ReutersMichael Jackson struggled with money.
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 have ended up declaring bankruptcy. A bunch of famous people had trouble paying off loans and making child-support payments.
Take these 18 examples of rich and famous celebrities who lost all their money. Some of them managed to bounce back, while others remain in financial trouble.
Michael Jackson
Cliff Schiappa/AP
The King of Pop was supposedly $400 million in debt when he died unexpectedly in 2009. He was also close to foreclosure on his famous
Neverland home.
Large amounts of spending required Jackson to take out loans, many which he never paid back. Jackson's money problems got worse once he was involved in numerous expensive lawsuits.
Before he died, Jackson had planned on getting out of debt by touring.
His estateresolved the financial issues, and Michael has been the
top-earning dead celebrity for five straight years.
Nicolas Cage
Reed Saxon/AP
Cage was one of Hollywood's
biggest stars, earning $40 million in 2009 alone, but also one of its
biggest spenders. He purchased many homes, automobiles, and rare artifacts.
The IRS placed tax liens on multiple properties he owned, and then had Cage hand over more than $6 million for failing to pay his 2007 tax bill. Cage's precarious financial situation led him to sell many of his belongings, including a treasured comic book, and take many film roles.
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