These Celebs Had To File For Bankruptcy, And Some Bounced Back Better Than Others
Being a rich celebrity might seem like luxurious fun, but money can be a fickle thing. Many public figures have fallen prey to terrible business circumstances, uninformed lifestyle decisions, or at times uncontrolled spending.
These 15 celebs couldn't handle their financial struggles and had to file for bankruptcy:
1.Mike Tyson filed for bankruptcy in 2003 after going "crazy" with money, spending it on jewelry, prostitutes, mansions, and cars to name a few.
Tyson wasn't sure he'd survive his 30s, but now considers himself "one of the lucky ones." He managed to get his life back on track with the support of his friends and loved ones.
2.A breach of contract led Kim Basinger to file for Chapter 11 bankruptcy in 1993. A Los Angeles jury found that she had breached an agreement with Main Line Pictures to star in Boxing Helena (the same role that Madonna also backed out of at the last minute).
It probably didn't help that she'd recently dropped $20 million to buy the entire town of Braselton, Georgia. Basinger intended to make the sleepy town into a tourist attraction, though this never panned out.
3.Teresa and Joe Giudice filed for bankruptcy in 2009, claiming they owed creditors over $10 million. A few years later, the couple served lengthy prison sentences for bankruptcy fraud.
The Real Housewives of New Jersey stars hid assets and income during their bankruptcy case. They also illegally obtained mortgages and other loans. Teresa spent 11 months behind bars, and Joe served a 41-month stint in prison before being deported to his native Italy in 2019. The years of legal drama took a toll on the pair, leading to their divorce in 2020.
4.Toni Braxton filed for bankruptcy twice throughout her career. The first time was in 1998, in the midst of a bad record deal and excessive spending. The second filing occurred in 2010 when she canceled her self-financed Las Vegas show after being diagnosed with microvascular angina.
Braxton had renewed all her contracts with vendors for the Vegas show and got sick a month later. Despite her health diagnosis, she still felt guilty for letting fans down. Luckily for Braxton, a federal court discharged most of her debt.
5.Marvel's such a juggernaut of a brand today that it's hard to believe Stan Lee once had to file for bankruptcy protection. Stan Lee Media Inc. stopped production and fired most of its staff in 2000 after its shares fell below $1.
Marvel's history may be messy and complicated, but Stan Lee (who died of heart failure in 2018) eventually got to experience massive success with the franchise.
6.Iconic director Francis Ford Coppola filed for bankruptcy no less than three times. His financial troubles began when he funded his 1982 film, One From the Heart, with his own money. The pricey project flopped at the box office and left Coppola in a heap of debt.
The director, whose works include The Godfather trilogy and Apocalypse Now, eventually paid off his debts. However, the experience hasn't discouraged Coppola from betting on himself. He invested $100 million to fund his upcoming epic, Megalopolis.
7.Burt Reynolds' bankruptcy filing was triggered by a lavish lifestyle and a messy 1993 divorce from his second wife, Loni Anderson.
When he filed for Chapter 11 bankruptcy protection, he listed $6.65 million in assets and debts totaling $11.2 million. Reynolds (who died of a heart attack in 2018) deemed his bankruptcy situation one of his biggest regrets.
8.Curtis Jackson, better known as 50 Cent, filed for Chapter 11 bankruptcy protection in 2015. The filing occurred soon after he lost a lawsuit, and a jury ruled that he must pay Lastonia Leviston several million dollars over a sex tape posted without her permission.
50 Cent ended his bankruptcy case in 2016 with a $23 million payout to his creditors over the following five years. At the time, he owed $17 million to audio equipment company Sleek Audio and $6 million to Lastonia Leviston.
9.Disney is one of the most recognizable brands in the world, but it wasn't always rainbows and butterflies for its founder. Walt Disney filed for bankruptcy for his first animated cartoon studio, Laugh-O-Gram, in 1920 after a series of bad business deals.
Needless to say, Disney had one of the greatest comeback stories in history.
10.Former Nickelodeon star Drake Bell once filed for bankruptcy, claiming he owed $581,000. His income at the time was $2,820 a month, and he also owed money in taxes.
After Bell filed for bankruptcy, the California home he purchased in 2007 for $2 million went into foreclosure. Then again, this was only one of the countless legal issues he's faced post-Nickelodeon.
11.Cyndi Lauper found herself in some financial hot water before making it big as a solo artist. Her former manager, Steve Massarsky, sued Lauper and her fellow Blue Angel bandmates for $80,000 in 1980.
Lauper responded by filing for bankruptcy. The release of her 1983 debut solo album, She's So Unusual, catapulted her to stardom, and the rest is pop culture history.
12.Lil' Kim filed for Chapter 13 bankruptcy in 2018 in an attempt to keep her New Jersey mansion. She owed $4 million to creditors amid financial issues and even borrowed money from friend Missy Elliott.
Kim got her finances in order and obtained a loan modification the following year. A New Jersey federal judge then granted her motion to end the case.
13.Stanley Burrell, better known as MC Hammer, filed for Chapter 11 bankruptcy protection in 1996. He listed over 200 creditors, with debts totaling at least $10 million and only $1 million in assets.
Burrell eventually turned his life around, rebranding as an entrepreneur and investor. He also told Oprah that he wouldn't change a thing about his past financial woes as everything happens for a reason.
14.The late Larry King had a rocky history with money. After all, he was once charged with grand larceny after he allegedly stole $5,000 from financier Louis Wolfson. King declared bankruptcy in 1978 when he was unable to pay over $350,000 in IOUs and gambling debts.
Despite his financial mishaps, King became a popular radio show host and later a talk show icon. He died of sepsis in 2021.
15.Hailey Bieber's father, Stephen Baldwin, filed for bankruptcy in 2009 when he owed $1.2 million on two mortgages, $70,000 in credit card debt, and over $1 million in taxes.
His financial problems continued afterward when he pleaded guilty to failure to file income taxes for three years.
