If you become rich, there’s no guarantee you’re going to stay rich. Quite a few celebrities have found fame and fortune, but for one reason or another, they’ve ended up losing control of their finances and have had to declare themselves bankrupt – here are seven of them.
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Donald Trump
Though Donald Trump has never been personally bankrupt, his various business entities have filed for bankruptcy a total of four times in 1991, 1992, 2004 and 2009. Despite this, the Trump empire is going from strength to strength and the man himself, who’s worth several billions of dollars, is funding his own presidential campaign.
2. Mike Tyson
Despite earning more than $400 million throughout his illustrious career, Mike Tyson’s extravagant lifestyle and very expensive divorce resulted in him filing for bankruptcy in 2003, with the former professional boxer claiming over $20 million of debt.
3. Lady Gaga
Lady Gaga has admitted that when she went on the road for her Monster Ball Tour, she had around $3 million to her name and spent all of it on the show to make it even better for her fans.
4. Lindsay Lohan
In 2012, Lindsay Lohan owed nearly a quarter of a million dollars to the taxman and declared herself bankrupt after failing to get enough acting jobs.
5. 50 Cent
50 Cent filed for bankruptcy in 2015 and declared $28 million of personal debts, though this hasn’t stopped him posting photos of him flaunting his excessive lifestyle on social media.
6. Nicolas Cage
Nicolas Cage liked spending what he earned and he liked spending big: he wasn’t afraid to splash out on lavish mansions and private jets, though he ended up going bankrupt with more than $14 million in debt and had to give up his luxuries.
7. Michael Jackson
In 2007 Michael Jackson ended up having to file for bankruptcy because he was unable to pay back a $25 million loan he’d taken out on his Neverland Ranch home. Even though Jackson had signed a huge record deal and had sold over 750 million records, at the time he went bankrupt he reportedly had access to less than 0.05% of his net worth in cash.
