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For a long time, celebrities have been known for their gorgeous gowns and lavish lifestyles, but many of them have gone bankrupt at one time or another. Let's take a look at these 20 bankrupt stars and why they went broke.
The Canadian beauty Pamela Anderson earned her success and fortune after starring in Baywatch. However, her lavish spending on houses and her celebrity lifestyle led her to money woes. In 2012, she had to give up a large sum of money to pay off her unpaid taxes.
No one can dodge taxes forever, not even the father of country music. Willie Nelson was once asked to pay millions of back taxes he owed, which put him in financial trouble. Willie had a rather tough time paying the IRS back the taxes.
Burt Reynolds was one of Hollywood's most prolific actors and had no intention to make a deposit. Things went sour when he took on a $4 million loan from CBS while filming Evening Shade, which needed 100 episodes to be syndicated. Failing to meet the goal led him to file for bankruptcy.
As one of the most prominent NBA stars, Dennis Rodman made a substantial fortune. His impressive bank account didn't last long though, because of his luxurious lifestyle, plus unpaid taxes and child support. Dennis ended up in massive debt.
The former American sweetheart could have had a bright future, but her lavish lifestyle and private scandals destroyed it all. Her failure to manage her assets was the final blow. In 2016, she was nearly broke and could not even pay her rent.
As one of the most successful hip-hop stars of his generation, 50 Cent's life is full of a lurch, from employee misdeeds to being arrested. In the 2010s, he also experienced bankruptcy because of his poor investments and several lawsuits, which together caused him to fall $50 million in debt.
The legendary balladeer Billy Joel has experienced a number of troubles, including financial difficulties. In the 80s, he was the victim of fraud, which saw$30 million siphoned from his account by his former manager, Frank Weber. After suing Weber for $90 million, everything is looking better for Joel now.
Wayne Newton was the highest-earning singer in the 1980s, but it didn't last long. His extravagant lifestyle took him from being a millionaire to bankruptcy, with $20 million in debt. After paying off his old debt, he once again failed to pay off millions in taxes and loans. To pay off the new debt, he had to turn his house into a scenic spot.
The legendary boxer Mike Tyson had a wonderful time wasting his money on luxuries. Purchasing Siberian tigers, mansions, and cars is part of his daily life. After buying things on credit, going through an expensive divorce, and paying off his debt, he filed for bankruptcy in 2003.
As the leader and drummer of the rock band Fleetwood Mac, Mick Fleetwood had considerable influence and wealth. However, substance abuse has been a problem for him over the years. After blowing millions of dollars on drugs, now he suffers both physically and financially.
We thought that Elvis' daughter would be living comfortably with her father's heritage, but Lisa Marie Presley burnt through millions of dollars over the years and blamed her management company. When she divorced her husband, she was seriously in debt.
Wesley Snipes, well known for starring in the Blade franchise, is another celebrity who got into trouble because of tax evasion. Although his felony federal tax fraud and conspiracy was deemed invalid, he still served a three-year sentence for failing to file tax returns from 1999 to 2004.
Like other Hollywood kids, Martin Sheen's son Charlie Sheen had a bright future after starring in Two and a Half Men. However, in the later years, his unpaid taxes dragged him into the mire. It was reported that Charlie owed the IRS almost $5 million in back taxes.
The movie The Usual Suspects had brought Stephen Baldwin fame and fortune. However, in 2009, Stephen Baldwin filed for bankruptcy because of delinquent taxes and mortgages. What's more, he was foreclosed on in 2017 after failing to pay his mortgage for six years.
The highly respected TV host Larry King also went through severe financial issues in the late 1970s. Rumor has it that King stole $5,000 from his business partner, which cast a cloud over his reputation. Later in 1978, he was forced to declare bankruptcy.
Although Johnny Depp has always been active and is loved by all, his financial status is not very encouraging. He blew his money on numerous expensive hobbies, such as starting a failed record company and buying a 150-foot yacht.
Famous for Cat Scratch Fever, rock 'n' roll legend Ted Nugent got into a financial crisis like the other celebrities. In the 80s, he announced his bankruptcy because of his failed investments. Luckily he pulled himself together again later on.
Nicolas Cage has been a big spender and lived a ridiculously lavish life. He owns 15 houses, dozens of luxury cars, and a $30 million private jet. However, his tax evasion resulted in an expensive fine, and he had to sell his assets to liquidate.
Jerry Lee Lewis is known as rock & roll's first great wild man, but was involved in various scandals, including marrying his then 13-year-old cousin. His reputation and financial status was ruined once for all. In 1988 he even filed for bankruptcy.
Oscar-winning actress Kim Basinger was once everyone's favorite and accumulated a fortune. However, when she broke her contract for the film Boxing Helena, she had to pay an $8.1 million debt. This led to her bankruptcy and caused her to sell her share of Braselton.
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