Meet Top 10 Bankrupt Celebrities
October 12, 2010
We are constantly being reminded that celebrities, who make millions, also have tough time paying their bills. Apparently these celebrities are no different than you and me when it comes to balancing their checkbooks.
1. MC Hammer
Mc Hammer blew his fortunes with extravagant spending. This Hip-Hop Artist, filed for Chapter 11 bankruptcy in 1996 because he did not have the income to support his lavish lifestyle in addition to defending all the lawsuits that were filed against him.
2. Lorraine Bracco
Her situation was a bit different than Mc Hammer. Lorrain Bracco found herself in an unexpected and unavoidable legal situation where a long custody battle with now ex-husband Harvey Keitel, has left the star bankrupt in 1999.
3. Mike Tyson
After retiring from boxing and going through a nasty divorce, the former Heavyweight champ literally found his finances in disarray. Leading to his 2003 bankruptcy, Tyson blamed lavish spending on cars, mansions, poor financial advice plus management embezzlement of his fortune.
4. Donald Trump
Even Donald Trump found himself in financial difficulty in 2004 and again in 2009. Trump’s Atlantic City hotel and Resort Company filed Chapter 11 bankruptcy twice in order to reorganize debts related to construction.
5. Toni Braxton
Braxton known for her sultry sexy voice filed a lawsuit against LaFace Records, attempting to gain release from a contract she felt was no longer fair. LaFace countersued and this led to Braxton filing for bankruptcy. Braxton spent most of 1998 in legal limbo.
6. Larry King
According to the Guinness Book of World Records, radio talk show host Larry King has interviewed over 30,000 people. He spent outrageous amounts of money which left in a $352,000 debt for which he had to file bankruptcy.
7. Randy Quaid
Famous for his role as Cousin Eddie in the National Lampoon’s Vacation movies, had a rough decade. He ran into money problems and filed bankruptcy in 2000, ironically over a film called “The Debtors.”
8. Lorenzo Lamas
In 2004, this former Renegade and soap opera star filed bankruptcy for debts that included $200,000 for a private jet. He also owed on a Harley-Davidson motorcycle, a H2 Hummer, and alimony for his four ex-wives.
9. Stephen Baldwin
Stephen Baldwin was the youngest brother of the famous acting family. However, his salary was not enough for the actor to keep up on his mortgage and other debts. In 2009, Baldwin and his wife filed bankruptcy.
10. Kim Basinger
Kim Basinger filed for bankruptcy in 1993 when a judge ordered her to pay Main Line Pictures $8.1 million because she had backed out of a verbal agreement to star in Boxing Helena.
It’s clear that financial problems doesn’t discriminate among people no matter what the income bracket or line of work is and can affect any of us at any time in our lives. Stay tuned because the future will bring more tales of once rich and famous celebrities filing for bankruptcy.