Being bankrupt is a sign of failure, and people used to scare off this term. Success and failure are part of life and don’t matter if you are a normal human being or a celebrity. Everyone has to face it. When we see a celebrity, we only notice the glittery part of his/her life.
Even if there are several motivational tales of famous people who overcame adversity and rose to success, the contrary can also occur. Numerous stars’ career arcs are ones of success followed by failure.
Occasionally, celebrities who experience a terrible spending spree include singers, athletes, and movie stars. After filing for bankruptcy, several famous people did so. Many well-known people struggled to pay off debt and fulfill their obligations to pay child support.
Consider the following 8 cases of wealthy and well-known celebrities who went bankrupt. While some are still having financial problems, some of them have been able to recover.
UK Celebrities Who Went Bankrupt
1. Toni Braxton
Toni Michele Braxton is an American R&B singer. She has sold over 70 million records worldwide and is one of the best-selling female artists in history. Braxton has won seven Grammy Awards, nine Billboard Music Awards, seven American Music Awards, and numerous other accolades.
She declared bankruptcy not only once but twice. “I love dishes and house things, so I lost a little bit on the houseware. One-thousand thread-count sheets, that’s what I indulged in,” admits Braxton.
Her second bankruptcy in 2010 came after she was forced to cancel her self-financed “Toni Braxton: Revealed” Las Vegas show due to a sudden medical scare.
2. Michael Jackson
Michael Joseph Jackson was an American singer, songwriter, dancer, and philanthropist. Dubbed the “King of Pop,” he is regarded as one of the most significant cultural figures of the 20th century.
Michael Jackson net worth was around to be $500 million. But it is said that due to his lavish lifestyle, the Thriller singer lost most of it and was in debt. He even reportedly loaned $380 million to finance his lifestyle. Despite being bankrupt back in 2009, Michael Jackson’s estate has, over the years, made more than $2 billion.
Michael’s main problem was that as his income Decreased in recent years, he never changed his spending habits. Unfortunately, Michael didn’t understand the difference between good and bad debt, so he went bankrupt.
3. DUNCAN JAMES
Duncan James is an English singer and actor. He became widely known in 2001 as a member of the boy band Blue and later for playing Ryan Knight in the British soap opera Hollyoaks.
In an interview, he reveals how all of his money was tied up in property, and then the recession hit, and he lost pretty much everything. He said that, in a strange, it is better to be bankrupt so that he can start everything again.
He said in an interview that “I bought a house for my mum, I bought a house for my ex-partner [Claire Grainger] and my daughter [Tianie-Finn], and I spent about £1 million on my home. I’ve always wanted to give my loved ones roofs over their heads and ensure they were taken care of, so that’s what I did”.
4. Johnny Depp
John Christopher Depp II is an American actor and musician. He is the recipient of multiple accolades, including a Golden Globe Award and a Screen Actors Guild Award, in addition to nominations for three Academy Awards and two BAFTA awards.
Johnny Depp is not going through a stable financial time. Despite winning the defamation lawsuit against Amber Heard, the actor’s problems with his fortune didn’t disappear. The luxuries, Personal expenses, and bad administration make him bankrupt.
The unstable economic situation that Depp is facing forces him to get a role on the big screen. Depp needs to obtain liquid assets and savings in the coming months.
5. Donald Trump
Everyone knows about Donald Trump; Donald John Trump is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. Trump became president of his father’s real estate business in 1971 and renamed it The Trump Organization.
Several companies associated with President Trump have filed for bankruptcy,” the company said in a registration statement. “There can be no assurances that TMTG will not also become bankrupt.”
6. Mike Tyson
Michael Gerard Tyson is an American former professional boxer who competed from 1985 to 2005. Nicknamed “Iron Mike” and “Kid Dynamite” in his early career and later known as “The Baddest Man on the Planet,” Tyson is considered to be one of the greatest heavyweight boxers of all time.
Tyson earned a lot with his career, but he went bankrupt because of his money’s mismanagement. He earned about $400 million, but he also came with nothing. He himself revealed what happened to his money.
Tyson said, ” I spent the last money I had for rehab, about a million dollars.”
7. Dennis Rodman
Dennis Keith Rodman is an American former professional basketball player. Known for his fierce defensive and rebounding abilities, his biography on the official NBA website states that he is “arguably the best rebounding forward in NBA history.”
In 2012, Rodman’s lawyers said he could barely afford living expenses and could not pay child support for his two kids. At the time, he owed over $800,000 in back child support but claimed to be broke and sick. Rodman made about $26 million in his career and was inducted into the Hall of Fame in 2011.
8. Kim Basinger
Kamila Ann Basinger is an American actress and former fashion model. She has garnered acclaim for her work in film and television. She has received various accolades, including an Academy Award, a Golden Globe Award, a Screen Actors Guild Award, and a star on the Hollywood Walk of Fame.
In 1989, actress Kim Basinger paid $20 million for a 1,691-acre town. Basinger was expected to create a tourist attraction, such as a theme park or movie studio in Braselton, Georgia. Still, she declared bankruptcy and had to sell the property for a considerable loss.
I hope you all know about the famous celebs who went bankrupt for personal reasons. Some try to destroy their life after getting bankrupt, and some take this in a good sense and try to start their life again.