of investing her inheritance poorly and and so selling investments at their lowest points.
Presley said Siegel's mismanagement left her with merely $14,000 in greenbacks and half a one thousand thousand dollars in debt. Would it surprise you lot that Siegel disagrees with the allegations? He says Presley herself is to blame for her own financial devastation.
Johnny Depp
In January 2017, Johnny Depp lay arraign for tens of millions of dollars in fiscal losses at the feet of The Management Group and 14 other companies. He accused TMG of gross misconduct while managing his funds over a 17-year menses.
The Management Group responded with details of Depp'southward spending. They say he spent $2 million every month. Patently, he also dropped $18 million on a yacht and $75 million on real estate around the world. The lawsuit was settled in July 2018, simply Depp is still involved in other litigation.
l Cent
Singer, songwriter, rapper and actor Curtis James Jackson III (a.yard.a. 50 Cent) earned more than $300 million from music, businesses and investments in companies similar Vitaminwater. Despite that, he filed for defalcation in Connecticut in 2015, with claimed debts of $32,509,549.91.
He was discharged from bankruptcy in 2017 after paying back $22 1000000 in debts. During the proceedings, he admitted that an quondam media indicating he made $8 1000000 in bitcoin subsequently being paid in cryptocurrency for his Animate being Ambition album was never true.
Toni Braxton
Bankruptcy practise-overs were a chip of a theme in the 2010s. Toni Braxton filed for bankruptcy in 1998 and was back in forepart of a bankruptcy approximate in 2010. She blamed her 1998 proceedings on having to pay back record company advances.
When she filed again in 2010, Braxton listed debts of between $ten 1000000 and $l million against avails of merely $one one thousand thousand to $x million. The second time, she blamed poor sales and illness — including lupus — that caused her to cancel concerts. She too blamed insurance companies that failed to pay out on policies.
Dionne Warwick
Songstress Dionne Warwick filed for bankruptcy in March 2013. In her filing, she listed a monthly income of $20,950, which isn't as well shabby, right? The problem was her monthly expenses — including thousands for a personal assistant and housekeeping — were stated equally $20,940, leaving her just $10 a month in fun coin. An even bigger problem was the Internal Revenue Service.
Warwick's bankruptcy filings showed she owed $10.2 million in back taxes, involvement and penalties to the taxman. With only $ten a month left after paying expenses, that debt certainly wasn't getting paid.
Sinbad
Sinbad filed for bankruptcy protection in 2009, but the file was airtight for failure to consummate the paperwork. He was dorsum earlier the bankruptcy courts in 2013, and his freshly filed paperwork revealed avails of $131,000 and debts of nearly $11 million. Of that corporeality, more than $8 million was debt for back taxes.
American Express was also seeking payment of nearly $375,000, and Bank of America was owed more than than $32,000, a mere pittance by comparison. Sinbad blamed his troubles on poor management and spending a lot of cash on staffing and equipment.
Aaron Carter
Old child star Aaron Carter — blood brother of Backstreet Boy Nick Carter — reportedly earned more than than $200 million earlier reaching the age of 18. His parents managed his coin and assets at the fourth dimension.
In 2013, Carter filed for bankruptcy with debts of $2 million. The largest office of that debt was unpaid taxes. He told HuffPost that his parents played a large function in his financial problems: "At that place was a lot of neglect on my parents' part. They didn't practice a lot of things right." Specifically, they allegedly failed to comply with the California Child Actor's Bill, referred to as the Coogan Police.
Alyssa Milano
Alyssa Milano fired business manager Kenneth Hellie in June 2016 later he allegedly forged a $26,000 cheque that put her account into overdraft. According to Milano, that was just the offset of what she institute out Hellie had been doing backside her back.
She says Hellie hid the true state of her fiscal affairs, and because of information technology, she turned down high-paying work. Hellie also allegedly didn't pay her bills and invested her money in businesses that he had invested in too. She didn't know most those conflicts of interest. In June 2017, Milano sued Hellie for $10 million.
Tori Spelling
Tori Spelling's memoir, Spelling It Similar It Is, includes a section nearly finances. She blames her financial troubles on expensive tastes, a real manor deal that went sour and failed businesses. How bad did things get for Spelling and her husband, Dean McDermott?
City National Banking company obtained a judgment confronting them for $220,000 for the not-payment of a loan. The IRS tried to recover $704,000 in taxes past seizing the couple's bank accounts. American Limited sued Spelling for $88,000 in unpaid bills. The adept news? McDermott didn't get to jail for non-payment of $100,000 in child support.
Teresa Giudice
Yous met Teresa Giudice on The Real Housewives of New Jersey. She is as infamous for her fraud conviction every bit she is for her extravagant lifestyle. Giudice was indicted on 39 charges related to mail service fraud, wire fraud, depository financial institution fraud, loan application fraud and bankruptcy fraud in July 2013.
She and her married man, Joe Giudice, pled guilty to 41 counts in March 2014. Teresa was sentenced to prison and served fourth dimension, but she was released less than a twelvemonth later. By June 2018, their bankruptcy case was dismissed with only the IRS and New Jersey'south Department of the Treasury to be paid.
Kerry Katona
Kerry Katona was a singer with the girl grouping Diminutive Kitten from 1998 to 2001 and again from 2012 to 2017. Her tv career includes several reality TV shows. She has been declared bankrupt past U.K. courts twice, in 2008 and 2013.
In 2008, Katona's defalcation involved her failure to pay the final 86,000 pounds of a 417,000-pound tax beak. After she lost a contract with a supermarket chain, a magazine column and her MTV shows, her 1.5-million-pound habitation became subject to a repossession order. She told The Telegraph, "Money's an result for me."
Boris Becker
Three-fourth dimension Wimbledon winner Boris Becker won $25,080,956 during his tennis career, not to mention another 90,000 pounds in earnings every bit a professional poker role player. None of that prevented him from filing bankruptcy, however, and he was alleged broke in 2017.
Becker's bankruptcy has been attributed to having to pay xx million pounds in divorce and paternity settlements to his old wife, Barbara, and Russian model Angela Ermakova. Being convicted for taxation evasion didn't assist either. Becker'southward thoughts are interesting. He told The Telegraph he was forced into "a completely unnecessary declaration of bankruptcy" past "anonymous and unaccountable bankers and bureaucrats."
Stephen Baldwin
Justin Bieber'southward father-in-law, Stephen Baldwin, filed for bankruptcy in 2009. True, that's not in the 2010s, merely everything came out in the wash in the 2010s. Baldwin'due south domicile was foreclosed and auctioned to recover more than $i one thousand thousand owed on the mortgage in 2017.
A lien was also issued for some other $1 meg in unpaid taxes and fees on the belongings. This was all later on Baldwin pled guilty in 2013 to not filing personal taxes for 3 years. Dorsum taxes amounted to more than $400,000 with involvement. Baldwin apparently now lives in an flat in Queens.
Abby Lee Miller
Trip the light fantastic Moms' star Abby Lee Miller is a dance teacher and choreographer. She filed for bankruptcy in December 2010, and records indicate she owed more $400,000 in unpaid taxes. That was before she was hired for Dance Moms in 2011.
In June 2016, Miller pled guilty to felony defalcation fraud. Prosecutors alleged she hid her true income and contracts for time to come idiot box earnings. She was caught when a bankruptcy guess saw her on tv and realized she was making more money than she had reported. She was sentenced to 366 days in federal prison but was released early for health reasons.
David Cassidy
Adults from the 1970s certainly recall The Partridge Family, and teen girls will never forget Keith Partridge, who was played by David Cassidy. The musical sitcom thrust Cassidy into superstardom equally a teen idol and pop vocaliser.
He alleged bankruptcy in 2015, attributing his dire fiscal straits to shrinking royalty checks from The Partridge Family combined with health issues that stopped him from touring. His reported bad investments in the Bahamas but made things worse. In November 2017, Cassidy died of liver failure at age 67. In 2008, he had publicly admitted to alcoholism.
T-Boz
Tionne Watkins (a.k.a. T-Boz) filed for bankruptcy in 1995 and faced down nigh foreclosure in 2009, just that wasn't the end of her fiscal troubles. Poor financial decisions added to the tension of medical bug, including sickle cell anemia and a brain tumor.
Watkins filed for bankruptcy in October 2013. The biggest result was her non-payment of $769,000 on a mortgage. She didn't get the bankruptcy protection she was looking for, as her example was apparently dismissed because she didn't complete all the proper paperwork. She held off Honda from repossessing her minivan, only she had to sell her Georgia belongings at a huge loss.
Gary Busey
Gary Busey went through the defalcation process in December 2012. At the end of it, he was left with $26,000 in avails and was no longer responsible for $57,000 in unpaid bills. He couldn't escape liability for $450,000 in taxes owed to the Internal Revenue Service, though. And so, how did he get there?
When Busey filed for defalcation in February 2012, he listed $50,000 in avails against debts between $500,000 and $1 million. Those debts included mundane things like storage fees also every bit some customized liabilities, such as coin owed to a woman Busey was accused of attacking in Oklahoma.
Lil' Kim
When Lil' Kim filed for bankruptcy protection, she listed assets of $2.vi meg and a monthly gross income of $43,000. That seems similar a reasonably comfortable position for virtually people. Unfortunately, the other side of the ledger included debts of $4.1 meg, including $2 one thousand thousand in back taxes, a $2 million mortgage and outstanding legal fees.
Lil' Kim after personally requested to have her bankruptcy proceeding airtight. She told the court she had been able to become things in lodge and no longer needed bankruptcy protection. The court granted her asking to close her case.
Joey Lawrence
American actor, musician and game testify host Joey Lawrence may be familiar due to his role as Joey Russo in Blossom and the series Brotherly Dear, in which he starred with his ain brothers. His prove Melissa & Joey concluded in 2015. The resulting fiscal changes were huge. In 2015, Lawrence earned $534,000, but in 2016, he earned merely $58,000.
In July 2017, he and his married woman, Chandie Yawn Nelson, filed for bankruptcy with only $8,000 in the banking concern. Lawrence was spending $19,000 more every calendar month than he was making, and that math patently doesn't work. Their bankruptcy case was reportedly settled in Apr 2018.
Chris Tucker
Chris Tucker was once Hollywood's best paid role player. In 2007, he earned $25 million for Rush Hour three. By September 2014, he reportedly owed the Internal Revenue Service $fourteen,068,047.l for back taxes for seven years. Tucker was obviously able to settle that tax beak with the IRS, but not before the feds had placed a $2.5 million lien against him in Georgia.
The lien was imposed after a 4-year audit — four years! — that Tucker's representatives attributed to "poor accounting and business concern management." That seems similar a fair assessment.
Sonja Morgan
Existent life in New York tin include existent money problems. Just ask Sonja Morgan of Real Housewives Of New York. In 2010, she filed for bankruptcy and blamed a motion picture production bargain gone bad. Hannibal Pictures won a $7 1000000 judgment against her.
I painful affair nigh bankruptcy is the personal exposure. Anybody she knew learned almost her $34,000 in monthly expenses, including virtually $4,400 for food, apparel and personal care items. Morgan sold houses to settle up. She afterward told Due east! News, "It'due south overnice to be free of anybody looking at my coin."
Janice Dickinson
One-fourth dimension supermodel Janice Dickinson filed for bankruptcy protection in 2013. Her filings listed debts to a plastic surgeon and dermatologist but also $500,000 in dorsum taxes owed to the Usa, California and New York. Dickinson had too reportedly stitch almost $300,000 in overdraft fees to her bank.
Media reports as well claimed she faced eviction from her Los Angeles home due to non-payment of rent. Dickinson told Radar Online, "I had some trouble, so yep, it is truthful. I am upset and taking every footstep to pay everyone back, and I feel terrible about it."
Warren Sapp
Warren Sapp filed for defalcation in 2012. His filings listed $six.seven million in debts and avails of $6.45 meg. PNC Banking company had obtained a judgment of $988,691.99 against him and was garnishing his broadcasting paycheck of $33,333 monthly. Sapp as well owed the IRS roughly $940,000 equally well as child support and alimony of $876,000.
At the time he filed for bankruptcy, Sapp had less than $1,000 in his bank accounts. That'due south pretty shocking for a man who played 12 years in the NFL for the Tampa Bay Buccaneers, earning almost $59 million.
Mekhi Phifer
You probably know role player Mekhi Phifer from his starring roles as Dr. Greg Pratt in the medical drama ER and from Eminem'southward pic 8 Mile. Phifer filed for bankruptcy in 2014, and in his court filings, he listed avails totaling $67,000 confronting debts of $1.3 million. His monthly income of $7,500 didn't measure upward against monthly expenses of $xi,000.
Have you noticed that many celebrity bankruptcies include large amounts owed for back taxes? The aforementioned was true for Phifer. His listed debts included $1.two million owed to the IRS, and you lot do non mess with Uncle Sam.
Antoine Walker
After a college career at the University of Kentucky, Antoine Walker was a first-circular typhoon selection of the Boston Celtics in 1996. He played for the Celtics, Mavericks, Hawks, Heat and Timberwolves in the NBA and other teams in the BSN and D-League. Over his 12-year NBA career, he earned salaries totaling $108 million.
In May 2010, Walker filed for bankruptcy in Florida. He listed assets of $4.3 million only debts of $12.7 million. He told CNN, "I created a very expensive lifestyle. That'south how you lose your wealth real bad at the start."
Lenny Dykstra
Lenny Dykstra played for Major League Baseball game'due south Mets and Phillies from 1985 to 1996 and was a three-time All-Star. His postal service-baseball career hasn't been virtually every bit cheering. Dykstra started a number of businesses, including a jet lease company, magazine and investment communication website.
In 2008, he had an estimated internet worth of $58 million. In July 2009, he filed for bankruptcy with assets of $fifty,000 and liabilities of up to $50 one thousand thousand. In June 2010, he was charged with bankruptcy fraud. Adding to his other legal and financial bug, he was convicted and placed under house arrest.
Terrell Owens
Terrell Owens was a wide receiver for 16 seasons in the National Football League. He played for the 49ers, Eagles, Cowboys, Bills, Bengals and Seahawks and was a six-fourth dimension Pro Basin player. He is estimated to accept earned more than than $lxxx million in salary, signing bonuses and endorsements.
In 2012, Owens (a.k.a. T.O.) filed for bankruptcy and attributed the crusade to bad investments, the collapse in the United States housing market and $l,000 in monthly child support payments. He told CNBC, "My advice to any fan or athlete out at that place? Just don't live beyond your ways."
Jose Canseco
Jose Canseco played for Major League Baseball game'southward Athletics, Rangers, Reddish Sox, Blue Jays, Devil Rays, Yankees and White Sox. He won Most Valuable Histrion and Rookie of the Yr awards and All-Star selections. His earnings as a player were $45 million. He was famous for his 462 domicile runs and infamous for his admitted use of functioning-enhancing drugs.
In August 2012, Canseco filed for bankruptcy in Las Vegas. His application listed less than $21,000 in assets compared to debts of nearly $one.vii million. Those debts included more than one-half a million dollars owed to the IRS.
Jack Johnson
Jack Johnson played hockey for the National Hockey League'due south Pittsburgh Penguins, Los Angeles Kings and Columbus Blueish Jackets. His first major pro contract was a seven-year bargain with the Los Angeles Kings worth $30 million.
Johnson gave his female parent power of chaser, and his parents took out loftier-involvement loans against his future earnings. He was ultimately sued for defaulting on more than $6 million in debt. He denied knowing anything about information technology or his parents' spending, and he filed for defalcation in Nov 2014. He listed $50,000 in avails compared to every bit much every bit $xv 1000000 in debts.
F. Lee Bailey
Defense attorney Francis Lee Bailey represented O.J. Simpson too equally other famous clients like Sam Sheppard, Patty Hearst and the Boston Strangler. In contempo years, he was disbarred from practicing law in Massachusetts and Florida, and Maine denied him a license. Past 2017, he was living with a hairstylist and ran a consulting house above her salon.
In 2016, Bailey filed for defalcation after he was disbarred due to allegations of misappropriating funds from a drug dealer who was a client. He had more than $five million in debts and listed monthly income of $7,119, monthly expenses of $6,111 and assets of $408,176.
Source: https://www.ask.com/entertainment/celebrities-went-broke-2010s?utm_content=params%3Ao%3D740004%26ad%3DdirN%26qo%3DserpIndex
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