The lives of our favorite stars often seem so glamorous, but even the richest of celebrities face financial and other monetary issues. Many inspirational stories and videos of many celebrities hover around the internet and they become a true symbol of rags to riches for the people. But sometimes there are many adverse financial situations that result in the emotional despair of even the most famous celebrities.
Celebrities are known to have a net worth of millions of dollars and a luxurious lifestyle that sometimes becomes a reason to go on a spending spree that eventually gets them broke. Many of these celebrity stories are also depicted in different movies and documentaries. You can watch many of these movies by choosing cable TV packages by Medicom bundles and learn from the lives of your favorite celebrities and the ways they were successful in the time of crisis. You can also find some stories of celebrity financial disasters below.
Michael Jackson had a $400 million debt when he died in an unexpected tragedy in the year 2009. The King of Pop had large amounts of spendings to take out his loans, many of which were unpaid for a long time. Michael Jackson’s financial problems became worse due to payments of several lawsuits that he was involved in and the payments of his debt that got increased over time. When he died, it was revealed by a forensic accountant that Jackson owed a sum of $400 to $500 million in total. The estate resolved the financial problems and Micheal Jackson became one of the top-earning dead celebrities since the year 2012.
Nicholas Cage was one of the biggest stars who worked in Hollywood. As of the year 2009, Nicholas Cage’s earnings were estimated at around $40 million. But Nicholas was one of the biggest spenders and vast part of his funds get spent when he purchased too many homes, cars, and expensive and rare artifacts. In the year 2015, there were reports that he blew up his fortune worth $150 million from the year 1996 to 2011.
The IRS placed tax liens on many properties owned by Nicholas Cage and then had him hand over around $ 6 million when he failed to pay the tax bill for the year 2007. His financial uncertainty led him to sell many personal belongings that included a treasured comic. According to the reports about his net worth as in the year, 2017 was estimated to be around $25 million. One of the most recent roles he played was as Spider-Noir in 2018.
Floyd Mayweather Jr.
Floyd Mayweather Jr was nicknamed “Money” because he never lost a boxing match. But surprisingly he owed money to the IRS. According to a report by Reuters Deadspin Mayweather owed the IRS money for around 10 years. The boxer’s failure to pay his taxes resulted in a penalty of around $20 million to the IRS, even when he came out of retirement after a high-grossing fight. According to sources, there are different rumors and talks amid sports fans and officials that Mayweather could come out of retirement once again and settle his debts.
Mike Tyson’s career as a boxer is considered as one of the golden careers for any sports person in history. He earned around 400 million dollars throughout his career and was known to amass debt valued at around $23 million in the year 2003. The champ declared bankruptcy, returned to jail and had to go through rehab before his financial status became stable.
In the year 2003, his debt was owed to the IRS, his lawyers, the British tax authorities, one of his personal trainers, his financial manager, and a music producer and many others. Apart from that, he had to pay off $9 million for a divorce settlement and child support. Today Tyson has retired from the fighting arena. In the year 2018, he started off with his Marijuana business in California. It is called The Ranch Company located in California and also revealed in 2019 that he plans on starting a cannabis-themed resort.
In the year 2009, Stephen Baldwin filed for bankruptcy and owed money. He had owed taxes and a couple of mortgage payments as well. He is known for his roles in the famous blockbuster hit movie The Usual Suspects (1995) and “The Flintstones Viva Rock Vegas” (2000). Alec’s younger brother filed bankruptcy in the year 2009 and he had repeated troubles as his house was foreclosed in the year 2017 after he failed to pay his mortgage for six years. In another instance, he got arrested and served probation for 5 years for not paying taxes for 3 straight years.
The famous rapper was reported to be in debt in the year 2015 that valued at more than $32 million. 50 Cent’s career consists of roles in numerous movies, TV shows, and music albums. His career as a rapper dates back to the late 90s, but most of the income was dependent on a diverse business portfolio. In the year 2015, he was reported to be in debt while he was caught up in a lawsuit and failed to pay for child support. He declared himself bankrupt the next year. In the year 2018, he declared himself to be a millionaire because of the 700 bitcoins he got paid for his album in 2014. He later disregarded the reports to be fake and that he never had any bitcoins.
These are some celebrities that were reported to lose their wealth, fame and even careers after making some unwise decisions when it comes to money matters. Many such celebrities did bounce back and regain the wealth and fame they had, while others succumbed. As a result, they either ended up on the streets or got involved in illegal activities.