Many celebrities go from being rich and famous to being involved in lawsuits or spending sprees that trigger bankruptcy.
One president was broke after leaving the Oval Office, and he had a famous author (who also went broke) write his memoirs.
MC Hammer, Meat Loaf, and 50 Cent all went from being top musicians with great wealth to bankruptcy and debt.
The lives of the rich and famous often seem glamorous, but even the biggest celebrities have issues with money.
Despite many inspiring stories of celebrities who came from nothing and worked their way out of financial hardship, the opposite also happens. For many stars, their career arcs are riches to rags.
From musicians to athletes to movie stars, sometimes fame and wealth results in a disastrous spending spree. Many celebrities l have ended up declaring bankruptcy. A bunch of famous people had trouble paying off loans and making child-support payments.
These are the rich and famous celebrities who lost all their money. Some of them managed to bounce back, while others remain in financial trouble.
22. JANICE DICKINSON
One of the first supermodels ever to hit superstardom, Janice Dickinson has been at the center of attention since the 70s, when she appeared. You probably saw her sitting in the judging booth on American's Next Top Model, and her own reality show, The Janice Dickinson Modeling Agency. Imagine the paychecks from all those fashion shows
she did, and appearing on popular shows such as ANTM– Janice should have been stacked for the rest of her life.
But, nothing beautiful comes for free in real life. Janice's looks and style cost a lot of money; bills from plastic surgeons and dermatologists could make an average person homeless quickly. Add a large villa in Beverly Hills (1.4 million dollars), loads of very expensive clothes and a luxurious lifestyle, and you get a money-spending machine. As a "cherry on top", Janice hasn't paid attention to the IRS and bills kept piling up to a whopping $500,000 of debt.
21. Toni Braxton
Bankruptcy is a sign that you're beaten to the ground, leveled. But, some people might use it as a tool to avoid massive taxes, bills and obligations. You know the song Unbreak My Heart? Toni Braxton is the author of this all-time classic. You'd think that she's a fragile person after you hear her sing about a broken heart and tears, wouldn't you?
Well, it turns out the singer loves to live the life of fraud and misguidance; she accumulated over 50 million dollars of debt by not paying taxes, bills or for services. On the big list of people she owes money to, there is AT&T, multiple healthcare providers, several hotels, jewelers from Tiffany and of course, the IRS. This woman filed for bankruptcy three times so far; 1998, 2010 and 2013. The last time she filed for bankruptcy is the most interesting one; Braxton bought a 3 million dollar mansion shortly after the bankruptcy filing.
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