Connect with us


10 Hollywood Celebrities Who Went Bankrupt



10 Hollywood Celebrities Who Went Bankrupt

Hollywood celebrities are often associated with wealth, fame, and luxury. However, not all stars manage to keep their finances in check, and some end up filing for bankruptcy.

Despite their extravagant lifestyles, these celebrities faced financial challenges that eventually led them to declare bankruptcy. From blockbuster actors to famous singers, here are ten Hollywood celebrities who went bankrupt.

Also Read: The cinema network declares BANKRUPTCY

From Riches to Rags: 10 Hollywood Celebrities Who Went Bankrupt

This might sound like what? But yes, it’s actually true. There are celebrities who went bankrupt and faced financial pressure in their career. Let’s get you started!

1. Kim Basinger

Kim Basinger, the Academy Award-winning actress, filed for bankruptcy in 1993. She was sued for $8.1 million by Main Line Pictures. The lawsuit was due to Basinger’s backing out of a film deal, which resulted in a breach of contract. Basinger was forced to sell her town of Braselton, Georgia, which she had purchased in 1989 for $20 million.

2. Mike Tyson

The former heavyweight boxing champion, Mike Tyson, filed for bankruptcy in 2003 after earning $400 million throughout his career. He filed for bankruptcy due to his extravagant lifestyle and financial mismanagement, which led him to owe over $23 million in debt.

Mike Tyson says psychedelics saved his life, now he hopes they can change the world | Reuters

3. Nicolas Cage

Nicolas Cage, the Academy Award-winning actor, filed for bankruptcy in 2009 after squandering his $150 million fortune on a lavish lifestyle that included yachts, mansions, and a private island. Cage was also hit with a tax lien of over $6 million.

Nicolas Cage on Marvel, Tim Burton's Superman Movie and More - Variety

4. Toni Braxton

The Grammy-winning singer, Toni Braxton, filed for bankruptcy twice, first in 1998 and then again in 2010. Yes, twice. The singer’s financial troubles were due to poor album sales, canceled tours, and extravagant spending.

Toni Braxton Shuts Down Birdman Breakup Rumors (Exclusive) | Entertainment Tonight

5. Gary Coleman

Gary Coleman, the child actor who rose to fame in the 1970s sitcom ‘Diff’rent Strokes,’ filed for bankruptcy in 1999. Well, Gary has been sued for punching a woman. Despite earning millions from his acting career, Coleman was forced to file for bankruptcy due to legal troubles and mismanaged finances.

Gary Coleman - Death, Parents & Facts

6. Wesley Snipes

Wesley Snipes is a well-known actor famous for his roles in hit movies such as ‘Blade’ and ‘White Men Can’t Jump.’ In 2006, Snipes filed for bankruptcy after being found guilty of tax evasion. The actor owed over $23 million in taxes and penalties. That led him to declare bankruptcy.

Snipes had been involved in a tax evasion scheme that resulted in him not paying taxes for years. And the IRS was eventually able to catch up with him. He was sentenced to three years in federal prison for his crimes.

Despite his financial troubles, Snipes continued to work in Hollywood after his release from prison. He appeared in movies such as ‘The Expendables 3’ and ‘Armed Response.’ Snipes has also been involved in various philanthropic endeavors, including working with the United Nations to combat malaria in Africa.

He has also been vocal about the importance of financial literacy and has encouraged people to take control of their finances and make sound financial decisions.

Wesley Snipes - Wikipedia

7. MC Hammer

MC Hammer, the rapper known for his hit song ‘U Can’t Touch This,’ filed for bankruptcy in 1996 after squandering his $30 million fortune on a lavish lifestyle that included a mansion with a staff of 200 people. Hammer’s debt was estimated at $13 million.

MC Hammer

8. Larry King

Larry King, the legendary talk show host, filed for bankruptcy in 1978 after a series of bad business decisions, including a failed venture into the horse racing industry. King owed over $350,000 in debt.

Larry King - Wikipedia

9. Pamela Anderson

Pamela Anderson, the actress and model, filed for bankruptcy in 2009 after facing legal troubles and mismanaged finances. Anderson owed over $1 million in debt, including unpaid taxes and bills.

Where did Pamela Anderson grow up? Early days explored as actor drops memoir Love, Pamela

10. Lindsay Lohan

Lindsay Lohan, the actress known for her roles in ‘Mean Girls’ and ‘Freaky Friday,’ has faced financial troubles throughout her career. Lohan reportedly owed over $600,000 in unpaid taxes in 2012. She has also faced legal troubles, which have affected her finances.

Lindsay Lohan - IMDb


These 10 Hollywood celebrities serve as a reminder that even the rich and famous can fall victim to financial struggles. While some celebrities may have simply lived beyond their means, others were faced with unforeseeable circumstances that left them in debt.

However, it’s important to note that declaring bankruptcy is not the end of the road for these celebrities. Many of them were able to rebuild their careers and finances after hitting rock bottom. It’s a lesson that we can all learn from, no matter our financial status. What are your thoughts on this?

Do Check Out: The second cinema chain in the world is on the verge of bankruptcy

Continue Reading

Recent News

For All Mankind Season 5 Cast For All Mankind Season 5 Cast
Entertainment6 hours ago

Everything We Know About For All Mankind Season 5

Couldn’t get enough of For All Mankind season 5? Then don’t worry, we’ve got news about the new season. For...

Below Deck Season 11 Cast Below Deck Season 11 Cast
Entertainment6 hours ago

Everything You Need To Know About ‘Below Deck’ Season 11

If you, like us cannot get away from watching season after season of the famous show Below Deck, then we...

The Flash Season 10 Cast The Flash Season 10 Cast
Entertainment6 hours ago

Is ‘The Flash’ Season 10 Happening?

The Flash has been a part of life for the DC Universe audience. We all are excited to see if...

Data Analytics Bootcamps Data Analytics Bootcamps
Business7 hours ago

Data Analytics Bootcamps: Analyzing Big Data for Actionable Insights

The demand for skilled professionals is reaching new heights in the rapidly evolving data analytics landscape. As organizations harness the...

CBD7 hours ago

How To Take CBD: 5 Things To Know Before Trying CBD

Are you curious about how to take CBD? If so, you’re not alone.  CBD, or cannabidiol, has gained popularity recently...

The Notebook The Notebook
Entertainment12 hours ago

The All-Time Romantic Classic: Why The Notebook Resonates Over 15 Years Later 

Few romantic dramas have managed to capture the public’s heart and imagination like The Notebook. Based on Nicholas Sparks’ bestselling...

Wardrobe Collection Wardrobe Collection
Fashion12 hours ago

Building a Professional Wardrobe Collection

Do you always want to look elegant and sophisticated? Then, you need to start building a professional wardrobe collection. Having...

Pampas Grass Decor Pampas Grass Decor
Home Decor12 hours ago

Pampas Grass Decor: A Natural Elegance

Introduction: In a world where floral arrangements dominate the scene, there’s a refreshing trend taking center stage – Pampas grass...

Portlandia Season 9 Release Date Portlandia Season 9 Release Date
Entertainment1 day ago

Everything To Know About ‘Portlandia’ Season 9

Portlandia season 9 is highly anticipated and the audience is curious to watch. Let’s see if another season will happen....

Community Season 7 Cast Community Season 7 Cast
Entertainment1 day ago

Is ‘Community’ Season 7 On The Cards?

Are you like us, missing the lovable sitcom Community? Well then, we’re here to tell you if Community Season 7...