Being famous often means making a lot of money and making it very quickly. Unfortunately, some celebrities lose money just as fast as they earned it. Here are a few who had the golden touch but not for long alas.
1. M.C. Hammer
The rise of this popular rapper led him to a lifestyle he clearly couldn’t afford. His net worth of 33 million couldn’t bail him out after he hire a huge staff. The star filed for bankruptcy in 1996.
2. Burt Reynolds
A major star in the 1980’s, Reynolds married gorgeous Loni Anderson and divorced her. When combined with a series of business ventures that just didn’t work out including an investment in a restaurant chain, he had to file for Chapter 11 bankruptcy in 1996.
3. Kim Basinger
After she decided that starring in the movie Boxing Helena would be a bad move, Basinger found herself on the end of a losing lawsuit with the movie studio. A nearly four million dollar ruling against her and bad real estate investments led to her decision to declare bankruptcy in 1993.
4. Larry King
The much married television host had to file for bankruptcy in 1978 after he was falsely accused of larceny by one of his business partners. Since then, he has clearly recouped his fortune with his famous television interviews.
5. Mark Twain
Yes, THAT Mark Twain. Despite being one of the most successful authors of his own time, he made a series of poor investments that backfired. Assigning his copyrights to his wife failed to get him out of fiscal troubles so he was forced to file for bankruptcy way back in the nineteen hundreds.
6. Wayne Newton
While the Guinness Book of World Records officially declared him the world’s best paid entertainer, his music skills couldn’t rescue him from a group of poorly thought out investment choices. Newton filed for bankruptcy only a few short years later.
7. Dionne Warwick
The pop singer got poor advice from her own fiscal advisors. With more than ten million in unpaid back taxes, she was forced to file for bankruptcy in 2013 to help pay off the resulting fines.
8. Meat Loaf
No, we’re not writing about the popular dinner main entree. Meat Loaf, born Marvin Lee Aday, the popular singer, found bankruptcy on his personal menu after one of his own partners decided to file a series of lawsuits against him.
9. Janice Dickinson
The pretty model and photographer started her own talent agency that became the star of an online reality show that helped make her famous. All the exposure in the world couldn’t help her after she ran into debt and found herself in hock to the government for hundreds of thousands of dollars. She filed for personal bankruptcy in 2013.
10. Warren Sapp
Sapp, a highly admired football player who spent much of his career playing for the Tampa Bay Buccaneers, was forced to file for bankruptcy in 2012. Records indicate the star owned more than six million but only had about six thousand dollars in assets.
11. Ulysses S. Grant
Grant, one of the nation’s most respected Civil War generals, found life after the war harder. After his term as president, Wall Street welcomed him but nasty investors quickly led him to poor investment choices. He filed for bankruptcy and wrote his autobiography on his deathbed to help support his wife and children.
12. Toni Braxton
The singer and songwriter has filed for bankruptcy not once but twice. After filing in 2012, she went to the court system again just a year later to file the same thing. Despite her alleged financial troubles, she’s managed to buy a three million house in a prestigious area of California.
13. Debbie Reynolds
Reynolds, a singer, movie star and television star, filed for bankruptcy after her husband mismanaged her fortune. Left unable to sell her hotel and casino in 1997, she turned to personal bankruptcy for help with her financial problems.
14. Mickey Rooney
The petite child star starred in a series of movie as a child with the legendary Judy Garland. After he grew up, he was still making movies and still making money. But it was not enough to rescue him from financial problems, forcing him to file bankruptcy in 1962.
While enjoying fame for his comic routines, Sinbad was unable to translate this success into financial wealth. The comic filed for bankruptcy twice. Declaring that he was not living beyond his means, he still sought financial protection in 2009 and then again in 2013, with estimated debts of over ten million.