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From Burt Reynolds to Johnny Depp, why do so many mega-rich celebs go broke?
New York Post ^ | 07/26/2018 | Maureen Callahan

Posted on 07/26/2018 6:18:33 AM PDT by SeekAndFind

Now 64 and enjoying a second career as host of “Comedians in Cars Getting Coffee,” Jerry Seinfeld breathes such rarefied air that guests on his show — who have included Dave Chappelle, Tina Fey and then-President Barack Obama — invariably state some version of this sentiment: “Jerry, why are you here, talking to the likes of me, when you could just be home sitting on your pile of money?”

And Seinfeld shrugs and laughs as if to say, “Yes, that is true.”

So it’s sobering to read the deep and detailed civil complaint filed by producer-director-writer Christian Charles, who has worked with Seinfeld since 1994, over the creation and production of “Comedians.” One scene in particular stands out.

“At a meeting on July 30, 2011, at the Princess Diner in Southampton, New York, Seinfeld expressed to Charles that Seinfeld’s representatives George Shapiro and Howard West (“Shapiro West”) were pressuring Seinfeld to come up with a new television show and/or stream of revenue after the negative reception and cancellation of Seinfeld’s television show ‘The Marriage Ref.’ ”

Could Jerry Seinfeld really need money? Jerry Seinfeld, who made a reported $220 million when his eponymous ’90s sitcom went into syndication? Who, according to Forbes list of 2018 Celebrity 100 Earnings, has a net worth of $57.5 million?

If the allegations are true — and Jerry Seinfeld really did need another “stream of revenue” — how fast could he be burning through cash?

The phenomenon of celebrities going broke is nothing new. From Burt Reynolds to Debbie Reynolds, Elvis to Michael Jackson, Nicolas Cage to Wesley Snipes, Mike Tyson to 50 Cent — all blew through astronomical sums of money.

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


TOPICS: Music/Entertainment; Society; TV/Movies
KEYWORDS: bankruptcy; celebrities
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1 posted on 07/26/2018 6:18:33 AM PDT by SeekAndFind
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To: SeekAndFind

Because they let the political bs they preach,color their life choices?


2 posted on 07/26/2018 6:20:56 AM PDT by Del Rapier
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To: SeekAndFind


At the height of his fame — a five-year stretch as Hollywood’s top box-office earner — Burt Reynolds, 82, was making $10 million a year. He sank that into, among other things, six mansions, a private jet and helicopter, custom cars, the Burt Reynolds Dinner Theater in Jupiter, a stake in the Tampa Bay Bandits, a nightclub, a doomed restaurant franchise that cost him $20 million, and $100,000 in toupees made by a man considered “The Armani of Hair Replacement.”

Today, Reynolds is reduced to doing infomercials for CarShield auto insurance.
3 posted on 07/26/2018 6:21:28 AM PDT by SeekAndFind
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To: SeekAndFind

Burt had it all once.

He looks bad and I hate it for him.


4 posted on 07/26/2018 6:23:48 AM PDT by wally_bert (Just call me Angelo or babe.)
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To: SeekAndFind
I don't see Sheep dip Johnny Depp's name anywhere in the article except the title. Did I miss it or is including him a mistake?

If he is bankrupt, how can we celebrate?

5 posted on 07/26/2018 6:24:51 AM PDT by wmileo
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To: SeekAndFind

bookmark


6 posted on 07/26/2018 6:24:53 AM PDT by GOP Poet
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To: SeekAndFind

“That’s a Shame.”

Jerry Seinfeld


7 posted on 07/26/2018 6:35:58 AM PDT by Big Red Badger (UNSCANABLE in an IDIOCRACY)
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To: SeekAndFind

The 50 Cent mansion was turned into a nursing home - that’s a little bit funny. So I’m assuming they took out the stripper poles - somebody could break a hip.


8 posted on 07/26/2018 6:36:05 AM PDT by GnuThere
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To: SeekAndFind

They go broke for the same reasons other people do: They spend more than they make.

Stupidity is certainly not protected by fame.


9 posted on 07/26/2018 6:36:08 AM PDT by rlmorel (Leftists: They believe in the "Invisible Hand" only when it is guided by government.)
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To: SeekAndFind

They spend it. Their accountant tells them they need tax write-offs, but says nothing about SAVINGS. Their ‘entourage’ needs ‘to be cared for’, just as a dog accepts ticks.

“I do it, because I can afford it.”


10 posted on 07/26/2018 6:40:12 AM PDT by Terry L Smith (.)
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To: SeekAndFind

11 posted on 07/26/2018 6:41:20 AM PDT by al_c (https://conventionofstates.com)
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To: SeekAndFind

With these multi-millionaire celebs one would think if they squirreled away a million or two and don’t touch it unless absolutely necessary that they wouldn’t go total broke. Being a fool with $$ gives it wings.


12 posted on 07/26/2018 6:41:28 AM PDT by tflabo (Varmints)
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To: SeekAndFind

As a rule, people who didn’t grow up in a financially stable home have a habit of playing “Want It Buy It”. People who grow up in a stable home are more likely to play “Want It Rent It”. You want a Bentley? Rent one. In a few weeks, it’s just a car. Want to go to the beach? Rent a house. You learn how to delay pleasure.
The exceptions are classic cars and mountain retreats.


13 posted on 07/26/2018 6:42:01 AM PDT by AppyPappy (Don't mistake your dorm political discussions with the desires of the nation)
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To: SeekAndFind

These celebrities are rarely ever “broke” - as you or I consider that word.

With them. Its - “oh darn... i have to sell one of my 6 homes... I cant buy the new Lamborghini again this year...

These people will never again have to cut coupons, gather returnable bottles and head to Walmart and try to keep the bill under $100 for the weekly groceries.

They never have to drive a car for a month with the muffler hanging half off - til they can scrape that extra cash together and get it fixed.

Etc...etc...etc...

These folks dont know “broke”.


14 posted on 07/26/2018 6:42:24 AM PDT by joethedrummer
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To: SeekAndFind

Harry Poutter and Fantastic Beasts fans went wild when Depp was revealed as Grindelwald - not in a positive way. The social justice oversensitive fans (oh boy, the potterverse is all about diversity, equality and pro-LGBT) hate him for accusations of wife abuse. Proven or not, it doesn’t take much to turn off hordes of previously-adoring fans.


15 posted on 07/26/2018 6:42:48 AM PDT by Moonmad27
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To: wmileo

Click on the link and read the rest of the article.

“Depp recently told Rolling Stone his $650 million fortune is wiped out. A lawsuit filed by Depp’s management team — since settled — alleged that Depp spent $2 million per month on private planes, a yacht, a 24/7 staff of 40 people (including $150,000 per month on security), his private island, $4 million in total on a failed record label, $3 million to shoot the ashes of late friend Hunter S. Thompson out of a cannon, and $30,000 per month spent on wine.”

These stories are no different than the professional athletes(50% of NBA players, etc.) that go broke after making millions. I see it in a smaller scale in the business that I am in. Here, people make six figure incomes. Some go out and buy a Porsche, etc. They take fancy vacations. They buy big houses. Then they have a bad year and they are almost broke.

On the other hand there are people like Wayne Rogers who played “Trapper John” on the MASH television series. He was a very good investor. In his later years he was featured on Fox’s Bulls and Bears because of his investing expertise.

Just because you can sing, dance, act or play a sport does not mean you can handle money. It is no different than the person who makes $50K a year but has $35K in credit card debt.


16 posted on 07/26/2018 6:43:41 AM PDT by woodbutcher1963
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To: wmileo
Today’s version of Reynolds is Johnny Depp, who remains one of the biggest movie stars in the world and yet is now broke. Depp recently told Rolling Stone his $650 million fortune is wiped out. A lawsuit filed by Depp’s management team — since settled — alleged that Depp spent $2 million per month on private planes, a yacht, a 24/7 staff of 40 people (including $150,000 per month on security), his private island, $4 million in total on a failed record label, $3 million to shoot the ashes of late friend Hunter S. Thompson out of a cannon, and $30,000 per month spent on wine.

Depp took exception to the latter.

“It’s insulting to say that I spent $30,000 on wine,” he told Rolling Stone. “Because it was far more.”

???? You missed this? LOL.

17 posted on 07/26/2018 6:44:55 AM PDT by Tenacious 1
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To: wmileo
don't see Sheep dip Johnny Depp's name anywhere in the article except the title. Did I miss it or is including him a mistake?

"Today’s version of Reynolds is Johnny Depp, who remains one of the biggest movie stars in the world and yet is now broke. Depp recently told Rolling Stone his $650 million fortune is wiped out. A lawsuit filed by Depp’s management team — since settled — alleged that Depp spent $2 million per month on private planes, a yacht, a 24/7 staff of 40 people (including $150,000 per month on security), his private island, $4 million in total on a failed record label, $3 million to shoot the ashes of late friend Hunter S. Thompson out of a cannon, and $30,000 per month spent on wine.

Depp took exception to the latter.

“It’s insulting to say that I spent $30,000 on wine,” he told Rolling Stone. “Because it was far more.”

18 posted on 07/26/2018 6:45:04 AM PDT by mjp ((pro-{God, reality, reason, egoism, individualism, natural rights, limited government, capitalism}))
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To: SeekAndFind

They probably have unrealistic expectations of future earning potential, as well as a limited skill set.


19 posted on 07/26/2018 6:45:35 AM PDT by jmcenanly ("The more corrupt the state, the more laws." Tacitus, Publius Cornelius)
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To: SeekAndFind

Who cares?


20 posted on 07/26/2018 6:52:55 AM PDT by qaz123
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