- Many celebrities go from being rich and famous to being involved in lawsuits or spending sprees that trigger bankruptcy.
- One president was broke after leaving the Oval Office, and he had a famous author (who also went broke) write his memoirs.
- MC Hammer, Meat Loaf, and 50 Cent all went from being top musicians with great wealth to bankruptcy and debt.
The lives of the rich and famous often seem glamorous, but even the biggest celebrities have issues with money.
Despite many inspiring stories of celebrities who came from nothing and worked their way out of financial hardship, the opposite also happens. For many stars, their career arcs are riches to rags.
From musicians to athletes to movie stars, sometimes fame and wealth results in a disastrous spending spree. Many celebrities have ended up declaring bankruptcy. A bunch of famous people had trouble paying off loans and making child-support payments.
Take these examples of rich and famous celebrities who lost all their money. Some of them managed to bounce back, while others remain in financial trouble.