10 once-bankrupt celebrities

Thinking about financial crunch and all this global financial crisis stuff I came across a list entitled Bankrupt! 65 Famous People Who Lost It All. As you see the list is pretty long, so here’re the ten once-bankrupt celebs I think you’ll be interesting to read about. If curious about the whole list, click here.

The celebs are rated descending depending on the sum of their debt.

1. Donald Trump

He found himself $900 million in debt in 1990 and lost a lot of his business ventures that time but then he put himself together to regain his status as owner a billion-dollar empire.

2. Mike Tyson

Ear-addicted boxer was once famous for his lavish lifestyle. He filed for bankruptcy in 2003 with a debt of $27 million due to his $400,000 per month lifestyle cost and $9 million he had to pay for legal fees while divorcing from his wife.

3. Kim Basinger

Once incredibly famous actress filed for bankruptcy in 1993 when a judge ordered her to pay Main Line Pictures $8.1 million because she had backed out of a verbal commitment to star in Boxing Helena.

4. Isaac Hayes

We know him for lending his voice to “Chef” on South Park, but he’d filed for bankruptcy long before the show began. It happened back in 1976, the time when he was making music. His record label went broke owing over $6 million. He lost everything including rights to future royalties from all his music.

5. Toni Braxton

The singer filed for bankruptcy in 1998 having a debt of $3.9 million. She sold everything including 2 Grammy Awards she received in 1997. Luckily for her she signed a new contact next year and it brought her $25 million. You win some you lose some…

6. Anna Nicole Smith

Former Playmate filed for bankruptcy in 1996 after been ordered to pay $850,000 to an employee after losing a sexual harassment lawsuit.

7. Larry King

Yes, I know it sounds funny, but it’s true. Mr. King was in $352,000 debt after being falsely accused of stealing money from a business partner. He filed for bankruptcy in 1978.

8. Francis Ford Coppola

Oscar-winning Godfather director went in $300,000 debt before making his famous trilogy and became bankrupt in 1982 after his musical One From The Heart failed to make enough in box office. But as families, especially Italian families, prefer to stick together during hard times, his mom helped him with the money and he got back in business. Thanks, Francis Ford Coppola’s mom!

9. Perez Hilton

I just could not miss this guy. Perez filed for bankruptcy in 2005 having more that $50,000 in debt. He was in college that time, he was young and careless.
He’s apparently learnt the lesson well.

10. Lynn Spears

I don’t know the sum but I don’t think it was huge. Britney Spears’ mom filed for bankruptcy in 1998 shortly before her daughter smashed charts with her hit ‘Baby One More Time.’

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1. MJP Says:
   January 19th, 2009 at 11:35 pm

   Ah, but don’t forget- not only did Anna Nicole Smith file for bankruptcy, but she parled that filing into an oportunity to circumvent the american legal system. Not only did she get to choose the forum for her bankruptcy filing (CA- notoriously friendly to Celebs)- but by claiming that the tortious interference of her step-son caused her to be written out of her husband’s will. thus, she killed two birds with one stone- she filed bankruptcy and avoided the payment of her settlement for sexual harassment, but she was able to challenege her husband’s will- a battle that is STILL GOING ON TODAY.

2. G Says:
   October 21st, 2010 at 5:52 pm

   these peopl had it all,and made weak use of it
   if i ever had te oppurtunity likethey did ,,myself the lack of money would no longer be an issue in my life
   life is to short to be stressing over money all the time