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Written by: BadCredit.org Staff
Edited by: Lillian Guevara-Castro
Money is not the solution to all of life’s problems, and there’s no better way to see that than through the lives of the rich and famous.
These 10 tales of celebrity bankruptcy shows us what happens when money goes to your head (and how to bounce back).
Bragging rights: worth $3.9 billion, according to CelebrityNetWorth
Donald has filed for four different bankruptcies, most recently in 2009. While these were corporate bankruptcies, he was forced to sell his yacht and airline, among other things, to pay off the debt. He learned to stop guaranteeing debt with his money and, as you can see, he’s doing extremely well now.
Social Clout: 1.46m Facebook likes, 2.63m Twitter followers
Twitter Handle: @realDonaldTrump
Bragging rights: worth $250 million, according to CelebrityNetWorth
In the 1980s, a series of bad investments had George on the verge of bankruptcy. His fear of being out on the street sent him back into the boxing ring, where he reclaimed his heavyweight title. This success enabled him to pay off his debts and launch his line of grills.
Social Clout: 154k Facebook likes, 62.5k Twitter followers
Twitter Handle: @GeorgeForeman
Bragging rights: worth $400 million, according to CelebrityNetWorth
The rise of the Internet and its supply of free pornography, along with several lawsuits and bad investments, forced Penthouse General Media to declare bankruptcy. By selling his art collection and his mansion, Guccione was able to turn his financial situation around before passing away in 2010.
Social Clout: 105k Facebook likes, 124k Twitter followers
Twitter Handle: @Penthouse
Bragging rights: worth $150 million, according to CelebrityNetWorth
An arrest for grand larceny may have had its charges dropped, but Larry struggled to shake the stain. He couldn’t find a steady job for more than four years, and his money troubles forced him to declare bankruptcy in 1978. Fortunately he was offered a job later that year that would last 25 years and make him millions.
Social Clout: 322k Facebook likes, 2.49m Twitter followers
Twitter Handle: @kingsthings
Bragging rights: worth $36 million, according to CelebrityNetWorth
There are some commitments you just shouldn’t cancel. Kim lost more than $8 million to Main Line Pictures for backing out of her role in “Boxing Helena.” This forced the actress to declare bankruptcy in 1993 and sell her $20 million investment in a rural Georgia town. She’s been able to bounce back by working in many movies since then.
Social Clout: 41k Facebook likes, 1.6k Twitter followers
Twitter Handle: @kimbasinger1
Bragging rights: worth $1.5 million, according to CelebrityNetWorth
Millions of dollars can quickly turn to nothing when you make exorbitant purchases. Hammer declared bankruptcy in 1996 when he was $14 million in debt. He has since recovered, starring in a cartoon, co-creating DanceJam.com, working as a television host and even helping found the now-defunct search engine WireDoo.
Social Clout: 153k Facebook likes, 3.37m Twitter followers
Twitter Handle: @MCHammer
Bragging rights: worth $50 million, according to CelebrityNetWorth
Not even the X-Men could save Stan. His company Stan Lee Media was forced into bankruptcy in 2001 when they ran out of capital and his partner fled the country. A lawsuit against Marvel for not receiving any profits from Spider-Man helped put Stan back on top with his new company POW! Entertainment.
Social Clout: 3.4m Facebook likes, 1.38m Twitter followers
Twitter Handle: @TheRealStanLee
Bragging rights: worth $30 million, according to CelebrityNetWorth
Celebrities fear his wrath, while Hilton feared his college debt and outstanding credit card bills. They got so bad that they forced him to declare bankruptcy in 2005. Fortunately his blog took off shortly after and now surpasses eight million hits a day.
Social Clout: 1m Facebook likes, 5.93m Twitter followers
Twitter Handle: @PerezHilton
Bragging rights: worth $1 million, according to CelebrityNetWorth
Divorce, losing his trainer, a stint in prison and biting his opponent’s ear off were all part of the downward spiral that led to Tyson’s 2003 bankruptcy. He retired in 2005 but managed to earn some money through several TV and movie appearences – like “The Hangover.”
Social Clout: 2.5m Facebook likes, 4.31m Twitter followers
Twitter Handle: @MikeTyson
Bragging rights: worth $30 million, according to CelebrityNetWorth
Before she was a solo act, Cyndi was part of the band Blue Angel. Their album flopped and their manager sued them, forcing her to file for bankruptcy in 1981. She worked in retail to pay bills until her own career took off with the album “She’s So Unusual” — which coincidentally featured the song “Money Changes Everything.”
Social Clout: 2.6m Facebook likes, 229k Twitter followers
Twitter Handle: @cyndilauper
Photo credits: assets.forexlive.com, twitter.com, nymag.com, famousdude.com, facebook.com
