Anna Nicole Smith
In 1994, billionaire J. Howard Marshall married model Anna Nicole Smith, who was born Vickie Hogan. He passed away a year later without mentioning Smith in his will; she was 26 and he was 89. Her bankruptcy was declared in 1996.
Marshall's children and Smith engaged in a protracted legal struggle over the estate that eventually reached the Supreme Court. In 2007, Smith overdosed and died.
Johnny Depp
Actor Johnny Depp began his career in the 1980s. He has received earnings of up to $20 million for each movie, and he has benefited financially from some of his biggest successes, like as the "Pirates of the Caribbean" film franchise. Over $3 billion has been made by his films worldwide.
But as Johnny Depp's fame waned and his extravagant spending habits bit, he almost lost everything. Today, at least financially, he's back on track and has never formally filed for bankruptcy. However, it was a narrow escape, and his journey from wealth to almost complete disaster provides some crucial lessons for ordinary people as well.
50 Cent
Although he rose to fame as a rapper in the late 1990s, the majority of his wealth comes from a broad range of businesses.
50 Cent allegedly owed $32.5 million in debt in 2015, in addition to being embroiled in legal disputes and failing to pay child support. In the following year, he filed for bankruptcy.
In 2018, allegations surfaced claiming that 50 Cent became a millionaire due to the 700 bitcoins he was purportedly paid for his record from 2014. Subsequently, 50 Cent revealed in court filings that the rapper had never held bitcoins and that the reports were false.
Michael Jackson
Jackson had to take out loans to cover his large expenses, many of which he never returned. Jackson's financial issues worsened when he became embroiled in multiple costly litigation and his loan interest rose. A forensic accountant calculated that Jackson owed $400 million to $500 million at the time of his death.
Since 2012, Michael has been the highest-earning deceased star, thanks to his estate having handled the financial concerns.
Nicolas Cage
Cage acquired a number of residences, cars, and unique antiques. But in 2015, information began to surface regarding how, between 1996 and 2011, he squandered his $150 million wealth.
After Cage failed to pay his 2007 tax bill, the IRS filed tax liens on several of his properties and forced him to turn over almost $6 million. Due to his unstable financial status, Cage had to sell a number of his personal items, including a comic book that he cherished.
Cage's net worth was estimated to be $25 million as of May 2017. Among his latest roles was that of Spider-Noir in the 2018 film "Spider-Man: Into the Spider-Verse."
Floyd Mayweather Jr.
Floyd Money Mayweather has reportedly owed the IRS money for more than ten years, according to Deadspin.
Even though the boxer came out of retirement for a highly lucrative fight, his failure to pay taxes left him in debt to the IRS in the amount of $22.2 million. There were rumors in 2018 that Mayweather would come out of retirement once more in order to pay off his obligations.
Mike Tyson
Before he could once more secure his financial future, the heavyweight champion filed for bankruptcy was locked up again, and underwent treatment.
He owed money to a number of organizations by 2003, including the IRS, the British tax authorities, attorneys, personal trainers, financial managers, and music producers. Tyson was overdue on child support and had to pay a $9 million divorce settlement.
Tyson has since stopped fighting and seems to be financially stable once more. Tyson founded The Ranch Companies, a medical marijuana startup in California, in 2018. He disclosed this year that he intends to launch a resort with a cannabis theme.
Stephen Baldwin
In 2009, Alec's younger brother declared bankruptcy due to unpaid taxes and two mortgages. After failing to make mortgage payments for six years, Baldwin's home was foreclosed in 2017, causing further problems.
Baldwin was arrested and placed on probation for five years after neglecting to pay taxes for three consecutive years.
MC Hammer
After "U Can't Touch This" became a genuine hit, MC Hammer amassed $30 million in wealth. As a result of his success, Hammer was able to purchase a $1 million mansion, make $30 million worth of improvements, and employ 200 people. In addition, he purchased a horse stable where he housed 19 racehorses.
He discussed being "loosely involved with about eight [technology] companies" and spending most of his days in California's Silicon Valley on "The Oprah Winfrey Show" in 2011.
As of 2019, MC Hammer is still touring.
Larry King
In Miami, Florida, King started his broadcasting career in the 1950s and 1960s as a radio announcer. However, he was suspected of stealing $5,000 from his then-business partner in 1971 and faced grand larceny charges.
At the time, that incident negatively impacted his career even though the charges were later dropped. King had to file for bankruptcy in 1978 due to mounting debt.
However, King received an opportunity for a nationwide radio talk program in Washington, DC, that same year. This discussion show would later become "Larry King Live" on CNN, a platform that would define his career.
T-Pain
During an interview with "The Breakfast Club," the rapper shared candid details about his ups and downs with money.
According to T-Pain, at one point in his career, he had $40 million, but his bank account was so empty that he "had to borrow money to get my kids Burger King."
Eventually, a string of "bad investments" and other wasteful spending practices forced him to reconsider his approach to money management.
Todd Chrisley
When it comes to money, Todd Chrisley of "Chrisley Knows Best" might not be the greatest. The business leader declared bankruptcy in August 2012, citing debt of $49.4 million.
His family's opulent lifestyle was the subject of a reality show roughly two years later.
Chrisley and his spouse Julie faced allegations of tax evasion, bank fraud, and wire fraud in 2019. In November 2022, they were found guilty and given sentences of 12 and 7 years in jail, respectively.
Sonja Morgan
There are other members of the "Real Housewives" family with financial difficulties besides Teresa Giudice. 2010 saw the divorce of RHONY cast member Sonja Morgan, who filed for Chapter 11 bankruptcy. She allegedly claimed to have $13.5 million in assets and $19.8 million in debt to creditors.
In 2015, Morgan paid off her debt
Michael Vick
Michael Vick, a former NFL quarterback, served 19 months in jail after being found guilty in 2007 of participating in a dog-fighting ring. He also declared bankruptcy in 2008, owing $17.6 million in debt.
After repaying $17.4 million of the debt, Vick declared, "I didn't want to stiff people who never stiffed me."
Wayne Newton
Wayne Newton, a well-known singer in Las Vegas, has a lengthy history of financial difficulties dating back to 1992 when he filed for Chapter 11 bankruptcy protection due to debt accumulation from poor investments totaling over $20 million.
His subsequent financial troubles included unpaid taxes and fines accumulated from leaving a private jet at a storage facility at an airfield in Michigan.
Sinbad
Comedian Sinbad, who owed $2.5 million in personal income tax and was listed as one of the top 10 worst tax debtors in California, declared bankruptcy in 2009. To pay for it, he sold his house.
Sinbad was still recovering after an ischemic stroke he suffered two years prior in 2022.
Dionne Warwick
In 2013, singer Dionne Warwick declared bankruptcy under Chapter 7. The amount of delinquent taxes she owed was $10 million. 2019 saw the case's dismissal.
"Dionne Warwick: Don't Make Me Over," a documentary on her life, was scheduled to debut on CNN in 2023.
Drake Bell
In 2014, former adolescent celebrity Drake Bell of "Drake & Josh" declared bankruptcy under Chapter 7.
Despite owning assets worth over $1 million, he disclosed $2.17 million in debt in court filings.
George Clinton
In 1984, jazz musician George Clinton declared bankruptcy due to debts of $2 million to his manager and record label. In 2001, he lost the rights to use his music over it.
Although he finally regained ownership of the rights to four albums he had recorded at Warner Bros., the majority of his catalog from his two bands, Parliament and Funkadelic, is still owned by third parties.
Mick Fleetwood
Mick Fleetwood, the founder of Fleetwood Mac, declared bankruptcy in 1984 with debts close to $3.7 million. He attributed his severe drug and alcohol addiction to his financial woes. According to reports, Fleetwood matured by the 1990s.
In November 2022, the musician openly expressed his grief for the death of his bandmate Christine McVie.
Antoine Walker
Over the course of his 13-year tenure with the Boston Celtics, Antoine Walker earned $108 million. However, with $4.3 million in assets and $12.7 million in debts, he was forced to file for bankruptcy in 2010.
Walker was debt-free after two years. He now advocates for financial education.
Perez Hilton
Author Mario Lavandeira Jr., better known by his professional as Perez Hilton, revealed in his book "TMI: My Life in Scandal" that he filed for bankruptcy in 2005 as a result of accruing credit card debt while attending NYU.
Lavandeira quickly made a name for himself as the sardonic celebrity blogger. He posted an explanation video about saving money to stay out of bankruptcy in 2019
Isaac Hayes
The Hall of Famer for Rock & Roll was forced to declare bankruptcy in 1976, stating that he owed $6 million in back taxes.
He claimed to have gone bankrupt in 1977 after telling Ebony magazine that his record label's financial mismanagement, extravagant spending, and placing "too much trust in people" were the causes.
Nevertheless, Hayes continued to create music, run two restaurants, and penned a best-selling cookbook until passing away in 2008 at the age of 65.
David Cassidy
Despite selling over 25 million records during the height of his success, the '70s heartthrob filed for bankruptcy in his home state of Florida in 2015, according to People magazine.
In addition to his financial difficulties, Cassidy had a history of DUIs and other health problems. In 2014, Sue Shifrin-Cassidy, his wife, filed for divorce due to his third DUI. In an attempt to raise money for his divorce, he listed his estate for auction and granted a tour of the property to the Associated Press.
After that, Cassidy died in November 2017.
In 2018, he was caught on tape lying about having dementia and claiming that his alcoholism was the root of his health problems.
Teresa Giudice and Joe
Creditors accused the pair of hiding assets when they declared they had $10 million in debt, and they were charged with bankruptcy fraud in addition to other counts of conspiring to commit bank and wire fraud.
They reached a settlement in 2016 and proceeded to sue their previous attorney for professional malpractice.
According to reports, they are still making back tax payments to the New Jersey Department of Revenue and the IRS.
Aaron Carter
The former teen pop sensation discussed his financial "terrible position" with Us Weekly in 2016. He even mentioned that he had no savings.
"I got slammed with all those taxes when I turned eighteen. I'm already over $100,000 in debt after filing for Chapter 7 bankruptcy last year," he stated.
The 31-year-old is now on tour and put out the album "Løvë" in 2018.
Toni Braxton
In a 2012 interview, the "Unbreak My Heart" singer talked candidly about her financial struggles with ABC's "20/20."
She claimed that her meager royalties from her recording contract (she claimed to have received less than $2,000) and her extravagant spending habits forced her to file for bankruptcy in 1998. Then, in 2008, she was forced to file for bankruptcy once more after having to postpone a Las Vegas revue because of persistent health problems.
Since then, Braxton has acted in several made-for-TV films as well as her own reality TV program, "Braxton Family Values," on WE TV.
She also revealed plans to embark on an "As Long As I Live" tour in 2019 to promote her most recent album, "Sex & Cigarettes."
Cyndi Lauper
Before going solo and becoming successful with songs like "Girls Just Wanna Have Fun," she was a member of the band Blue Angel.
The band's manager sued them for $80,000 after their debut and only record became a commercial failure. Lauper was compelled by this to declare bankruptcy in 1981.
After turning her life around, she released the popular solo album "She's So Unusual" and went on to win Tony and Grammy awards, inspiring a great deal of other performers.
Lauper continually tours, records new music, and gives live performances today.
Veronica Lake
Veronica's home was confiscated by the Internal Revenue Service (IRS) for unpaid taxes, and her obligations were $156,574 against her assets of $168,050.
Lake had a stint as a cocktail waitress in the early 1960s but returned to acting in 1963, appearing on stage and in several TV shows, but passed away relatively young at 50 from alcohol-related illness
Kim Basinger
In 1993, Kim Basinger filed for Chapter 11 bankruptcy due to a contract violation. A jury in Los Angeles determined that she had broken her contract with Main Line Pictures to play the lead in Boxing Helena—a part that Madonna also abruptly withdrew from.
She had just spent $20 million buying the entire town of Braselton, Georgia so that probably didn't help either. Although his plans to turn the quaint village into a tourist destination never materialized, Basinger had other ideas.
Stan Lee
It's amazing how powerful Marvel has become over the years, and it's amazing to think that Stan Lee was ever forced to file for bankruptcy. In 2000, Stan Lee Media Inc. terminated operations and let go of the majority of its employees after its stock dropped below $1.
Despite the convoluted and chaotic past of Marvel, Stan Lee—who passed away in 2018 from heart failure—was ultimately able to enjoy enormous success with the franchise.
Francis Ford Coppola
Three times, the legendary director Francis Ford Coppola declared bankruptcy. His personal funding of his 1982 film One From the Heart marked the beginning of his financial difficulties. Coppola was deeply indebted after the costly endeavor failed miserably at the box office.
Eventually, the director—whose credits include Apocalypse Now and The Godfather trilogy—paid off his debts. Coppola hasn't let the event stop him from placing his own wagers, though. He put in $100 million to finance Megalopolis, his impending epic film.
Burt Reynolds
Burt Reynolds's extravagant lifestyle and a contentious 1993 divorce from his second wife, Loni Anderson, served as the catalyst for his bankruptcy petition.
He declared $11.2 million in obligations and $6.65 million in assets when he filed for Chapter 11 bankruptcy protection.
Reynolds' bankruptcy was one of his greatest regrets, according to the actor, who passed away in 2018 from a heart attack.
Walt Disney
Disney is one of the most well-known companies in the world, but its founder didn't always have sunshine and butterflies in his life. Following a string of unsuccessful commercial ventures, Walt Disney declared bankruptcy in 1920 for his first animated cartoon firm, Laugh-O-Gram.
Disney's comeback story is undoubtedly among the best in history.
Lil' Kim
2018 saw Lil' Kim file for Chapter 13 bankruptcy in an effort to maintain her mansion in New Jersey. Amidst financial difficulties, she owed $4 million to creditors and even took out a loan from her friend Missy Elliott.
The following year, Kim organized her money and was granted a loan modification. Her motion to terminate the case was later approved by a federal judge in New Jersey.
Marvin Gaye
Approximately half of the $9 million debt he had was owed to the IRS.
The Motown singer's drug addiction and several divorces had left him deeply in debt.
In order to evade paying taxes owed to the IRS, he even relocated to Europe.
Shane Filan
You would think Shane Filan, as the main singer of a band that has sold 50 million records worldwide—more than any other band in the twenty-first century—would be, at the very least, "comfortably off."
However, following a string of real estate ventures that went south in his home Ireland, the "Uptown Girl" singer finds himself very much a "backstreet guy," with debts totaling £18 million.
Peter Stringfellow
Although Peter Stringfellow's life has undoubtedly seen highs and lows, this week is all about the highs as he revealed he will become a father once more at the age of 72, this time with Bella, his 30-year-old third wife. Although everything appears to be still running smoothly for this white-haired lothario, his enterprises haven't always been as successful.
His three nightclubs in the US went into insolvency back in 1993, and he was eventually declared bankrupt. But he quickly recovered, and he's reportedly worth £30 million now.
George Best
The elusive wing-wizard, who is still regarded as one of the best British players of all time, rose to fame with Manchester United as the poster boy of the 1960s. But he found it difficult to handle the spotlight, so he turned to booze, which resulted in addiction and eventual bankruptcy.
At the age of fifty-nine, George passed away due to an overwhelming addiction. Despite facing liver disease in his last years, George never let it stop him from being witty. He once stated, "I spent a lot of money on booze, birds, and fast cars." I basically wasted the rest.
Kerry Katona
A career in "reality TV" began, but despite some success, she was declared bankrupt in 2009 due to neglect of her tax obligations, which left her with an £82,000 deficit. While promoting sausage rolls for Iceland assisted her in getting back on her feet, the supermarket company terminated her contract due to a well-publicized cocaine problem.
Even though she was still bankrupt, she made headlines in 2011 when she appeared on a chat show to talk about her four children attending private schools and the help of her nanny and cleaner at her £3 million Surrey estate.