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From Bank To Broke: 20 Celebs Who TANKED Their Fortunes
Business Insider ^ | 05/11/2013 | KEERTANA SASTRY

Posted on 12/10/2013 6:00:35 AM PST by SeekAndFind

With the news of Betsey Johnson, the Octomom and many other celebs facing bankruptcy in this economically uncertain time, it seems appropriate to look at other celebs who have really tanked their finances.

More often than not, these actors, singers and entrepreneurs are just starting out and hoping to break out in their respective industries. But many celebs are just irresponsible with finances and blow everything they earned (we're looking at you Courtney Love).

1) Anna Nicole Smith thought she was the victim of secret sabotage.

Anna Nicole Smith thought she was the victim of secret sabotage.

When Anna Nicole Smith's 90-year-old oil-mogul husband J. Howard Marshall passed away, she was left with nothing despite the fact that she was told a trust fund would be set up for her.

Smith sued her husband's estate claiming Marshall's son was sabotaging her chances of getting the money she was "owed." Smith had to file for bankruptcy in 1996 during the legal battle after she was hit with a sexual harassment claim from a housekeeper.

Unfortunately, Smith died before she could hear the results of the claim she made to Marshall's fortune: It was rejected by the U.S. Supreme Court.

2) Nicolas Cage bought a pyramid. Seriously.

Technically, Nicolas Cage never fully went bankrupt. But he was oh so close.

The notoriously crazy actor was charged with unpaid taxes totaling more than $6 million by the IRS. And that was just the taxes for the 2007 fiscal year.

Cage has been known for some ludicrous expenditures, from the skull bones of a dinosaur to buying a funeral pyramid. After getting into hot water with the IRS, Cage had to sell off a few houses and some valuables.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Music/Entertainment; Society; TV/Movies
KEYWORDS: bankruptcy; celebrities

1 posted on 12/10/2013 6:00:35 AM PST by SeekAndFind
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To: SeekAndFind

A lot of Black Celebrites are screwed because they show brotherhood and use only other blacks as managers. They end up getting screwed big time.
For me, it don’t matter the color of the skin or religion, As long as they have a rep for handling money wisely, I will use them.


2 posted on 12/10/2013 6:30:57 AM PST by Yorlik803 ( Church/Caboose in 2016)
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To: SeekAndFind

Somehow, I have a tough time feeling sympathy for any of them. Meh.


3 posted on 12/10/2013 6:34:12 AM PST by carriage_hill (Peace is that brief glorious moment in history, when everybody stands around reloading.)
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To: SeekAndFind

200-person entourage?

Seriously?

Can you imagine being so insecure that you need 200 people kissing your butt and telling you how wonderful your are?

Sheesh!


4 posted on 12/10/2013 6:37:50 AM PST by Arm_Bears (Refuse; Resist; Rebel; Revolt!)
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To: max americana

Ping.


5 posted on 12/10/2013 6:39:05 AM PST by Army Air Corps (Four Fried Chickens and a Coke)
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To: SeekAndFind

This article had to dig deep.

Cyndi Lauper, bankrupt in 1981 over an 80K claim.

She had no money, putting her on this list before she’d ‘made’ it is just silly.


6 posted on 12/10/2013 6:55:00 AM PST by dmz
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To: Arm_Bears

RE: 200-person entourage?

Seriously?

Can you imagine being so insecure that you need 200 people kissing your butt and telling you how wonderful your are?

____________________________________

That would be RAPPER, MC Hammer.

When you have a $30 million mansion and a 200-person entourage that costs you $500,000 a month, it only makes sense that no matter how much money you earn for one album, you’re still not making enough to support those spending habits.

But he never learned math in school I guess.


7 posted on 12/10/2013 7:06:03 AM PST by SeekAndFind
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To: SeekAndFind

This is not that different than the fact that 50% of NFL players and 75% of NBA players are broke ten years after retiring from their high paying athletic jobs. Just because you can sing or play act does not make you smart with finances.

I have seen the same thing in my job. I have seen traders that made six figure incomes spend it all on fancy vacations, cars, boats and big houses. When hard times hit(2008-2009)some of them had to declare bankruptcy.


8 posted on 12/10/2013 7:22:57 AM PST by woodbutcher1963
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To: SeekAndFind

If I had crazy money, I’d live sort of like Hyman Roth from Godfather II.

You’d never know it to look at me- I’d be hiding in plain sight. I don’t do flashy. I don’t want a house that’s so big that I can’t hear someone breaking in on the far side of it, or one that I have to pay somebody else to clean.

The vast majority of my fortune would be working hard to become vast-er. I’d take just what I need to be reasonably comfortable with a margin for the unexpected.


9 posted on 12/10/2013 7:38:35 AM PST by Riley (The Fourth Estate is the Fifth Column.)
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To: Riley

IOW: Happy is he who is rich, yet unknown.


10 posted on 12/10/2013 8:11:05 AM PST by SeekAndFind
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To: SeekAndFind
Can you imagine being so insecure that you need 200 people kissing your butt and telling you how wonderful your are?

Obama?

11 posted on 12/10/2013 9:29:30 AM PST by Flick Lives (Greetings from District 12!)
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