45 Celebs Who Overcame Financial Crisis In Their Lives

Tori Spelling

With husband Dean McDermott, the actress faced the possibility of eviction from her rental property in Los Angeles after she accumulated $7,750 in unpaid rent. Her landlord even posted a note on the gate of her home, referring to their residential lease agreement and detailing the delinquent rental fee, which caused Spelling much embarrassment given her celebrity status. Eventually, she moved out months afterward as she was unable to settle her rental debt.

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Courtney Love

It’s really no surprise that rocker Kurt Cobain’s widow is on this list. She racked up a $386K debt after she reportedly stopped paying for a house she had bought for her deceased hubby’s family. Apparently, she spent the money meant for the mortgage elsewhere, so she had to sell the house. Since there was no taker, the property was acquired by the mortgager. She also was banned from her daughter’s trust fund. No love for Courtney where money is concerned.

Lady Gaga

She’s a big star in her own right, winning Grammy awards and an Emmy; making millions rain into her bank account. However, she took a risk and spent her precious earnings on her Monster ball tour so she could hopefully snag an even bigger deal, but instead went bankrupt. She then managed to recover from the financial rut.

Gary Busey

The veteran actor declared bankruptcy in 2012, which held his creditors at bay. He had amassed a $450K debt in taxes and was ordered by the court to pay all that back. This got him saying that his new hobby is “just breaking even.”

Wesley Snipes

He may be good at kicking butt, but he’s not as effective when it comes to putting away debts, his of which reached $12 million at its peak. The liabilities were due to unpaid taxes, for which he got caught by the IRS and got banished to the gallows for 3 years.

Evander Holyfield

He was the heavyweight boxing champ in his heyday, but what happened to his money? He probably got overwhelmed with the newfound wealth and ended up blowing it all away while earning a $14 million debt. He had to sell his mansion to cover his liabilities but even that wasn’t enough to pay off everything.

Meatloaf

The “I’d Do Anything for Love” hitmaker should be a millionaire – if not for his managers squirreling away his hard-earned money for themselves. He fired them from his team, yet they froze his assets and sued him for breach of contract. They also stirred up some unflattering rumors about him, resulting in the singer filing for bankruptcy.

Natasha Lyonne

She hit the jackpot when she got a role in the hit comedy film “American Pie” but unfortunately, she failed to hold on to her newfound wealth. She managed to stave off filing for bankruptcy. Aside from various health issues and homelessness, she also dealt with legal woes and a heroin addiction. Whew, what a way to lose it all!

Nelly

Nelly is one famous celebrity, and if your’e too young to know him from the music industry, you know him for his series Nellyville. However, he was once broke due to  some gambling problems. Luckily for him, he was able to bounce back and now his net worth is over $60 million dollars. These days, he’s definitely doing well for himself.

Marvin Gaye

The soulful R&B icon has sold millions of his records, having a very healthy financial situation. But that didn’t last long. Towards the end of his lifetime he was forced to declare bankruptcy and call his van home.

Michael Vick

He used to be one of those at the top of their game in the NFL, but he unfortunately fell from grace after he was incarcerated for running a dog fighting ring. Upon being released from prison, he filed for bankruptcy.

Dennis Rodman

NBA’s bad boy used to be super popular and in demand as a brand ambassador. A couple of years later, he revealed he was very ill and bankrupt, and that he could not pay for child support. He ended up being $800K behind in child support payments and $50K in spousal support.

Mickey Rooney

His name always rings a bell – he’s that famous, thanks to a lengthy acting career that began when he was just 6 years old until he became a grandfather. Despite being a Hollywood luminary, he had to declare bankruptcy in 1962. Apparently, getting married 8 times can also do that to your bank account, plus money mismanagement by his own family.

Lena Headey

Would you believe this “Game of Thrones” actress only had $5 in her bank account not too long ago? Taking cue from her GOT character Cersei, the actress filed for divorce from her husband and engaged in a lengthy battle for the custody of their son. She subsequently dove into a heap of financial troubles, prompting her to file for bankruptcy and even put her house on the market just to make ends meet – something that shocked people who thought she was earning gazillions from her GOT gig.

Tila Tequila

The reality star has recently launched a crowd-funding campaign in which she’s desperately asking for financial help to keep her daughter and her with a roof over their heads. We nearly pulled our credit cards out but then we remembered: Tequila actually earned $175,000 for her appearance on Celebrity Big Brother last summer! So, WTF happened? On her fundraising page she claimed that “…they have raised the rent at my old home to $4,500 a month, and being a single mother without any support from the father, it can sometimes be very tough taking care of 2 people with only a 1 person income.” Miraculously, though, it seems she still has enough money to buy expensive clothes and makeup.

Michael Jackson

“Bankruptcy” and “foreclosure” are terms not expected in the book of the King of Pop, but he faced such financial troubles in the wake of a loan he got for his money-hemorrhaging Neverland Ranch. Out of the $25 million loan, only $2 million was settled; he was also not able to fulfill mortgage payments three times in succession. Eventually, the ranch had to be given up and he had to file for Chapter 11. As a result, his bank account was wrung out of funds. In fact, when he died, he still had brow-raising debt of no less than $400 million.

 Sinbad

Apparently, the funnyman wasn’t able to navigate through his financial prospects well as he declared bankruptcy not once but TWICE, with the second one revealed as involving a debt of $11 million.

Nicholas Cage

He starred in a string of hit films that earned him millions of dollars in revenues, but he still somehow found himself with $14 million in debt. He got overly excited over the fact that he had a fat bank account, he went on an extravagant spending spree, splashing out an obscene amount of money on luxury cars, castles, yachts, private jets, you name it. He then got into financial trouble, and with real estate taxes added to the mix, he ended up foreclosing some of his properties. He even lost a couple of his homes to foreclosure auctions and racked up mortgage payment arrears. He continued to unload several of his properties just to make the financial nightmare end.

50 Cent

Looks like his professional name is a self-fulfilling prophecy as the former hitmaker ended up with a lot of liabilities after losing big in a major lawsuit involving a leaked private tape. He filed for bankruptcy, declaring that his arrears are also of the same value as his assets, which have been estimated to be within the $10-50 million range.

Brendan Fraser

He was at his prime in the 90s, starring in a couple of hits and becoming the poster boy and crush of virtually every female adolescent during the decade. This didn’t stop his financials from going down, and leading him to have to file for bankruptcy. It was probably a combination of bad judgment and child support payouts, which he was obliged to fulfill in the wake of a divorce.

Mike Tyson

The boxing legend is known for his killer punches – and his ability to blow his millions until his bank account is just a shadow of his glorious career wins. From earning hundreds and millions of dollars, he racked up $50 million in debts over the years. However, as his fire mellowed, he also managed to fix things so he could actually settle his liabilities.

Kelis

After she divorced Nas (while she was still heavy with child, mind you), she found her bank account empty and realized she had to rely on child support to survive. She was at the mercy of Nas’s generosity in such a dire financial situation. Perhaps she could sell milkshakes to defray her expenses?

Dorothy Hamill

This Olympic gold medalist of an ice skater must have believed in the axiom about shooting for the moon and landing among the stars if you missed, because she went on to acquire an ice skating group after finding fame and fortune in the wake of her Olympic victory. This decision cost her a lot. In fact, she went bankrupt after she accumulated $1.6 million in arrears.

Heidi Montag and Spencer Pratt

The couple met and got engaged on the reality TV series “The Hills,” the popularity of which allowed them to rake in heaps of money for their efforts. However, the couple publicly admitted they blew through $10 million because they thought the world was going to end in December 2012, according to the Mayan forecast. They sure regretted it then.

R. Kelly

The controversial artist not only faced legal woes involving a minor, he’s also having problems settling his mortgage for a mansion he bought in 1997. He shelled out $3.5 million for the property but only got $950,000 when he auctioned it off more than a decade later. He was obliged to sell his house after failing to make his mortgage payments and with the bank hot on his heels and threatening to foreclose the 20,000 square foot property.

Abraham Lincoln

U.S. presidents are supposed to have a good head on their shoulders, aren’t they? Thing is, they’re also human and can make mistakes, like Lincoln did. He declared bankruptcy twice and had to keep sending debt payments for a long time, since bankruptcy policy as we know it today didn’t exist then yet.

Jose Canseco

He’s among the most popular MLB players, but he’s not among the most money savvy. He filed for a Chapter 11 in 2012 reportedly due tax arrears.

Toni Braxton

The “Unbreak My Heart” singer was a star alright, but she wasn’t exactly a star in the financial department. Although she has sold millions of albums, she earned a $50 million debt to her name. She actually filed for bankruptcy twice. Will this debt chain ever be broken?

Burt Reynolds

Burt Reynolds is one famous actor, director, and producer who was paid top dollar during the 1970’s. However, he became bankrupt and earned a debt of over $9.4 million dollars in the 90’s. Some of his residential homes were foreclosed. Despite his age, he’s still doing his best to earn money. Burt has a strong spirit.

Willie Nelson

Willie Nelson is one of the most famous singers out there. However, he had a plenty of tax debts from IRS. A whopping $16 million debt, to be precise. He ended up having to file for bankruptcy. Although Nelson is now old, he still has to do things to survive. It’s evident that despite his bankruptcy, he still remained cheerful in life.

Rihanna

Back in 2009, Rihanna was broke like a beggar. She filed for bankruptcy in that year and lost almost everything. Fortunately, that isn’t the case now. Rihanna is one of the richest and most influential people in the world. She’s worth over $85 million dollars today, so technically, she’s filthy rich. Rihanna was able to “bounce back” out of her debts.

Janice Dickinson

Janice Dickinson was more successful during the 70’s and 80’s until her money problems started to sink in, and lately she has accumulated a debt of 1$ million dollars, which may not sound like plenty to other celebrities, but it sure is a lot of money. She was beautiful back then and is also now, the difference is only that she has less money today.

Lindsay Lohan

Lindsay Lohan is one of the most popular actress’ of today. However, she owes a ton of money to the bank and she needs to pay $600,000 dollars. The reason why she had debts are her drug addiction. Here’s another way in which drugs can really ruin your life. The popular actress is now only known for her scandals and drama, rather than skill.

Gary Coleman

Gary Coleman was a brilliant actor. He was even successful during his younger days. Unfortunately, he went bankrupt because of his parents and a business adviser. He both sued the former and the latter, gaining him some of the money back. Too bad, Coleman died in 2010, due to epidural hematoma at the age of 42.

Pamela Anderson

Everybody knows Pamela Anderson who regained fame from the tv series Baywatch and her sexy body. However, people don’t normally know that she’s in big debts and is bankrupt, all due to her “unwise” spending of her finances. We hope this sexy girl will manage to get out of them quickly!

Chris Tucker

Chris Tucker was well known for the comedy box office Rush Hour movies. However, he had some financial problems because of back taxes, for which he now has to pay eleven million dollars. He had sold two mansions to pay his debt and has probably learned a valuable lesson that made him stronger and wiser.

Busta Rhymes

Busta Rhymes was a successful rapper in the 90’s. He was one of the highest paid rappers. Unfortunately, he spent too much money and was in debt. He spent $800,000 that he owned in IRS. There were also more bills that he needs to pay. He’s now bankrupt and is at risk of going to jail if he doesn’t pay off his debts.

TLC

This trio was a successful bunch. They were paid top dollar in every performance. However, they filed for bankruptcy after accumulating a debt of $3.5 million dollars. Citing poor royalties as well as a breach of contract by their manager, Pebbles Reid, these girls are into some trouble.

Lauryn Hill

Lauryn Hill got into some serious debt for not paying taxes. She was sued and brought to court. Despite her claims of living a “modest” life, she was into trouble. Fortunately, today she’s doing fine on her own having got out of the financial crisis she was in. Hope is always there for those who seek it.

Zsa Zsa Gabor

Zsa Zsa Gabor is a classic actress. She was very famous in her time and was a brilliant actress as well. However, in 2009 she had some financial problems. It’s unbelievable but she almost lost $10 million due to some unknown “events” and she obviously filed for bankruptcy. She had a hard time coping with the problem, but she has now learned to face it.

Teresa Giudice

Teresa Giudice who’s known for the show “Real Housewives of New Jersey” is now bankrupt, having had some legal problems and losing her estate. Reports show she became bankrupt due to her overspending, and because of the unnecessary “luxury lifestyle”. She was sentenced for more than a year in prison.

Leif Garett

A famous child star during the 1970’s, Leif Garett had everything he wanted. Sadly, he was hooked into drugs and this became a downward spiral not only to his career but to himself as well. He went bankrupt and was flat out broke. He lost all his money because it all went to his prison and rehab expenses.

Lorraine Bracco

Lorraine Bracco is an American actress who is best known for her role in the HBO hit “The Sopranos”. She had a relationship with a fellow actor but things didn’t work out, so these days they’re fighting on custody over their daughter, which resulted in her accumulating a $2 million dollar debt. Clearly, she’s flat on broke, but is determined to get back on her feet.

Donald Trump

Would you believe that the real estate mogul/newly elected President of the United States has filed for bankruptcy not only once but 4 times in his life? Well, as they say, what goes around comes back around. Now, Donald Trump is the most powerful man in the United States, and perhaps the most powerful in the whole world. Now that’s why life can sometimes be like a “rolling wheel”, sometimes you’re up and sometimes you’re down.

Steven Baldwin

Steven Baldwin lost all his money in 2009 and filed for Bankruptcy. This well-known actor and director had money issues and was trying to make his ends meet. He has a debt of $1.1 million dollars according to his federal taxes in New York back then. Despite everything, Steven is still a funny guy.

Kim Basinger

Kim Basinger was a very famous actress back then. She appeared in movies like L.A. Confidential, Never Say Never Again, and Batman. At some point, she backed out of a movie contract which led to her being sued for $8.1 million and later declared bankruptcy. Her more recent work includes appearing in the Fifty Shades of Grey sequel, Fifty Shades Darker.

Cyndi Lauper

Before becoming an icon, Cyndi Lauper had her struggles. When she was part of the Blue angel band, their manager ended up suing them which later led to Cyndi filing for bankruptcy. But after every storm there is a rainbow. When Cyndi pursued her solo career and released her first album, money never became a problem for her again.

Don Johnson

Don Johnson is best known for his role in the movie Miami Vice and even later received awards for it. When someone ends up with successful projects you may think they will be overflowing with money. For Don, he actually filed for bankruptcy four times. – yes, FOUR! Today, he isn’t having that much struggles anymore since his daughter, Fifty Shades of Grey actress Dakota Johnson, is rising to fame.

Corey Haim

Corey Haim was a former teen idol who was famous for the roles in films like Lucas, Silver Bullet, Murphy’s Romance, and The Lost Boys. Even after a very successful career, Haim somehow ended up bankrupt. It was said he even tried to sell one of his teeth on eBay. He died of a prescription drug overdose.

Vanilla Ice

Robert Matthew Van Winkle or popularly known by “vanilla ice” had a career breakthrough for his hit single Ice Ice Baby. He then struggled to keep that success and later studied everything about estate and mortgage. But there came a point where he almost went bankrupt after some legal troubles regarding crimes. Today, he’ still trying to gain the spotlight again.

Margot Kidder

Margot Kidder was popularly known for her role as Lois Lane in the original Superman movies. It was said that she suffered from schizophrenia and manic depression. She got so bankrupt that she was homeless and wandering the streets. She later got treatment and is now healthy and back on track with her career.