Celebrities Who No Longer Can Afford Their Extravagant Lifestyles
The richness and luxurious lifestyle, these are the characteristics of almost every celebrity. And many of us wish we could live a luxurious lifestyle like them. In reality,
life as a celebrity is not as easy as it seems. The cost of a luxurious lifestyle is immense, and even the celebrities can’t be sure if they’re going to stay rich forever. Many celebrities go from being rich and famous to engaging in litigation or too much spending that caused insolvency.
Find out who have fallen gone from riches to rags. Here is a complete list of these celebrities!
Tori Spelling is a former television superstar. She is from Beverly Hills and the daughter of the media mogul Aaron Spelling, a legendary TV producer. Her lifestyle was very luxurious until her days on teen-drama Beverly Hills 90210 came to an end. After her father’s death, her inheritance was reported to be $800,000 which was quickly spent and she has since struggled to find consistent work. She faced many lawsuits from loans that she couldn’t payback.
At some point, Nicolas Cage was one of the most successful Hollywood superstars. He was known for his movie National Treasure. Cage’s too much spending on items like exotic animals, a gulf jet, and his private island took the actor into a bit of a financial mess. He owed $14 million to IRS, and in 2009 he faced a lawsuit of $13 million from his ex-wife and one from a real estate company.
Michael Jackson the King of Pop was under the debt of 400 million dollars at the time of his death in 2009. Jackson took some immense loans that he never paid back. And this problem gets worse when many companies file some huge lawsuit against him. Before his accidental death, He planned to get rid of these debts by performing in many countries.
Michael was the highest-grossing celebrity in five next years following his death (2009-2014). At the time of his death, Michael was worth $236 million; that’s still a lump of dough but the Michael Jackson estate is currently worth $500 million as of 2020.
Lisa Marie Presley
One would assume that the only child of musical icon Elvis Presley, when you are the only child of a musical superstar, Elvis Presley, of course, your financial life should be very good. For a while, Lisa Marie Presley’s lifestyle was very luxurious, but her divorce documents revealed she was in debt of $ 16.7 million in 2018. According to her, she stuck into this financial mess due to her carelessness and mismanagement.
Lisa has now filed a $ 100 million lawsuit against her former manager.
Floyd Mayweather Jr.
The one and only King of the boxing ring, Mayweather has never lost a match. He is also known as Money. According to Dead-spin, Mayweather owed a debt of 22.2 million dollars to the IRS, and it is due to his failure to pay taxes. Although he is retired, according to some rumors, Mayweather will fight again to pay back his debts.
Kylie Jenner’s former boyfriend, Tyga, has been in serious financial and legal trouble for the past few years. In 2013, an LA jeweler filed a lawsuit against him for not paying the watch price of $185,000. In 2102, three women appearing in one of his music videos sued him for not removing their naked scene from the video. In 2016, Tyga failed to pay rent for various rental properties. And that same year, his Bentley, Ferrari, Lamborghini, and Maybach were all repossessed.
Stephen Baldwin is the younger brother of famed star Alec Baldwin. Stephen’s financial condition is not stable. In 2017, his house was sealed because he failed to pay the mortgage for 6 years. He was also arrested on a tax payable for 3 years and sentenced to 5 years. In 2009, he filed for bankruptcy.
Alexis Bellino the ex-wife of Jim Bellino is known for her luxurious lifestyle. But in reality, things are different, her financial condition is not as good as it seems. In 2010, her ex-husband Jim defaulted on their 4.6 million-dollar mansion. And to add more trouble, her former real estate company, Global Marine, Inc., filed up for bankruptcy. After her divorce, she is supposed to receive $16,000 per month in a child and spousal support program.
In the late ’90s and early 2000s, when it comes to hip hop and R&B music, Larson Hill was the ruling queen. She also won the Grammy-Award. She did not pay taxes for many years and it leads her to financial disaster. She was jailed for 3 months and ordered to pay $554,000 to the IRS.
Curtis “50 Cent” Jackson
No doubt, 50 Cent Aka was the most successful rapper of the 2000s. He was the king of hip-hop for at least 10 years and was several times a Grammy Award nominee. In 2009, he released an adult video of Lastonia Leviston without her permission, and it costs him $7 million. He was also ordered to pay $ 16 million to Slick Audio, a music company. After all these unfortunate events, he almost went bankrupt.
Due to some great performances by Emma Watson, Daniel Radcliffe, and Rupert Grint, The Harry Potter series earned a huge amount of money. However, After Harry Potter, Grint failed to secure his future in the film industry. He was also ordered to pay $1 million to the IRS. So, the Harry Potter star’s finances eventually became unstable.
Chris Tucker is a film actor and comedian, and he performed in many famous movies including Fifth Element, Friday, and Rush Hour. There was a time when he was the highest-paid actor in Hollywood. The worst of it all began when he was ordered to pay $ 14 million to the IRS in 2014. Somehow he managed to sign a contract with the IRS to stay out of jail. Nowadays, he is not living a luxurious life.
Bow Wow, is an American rapper, actor, and broadcaster. He released his first album in 2001 as Lil’ Bow Wow. Afterword, he changed his name from Lil’s Bow Wow to Bow Wow, and his fame drops. In 2012, His wife filed a case against him, and he was ordered to pay 3,000 dollars per month to his daughter. In 2017, the rapper posted a picture of a private jet on Instagram and was called out by a passenger for lying. His luxurious lifestyle has been ended.
MC Hammer’s “U Can’t Touch This was a big hit, and it earned him 30 million dollars. Hammer’s too much spendings lead him to declare bankruptcy in 1996. At that time, he was under debt of $ 13 million. Before going bankrupt, He bought a horse stable with 19 racing horses. He also bought a $1 mansion and spend $30 million on its adjustments. He also faced many other lawsuits.mmer fell.
Dennis Roadman was also known as the Worm, and he was an electric celebrity. He was a teammate of Michael Jordan and an unofficial Ambassador of the United States to North Korea. He was also married to Carmen Electra for a short time. Nowadays, his financial condition is very bad.
According to Roadman’s lawyer, he could not even bear his own expenses. Then how can he pay for child support of his 2 kids? He owed $800,000 to child support in total.
Courtney Love is a very famous singer and actress. She is the wife of Kurt Cobain, and he left a lot of money for her. She’s having trouble managing her taxes. In 2012, she paid the IRS a hefty sum, and she also lost about $ 27 million in legal fees. So, if she reduces some of her spending, she’ll be fine.
Tony Braxton is a very popular musician and a Grammy Award winner. Certainly, if you won a Grammy Award, your life should be good enough financially, but this is not always the case. She made millions of dollars throughout her career. Still, the singer had to declare bankruptcy in 2010 and 2013. She appeared on a reality show, where she admitted that she was on a budget these days. has to keep careful track of her spending because she’s on a budget.
Kim Basinger, ex-wife of Alec Baldwin is a very renowned actress. She once had a net worth of $40 million. She is also an Oscar award winner for Best Supporting Actress in the film MORE. Nowadays she is facing some serious financial issues. She bought a town in Georgia for $20 million thinking that she would open it as a theme park tourist attraction but this never came to fruition and later she had to sell it in just $1 million. She also backed out of a role for “Boxing Helena” and later settled to get out of paying the $8.1million judgement. In 1983 she filed for bankruptcy. In 1995, she was living in 3 different houses and was spending around $31,000 per month, but yet she was failed to pay just $8,100 for yard work of her home in Los Angeles.
There was a time when Brandon Fraser was on every upcoming Hollywood action movie poster. His fall began in 2007 when he divorced his wife. He became economically unstable. In 2013, he appealed to reduce the $ 900,000 annual alimony payment. He claimed that his income was not enough to bear it.
There was a time when the net worth of the legendary boxer was at least $400 million. Tyson’s too much spending on items like exotic golden bathrooms, expensive parties, pet animals, and divorce took the actor into a bit of a financial mess. He owed money to IRS, lawyers, and many other people. He is trying to overcome these problems by cutting down his expenses. So, he is surely not living life as he used to be.
Marvin Gaye’s “Let’s Get It on” and “I heard it through the Grapevine” earned him a lot of money. Marvin’s lifestyle was very luxurious, which lead him to financial issues. He not only filed for bankruptcy but also failed to pay alimony money to his wife. He was ordered to pay $600,000 to his ex-wife, but he refused to do so. He moved to Europe in 1981 and was shot dead by his father in 1984 at the age of 44.
Pamela Anderson is amongst the other rich and well-known celebrities who forgot to pay their taxes. Things got bad for her when she was caught and was asked to pay a whole lot of money to ISR. Her net worth is between 8 to 15 million dollars, and she did not stop living the life she used to live.
Tia Carrere is a multi talented personality; she can act, sing, and is also a former model. She got famous due to the daytime soap opera General Hospital. Her bad time started, when she tried to leave General Hospital. She was thinking about joining the A-Team. To get out of the General Hospital, she filed a lawsuit, and she lost the case. In losing this case, she lost the opportunity to become a wealthy superstar.
Abby Lee Miller
Abigale Lee Miller is a renowned dance instructor and TV personality. She is also famous for her hilarious legal issues. She was found hiding her $ 775,000 earnings while seeking to file for bankruptcy. She was jailed and later transferred to hospital due to some kind of illness. Nowadays, she is trying to make a comeback.
LeAnn Rimes is a very well-known singer, songwriter, actress, and author. She is also another child star that rose to fame at a very young age. She released her version of Bill Mack’s song “Blue” at the age of just 13. She made a lot of money from this hit, but then she went on to spend too much, which lead her to financial issues. She is also suffering from psoriasis disease.
Jon and Kate Gosselin
June and Kate’s couple are a very popular Hollywood couple. They got fame due to A reality TV show that follows their lives, their young sextuplets, and twins. The pair broke up after June cheated on Kate, with their nanny. It resulted not only in the cancellation of the show but a very sad divorce. Their income per episode was 75,000 dollars and they were living a very lush life, but they ruined it.
Willie Nelson is a very famous musician, actor, and activist. He is working in the music industry since 1956, and you may think that at least he shouldn’t have any financial issues. But due to some tax issues, he was ordered to pay $16.7 million to IRS. Thankfully he was able to pay off his debts with help of his album named ‘The IRS Tape’. He has to cut his expenses, and he is not living life as he used to do in the past.
Cyndi Lauper’s “Girls Just want to Have fun” like hits earned her a whole lot of money. She was a big hit 1980s, and her fall started when her band broke up.
Bankruptcy sounds bad, but in reality, people who have declared bankruptcy say that it was their lifeline.
She had to declare herself bankrupt and was forced to perform in bars. Her lawsuits surely ruined the luxurious lifestyle.
Janice Dickason is considered amongst the world’s best supermodels of all time. She lost fame due to her addiction to plastic surgery. In 2014, it was found that she is under the debt of $1 million, and most of these bills were related to cosmetic surgery. So, eventually, she had to file for bankruptcy.
Don Johnson is known for his role as Sonny in a very famous TV series, ‘Miami Vice’. His decline started in 2002, when he was accused of Money laundering. He was forced to pay $14.5 million, to save his house in Colorado. Nobody knows about the current net worth of Johnson. Surely, he is not living the lifestyle he used to do in the past.n to pay back the debt before it went to auction. People are still unsure of Johnson’s net worth after such financial setbacks.
Curt Schilling is a former Major League Baseball pitcher, and nowadays he is a commentator on Blaze TV. In past, Curt invested in a video game studio. He put $50 million into different 38 game studios and secured 75 million dollars in bonds. He suffered a huge loss in business and was asked to pay back $2.5 million to Rhode Island. He did a lot of savings, still, his company was under debt of $120 million. He was also fired from ESPN in 2016.
Burt Reynolds is a famous movie star, and he is also known for his lavish lifestyle and failed investments. He invested a whole lot of money in real estate, but most of the time he was in loss. He also bought a private jet and 150 racehorses. His marriage to Lon Anderson costs him too much. He was unable to pay a $3.7 million loan to CBS and forced to declare bankruptcy in 1996.
Robert Matthew Van Winkle also known as Vanilla Ice made a lot of money from his very famous 90s hit “Ice Ice Baby” and touring netting him a cool $18 million net worth to his name but that didn’t last long. He struggled to create an another hit song and soon the allure of drugs and alcohol took the better of him. Although his name is still amongst the best rapper musician, he is facing some very serious financial issues. He owes a hefty sum of money to her ex-wife, and he is trying to avoid it by different means. He is making a come back financially from renovating homes and his home improvement show The Vanilla Ice Project on the DIY Network.
Mike “The Situation” Sorrentino
Michael Sorrentino is a very renowned TV personality. He is also known as The Situation and is famous for his role in reality show Jersey Shore. He made some very bad choices in his life such as, he was sent to jail for not paying taxes on his $8.9 net worth. Nowadays he is planning to make a comeback in 2020.
Aaron Carter was the crush of every American girl in the 1990s. He is a musician and he gave some very popular hits, such as ‘I want candy’, ’How I beat Shaq’. He is the younger brother of Nick Carter. He faced grave financial issues and was failed to pay his taxes. Nowadays he is trying to make a comeback on Dancing with The Star, but he has lost his popularity.With The Stars, but he’s not even close to as famous as he once was.
Joey Lawrence’s story is also a very sad one. He was a renowned 1990s superstar, performing on the likes of Blossom and Brotherly Love. He faced very grave financial problems. In 2017, he was filed with insolvency, and it is said that at the time of bankruptcy he had only $8k in his bank account. He and his wife were even seen selling stuff on eBay to fulfill their needs.
Meat Loaf was a very successful singer in the 1970s. According to Meat Loaf, the 1980s was a very bad decade for him. During this decade, 45 different lawsuits of worth 80 million dollars were filed against him. He said that the only way to get rid of these cases was to declare bankruptcy. And he further said that CBS did not pay his royalties until 1997, and were playing some type of game with him. His fortune changes the 1990s, as he was able to win all cases against him.
Wesley Snipes is a very brilliant actor, director, film producer, martial artist. He earned millions of dollars through his famous movies such as Blade, Demolition Man, and New Jack City. And he also tried to trick the tax system but was caught. Then he was sent to jail and was also forced to pay 17.5 million dollars to IRS. He has to cut off his expenses to pay this huge amount.
Amanda Bynes was a very talented child star on Nickelodeon’s All That. She was also able to get her show known as The Amanda Show. With time her fame increased, but at some point, she suffered mental illness. So, her show was canceled with all her income. So, it is safe to say, she is not earning as much as used to in the past.
Heidi Montag is known for her role in a reality TV show The Hills. Heidi and her boyfriend Spencer earned a huge sum of money from this show. Though, after the ending of the show in 2010, her fame declined, and she was unable to stay in the spotlight. So, Heidi’s day of glory and huge earning are finished.
Lena Headey is a very well-known English actress, and she is famous for her depiction of Cersei Lannister on drama series Game of Thrones. She was getting some huge checks during the 8 seasons of Game of Thrones. Nowadays, she is facing some very concerning financial issues due to a messy divorce and child custody case. She is under very huge debt and has also sold her house. It is rumored that she is also thinking about participating in reality shows to pay her bills.
Suzanne Somers is a very successful star from the 1970s and is known for her role as Chrissy Snow on Three’s Company. She was the part of the show for only 1 year, but she became everyone’s favorite. She left the show due to some money issues with the producer, and it was in breach of the contract. They filed a case against her, and her financial situation became so bad that she was even struggling to pay her bill.
Wayne Newton is also known as Mr. Las Vegas, and there was a time when he was Las Vegas’s most famous entertainer. Wayne faced many financial issues throughout his life. He filed for bankruptcy in 1992, due to a huge debt of $20 million. In 2005, he ordered to pay $1.8 million to IRS. And in 2010, his property seized, because he failed to pay back a huge loan of 3.35 million dollars.
Drake Bell is another child star who failed to make big money after growing up. He was famous for his performance in a TV show Drake and Josh. After the finale of this show, he decided to focus on his music but he failed. In 2007 he bought a house, and in 2014 it was sealed because he failed to keep up with the payments. He is trying to make a comeback these days.
Larry King is a very famous TV host and is known for making big bucks. He also won an Emmy for his brilliant work. Surely, he is a superstar, still, he filed for bankruptcy in 1978. He was able to bounce back, that’s why people say he is an icon.
Mischa Barton is known for her role in a hit teen-series The O.C. She made a tough decision to leave the drama series in 2006. She was thinking about working in movies but she failed to find any significant role. So, with her career her bank account numbers also fell. She is in big trouble these days. major financial problems are actually due to her manager mom defrauding her and taking out massive loans against her house.
Johnny Depp is everyone’s favorite Hollywood superstar. The Pirates of the Caribbean star was also named amongst the highest-paid actors in 2016. He was spending too much on his levish lifestyle, and is in a serious financial mess thesedays. According to Depp, the cause of his all financial problems is his former Manager. Currently, he is in debt of $40 million.
Tila Tequila is known for her famous reality to show A Shot at Love with Tila Tequila. She made huge money from this show. However, after it came to an end, she keeps spending her money unwisely and faced grave financial crises. Her condition was so bad, that she even requested on twitter for help to pay for her apartment. She also made a web page GoFundMe.
There was a time, when child star Lindsay Lohan was one of Hollywood’s most wanted actresses. She performed in many hit movies such as Freaky Friday and Mean Girls. However, many lawsuits were filed against her regarding tazes. She tries to make a comeback through the Netflix series Sick Note. It was a good one and she earned a lot, but it was still less than what she used to earn in the past.
Coleman was a child star in the 1980s. He was earning $70,000 from per episode of ‘Different Strokes’. His adopted parents took all his money. His series ended in 1986 and afterward, he failed to find any significant role in the film industry. He filed a case against his parents and won it, but still, he failed to avoid bankruptcy in 1999. His financial condition was so bad, that he even worked as a bodyguard.
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