Saturday, April 28, 2012

Top 5 Celebrity Bankruptcies

Rich people seem to go broke in more spectacular fashion than regular people.  Here's a sampling of some of the best celebrity bankruptcies (until the next celeb files).

5: MC Hammer (1996) - He made over $33 million on the strength of 1990's "U Can't Touch This," only to seek bankruptcy relief six years later.  Hammer's assets dwindled below $10 million, against almost $14 million in debt.  One big reason--his entourage which reportedly numbered in the hundreds and cost a half million dollars per month.

4: Gary Coleman (1999) - The former child star of Diff'rent Strokes, one purportedly worth over $7 million, filed in 1999 with $72,000 in debt.  What you talkin' 'bout, Willis, indeed.

3: Sinbad (2009) - "Funnyman" Sinbad filed after the IRS came knocking looking for $8.15 million.  The problem?  Sinbad had about $50,000 in assets against $10 to $50 million in liabilities.  Also, much like communications majors who graduate to find they'll never find a job making enough to pay off their student loan debt, Sinbad's hopes of ever climbing out of his financial hole on his own were dim, as he's the all-too-common comedian who isn't funny.

2: Gary Busey (2012) - Five hundred grand in debts, twenty-six grand in assets, and nothing to show from a career in the movies.  Among his assets, a broken pellet gun, a bolero necklace, an old tape recorder, and five pairs of old moccasins.

1: Lenny Dykstra (2009) - Former New York Mets baseball player filed for bankruptcy in 2009, but that's one of the least awful things going on in his life.  He was accused of using offensive terms about blacks, women, and gays; he was accused of hiring expensive hookers and paying them with rubber checks; his housekeeper accused him of forcing her to regularly give him oral sex, and she only came forward after hearing rumors of his other sexual assaults; and he was arrested in 2011 for grand theft and drug possession, and is serving three years on a "no contest" plea on the grand theft in exchange for the drug charges being dropped.  Although I guess the bankruptcy hasn't been a bed of roses--he's been charged with bankruptcy fraud and money laundering and could face up to 95 years in prison.

Did I leave anyone out?  Let me know in the comments below, otherwise, be happy you're too financial conscious to blow through millions of dollars like these guys.  And as always, like us on Facebook and share us with your friends!

10 comments:

  1. Why do these people think the money is never going to stop coming in?  How many cautionary tales to you need to start using your head?  

    Though it probably doesn't help that both Gary Busey and Lenny Dykstra are more or less out of their minds.  

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  2. Yeah, I think there's no help for the crazy.  The others (and many, many more) just get to spending beyond their means.  No foresight.

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  3. Stanley Kirk "MC Hammer" Burrell, as one of the earliest rappers in history, had a  $13.7 million in debt and only had $9.6 million in assets, as stated by the United States Bankruptcy Court Central District of California. He was a very talented artist, but he clearly lacked discipline in spending. In any case, he'll be remembered as one of the pioneers of Rap. My uncle is actually a fan of his.

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  4. The main reason for anyone or any business going bankrupt is too much spending, and I suppose when one has that much money to burn, it’s probably much harder to control the expenses. These celebrities all have some major debts to pay off, which means that not only did they burn their own cash, they burnt cash that they loaned from others! Looks like being a celebrity isn’t always glamorous, eh? Hopefully a good bankruptcy lawyer can help these people rise above their troubles. I'm learning more about how bankruptcy lawyers can really help at http://utah-bankruptcy.org/.

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  5. I'm not sure I'd consider him a pioneer of rap, but yeah, no discipline.

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  7. Isn’t this supposed to be the worst celeb bankruptcies and
    not the best? In any case, there’s no reason for people to wonder how they can
    go bankrupt with their huge earnings. Being a celebrity also means having
    bigger expenses. Everyone can go bankrupt, just on different a scale. The kind
    of lifestyle can greatly affect your finances, and in this case, these
    celebrities lived beyond their means for so long that they lost all their
    money.


    http://www.paddonyorke.com/financial-health-checkup/bankruptcy-in-ontario-other-options/

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  8. It all comes down to living within your means. Celebrity or otherwise.

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  9. These bankrupt celebrities must serve as a lesson to
    everyone that even when we earn big, we should also be a lot wiser with our
    money. You must not be extravagant and just spend on things that is not even
    essential to you. Make sure that you invest it in something worthy or useful.

    http://www.torontobankruptcyadvice.com/

    ReplyDelete