When a celebrity makes money, it’s a big amount of money where their talents are much more valuable than those of the working folks. The thing is that they make a regular paycheck, however they also rely a lot of additional royalties and other salaries that help account for the type of money that one blue-collar working man about 10 lifetimes to accumulate.
However, just having a large amount of fame and plenty of money can sometimes be the perfect combination that causes financial recklessness. Those who find themselves almost instantly rich within a short amount of time are the most likely to lose it all very quickly – often finding themselves falling into debt that is worth anywhere from several thousands to a few million dollars.
There’s more than one way to fall into debt and are often quickly remedied by filing for bankruptcy; which has been used by celebrities who find themselves having gone from rich to broke within a year or less. The following are 12 celebrities who have gone from riches to rags and have had to be bailed out by bankruptcy.
Having been one of the greatest boxers in the ring during his prime, he had developed one of the most powerful punches from his early days in the Junior Olympics and into the professional circuit where he won 44 fights via knockout. Despite having built one of the best heavyweight resumes in his career and having earned more than $400 million from those fights, much of his wealth was spent luxuriously on mansions, cars and other expensive items.
Tyson has since found himself unable to pay owed child support and other bills to both the Internal Revenue Service and similar authorities in Britain. If it wasn’t for his recent success in the Hangover movies, he likely wouldn’t have been able to recover from the financial knockout he took a few years ago.
While being best known for wearing a very tight fitting orange swimsuit on the 1990s hit television show Baywatch, Anderson was a blonde beauty considered a sex symbol of her time that also included a centerfold in Playboy magazine and a leaked sex-tape with rock musician Tommy Lee. Because of how she accumulated her wealth over the 1990s, a lot of belief was that she lived the lifestyle of a diva.
After having spent way too much money on the remodeling of her home in Malibu, she found several bills that were too big to cover before the construction was completed.