We tend to think that our favorite movie stars, musicians, and athletes always earn millions and live a grand and wealthy life, but in reality, many of them, at some point, went broke. Exorbitant expenses and a passion for luxury often lead the stars to the brink of bankruptcy.
Here are eight celebs who went from riches to rags.
1. Toni Braxton
The multiple Grammy Award winner, Toni Braxton, who has sold millions of albums, has declared bankruptcy twice! The first time was in 1998 when she signed an extremely unsuccessful contract with LaFace Records. The second one was in 2010 after doctors diagnosed Braxton with lupus and the singer had to cancel an expensive show in Las Vegas. Ultimately, her debts amounted to $50 million.
2. Mike Tyson
The super-heavyweight boxing ex-champion has earned over $400 million throughout his career. But in 2003, the athlete declared himself bankrupt and formally requested legal protection. Tyson spent most of the money he earned on expensive houses, luxury cars, and gold jewelry. He used to lead an extravagant lifestyle and, you’ve probably heard this story, even bought himself a Bengal tiger.
3. Pamela Anderson
Apparently, not even Pam Anderson’s paycheck can cover some of the house renovations she ordered. A while back, she had a serious conflict with a construction firm that billed her $3 million for the renovation of her five-bedroom mansion in Malibu. But that was way too much money for the actress. As a result, Pamela filed for bankruptcy and even lived in a trailer near her own home.
4. Nicolas Cage
From 1996 to 2011, Cage earned over $150 million, so it would seem that he’s set for life, right? At first, Nick bought mansions, got a private island, jet planes, yachts, and all that luxurious stuff, but after a while, the crippling debt caught up to him. These financial issues forced the actor to sell his property and take all kinds of crappy roles that definitely affected his career in the long run.
5. Lena Headey
In Game of Thrones, Lena Headey plays Queen Cersei Lannister, but her treasury hasn’t always been full in real life. One day, all she had to her name was a ridiculous amount of $5 in her bank account. That is how much Lena had left after the scandalous divorce from her husband, Peter Loughran. She even had to sell a mansion in the Hollywood Hills to get enough money for food and stuff.
6. Wesley Snipes
Maybe this is new to many of you, but in America, tax evasion is very offense. One of the highest-paid actors of the 90s, Wesley Snipes, tested this on his own skin. After skimping out on fees and not paying taxes totaling $12 million, he went to jail for three years.
7. MC Hammer
In 1991, MC Hammer made $33 million and became world-famous thanks to his multi-generational single “U Can’t Touch This.” The freshly-baked millionaire bought fancy cars, expensive yachts, at least five more of those iconic pants, and even record companies without thinking twice. His house had a garage for 17 vehicles and could easily be called a king’s palace. But sadly, he had to part with all this when it was discovered that the musician was $14 million in debt. Nice try!
8. Lindsay Lohan
Lindsay started her acting career as a child, and after a few projects, she had more money than any kid should ever have access to. This lavish lifestyle resulted in multiple addictions and, eventually, expensive rehab sessions. Basically, Lindsay was so down bad that she started stealing her boyfriend’s valuables to get some drugs.