From Riches To Rags: Celebrities Who Lost It All

It’s no surprise that celebrities are seriously well off and their bank accounts have sums of cash that we only dream about. But, more times than we can count, money goes just as quickly as it comes.

Despite Johnny Depp’s illustrious career and mass fame and fortune, the actor tumbled to his demise. It’s been revealed by his agents that Depp earned around $650 million dollars during his career. Unfortunately, he ended up spending most of it.

Lindsay Lohan has had a steady acting career since she was young but skyrocketed to further fame after starring in the hit comedy Mean Girls. She had experienced a downward spiral for quite some time – primarily due to a lack of money.

It’s no secret that Nicolas Cage is an enigma and a gifted actor (he also really knows how to spend his money). Cage purchased two castles which he never sleeps in and also owns a private Bahamas island, in addition to many other properties.

As the youngest heavyweight boxing champion to have ever lived, Tyson was worth $300 million at the pinnacle of his career. He endured a divorce, rape accusation, time in jail, and also tore off boxer Evander Holyfield’s ear (resulting in $3 million in damages).

While the number has likely gone up, the country folk star is worth well over an estimated $25 million. Regardless of his fame, he had some issues with the IRS, and, in the 1980s, received one of the highest tax bills in history. Nelson invested in a tax shelter that the IRS deemed illegal.

Love – the widow of beloved grunge icon Kurt Cobain – was also a star in the grunge scene. She partied away everything she earned in only a matter of years. After inheriting the rights to Nirvana, Love received around $27 million but blew it all on partying and other things.

Floyd Mayweather is a contemporary boxing legend who has encountered a couple of financial hardships in the last decade. Mayweather defaulted on a car loan which cost him $167,000. A few years later, he filed a $61 million claim in a bankruptcy case.

Pop sensation and legend Michael Jackson was a “millionaire who spent like a billionaire” according to his closest family and friends. Jackson’s expensive hobbies were evident in his Neverland Ranch, a property that cost him millions and nearly led him to bankruptcy.

The horrific divorce from his ex-wife Anna Gordy Gaye led his Motown legend to file for bankruptcy in 1976. Gaye had to hand over the rights to his album “Here, My Dear” to cover the $600,000 in alimony payments.

The legendary rapper was worth approximately $33 million at the peak of his fame. MC Hammer discovered that his riches don’t last nearly as long as his fame.

In Dennis Rodman’s NBA heydays, he boasted a $27 million dollar salary (as well as his countless endorsement deals). Even with all the upsides of being famous, his finances suffered

Coppola, an award-winning filmmaker, blames most of his $98 million dollar debt on the lack of success of his movie, One From The Heart. The film cost $27 million to make and only raked in $4 million at the box office.

Even though McMahon was awarded millions on game shows during his career, the TV host didn’t cling to his earnings tightly. His excessive spending habit caused lenders to go after him for the $644,000 he owed on a $4.8 million home loan.

Well, even celebrities don’t pay their mortgages! Actor Burt Reynolds had to almost give up his Florida home in 2011. He owed $2.1 million to Merrill Lynch Credit Corporation, which only further fueled his financial difficulties.

The Queen of Rap has not paid her taxes in almost a decade (she owes the government almost $1 million in back taxes). Even worse, her former legal team sued her for non-payment for services.

The pop singer rose to fame when he was a child but hadn’t been in the spotlight for some time. His $100 million dollar fortune has been wiped clean.

Fraser was once a household name (and has since made a comeback). He has reinvigorated his career but, at one point, had next to nothing left.

Former MLB pitcher, Curt Schilling, once had a little more than $114 million throughout his career of almost 20 years. After he retired, however, he spent about $50 million of his fortune on founding a video game that filed for bankruptcy in 2012.

The Orange is the New Black and Poker Face actress has made one too many costly decisions which ultimately led to the loss of her tiny fortune. She had accumulated her money because of her roles in American Pie and Everyone Says I Love You.

Braxton used her financial demise to pay back debts. The singer filed for bankruptcy twice and was left with almost nothing.

As one of the more extreme cases of riches to rags, Butler went from A-lister to becoming homeless in only a few years.

Fantasia Barrino, former winner of American Idol, failed to make payments on her $1.1 million loan towards her North Carolina home.

Recognized as one of the most influential R&B artists of the ‘90s, Lauryn Hill was relishing the limelight – until she lost it all. Following the success of her 1998 album “The Miseducation of Lauryn Hill,” her public appearances were odd and, sometimes, resulted in the police getting involved.

Snipes, the star of the iconic vampire movie Blade, tried to right the wrongs he committed over a decade ago. He didn’t pay $17 million in back taxes, was imprisoned for three years, and has since appealed his case.

While Game of Thrones’ Cersei may live in a castle, she’s actually not that lucky in real life. Headey claimed in legal documents from 2013 that she had “less than $5 in her bank account” and needed a tax refund to cover living expenses.

It’s the classic tale: Child stars have it all one day and, suddenly, lose it all the next. Willie Aames was one of these child stars.

New Jersey royalty Joe and Teresa Giudice filed for bankruptcy in 2009 over liabilities that resulted in $8 million. But, their hardships continued, and, in 2013, the pair were charged with fraud conspiracy after hiding assets during the bankruptcy case

Not all of Sly Stone’s financial woes were his own doing (not counting his drug addiction). For decades, Stone couldn’t collect money from his songwriting royalties. He admitted in 2011 that he was living in a small camper.

Star Corey Haim was an icon of the 1980s, poising himself as a heartthrob. Many might not have remembered that, in 1997, Haim filed for Chapter 11 bankruptcy protection, resulting in more than $200,00 in state and federal taxes.