The life of celebrities is flashy and luxurious, they earn much and spend that much too. Sometimes they spend more than what they earn and end up being broke. Toni Braxton spent most of her fortune at home decoration, becoming penniless faster than she earned the money. Here is our top pick of 7 celebs that went riches to rags in a flash.
7 Penniless Celebs You Won’t Believe
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There is a lot of reasons why we couldn’t see Brendan Fraser in latest Hollywood movies Best known for his portrayal of Rick O’Connell in the Mummy movie franchise, Brendan appealed to the Connecticut court in 2013 for cutting down his annual payments of $900,000. He said in the court that movies were no longer a permanent source of income for him, and he was finding it hard to pay alimony.
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After spending all her fortune for fighting against lawsuits filed by American Express and designer Dawn Simorangkir, grunge singer Courtney Love went from all riches to rags in just about no time.
In 2012, Busey filed for bankruptcy. At that time, the actor was left with only $50,000 to his name with a mounting debt of $1mn. Despite appearing in hundreds of movies, the actor hasn’t yet learned how to save hard-earned money.
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Despite earning a mounting amount of $400mn, ex-heavyweight boxing champ Mike Tyson expensed the most of it on cars, mansions, and his infamous pet tigers. He went to jail for serving 3 years on sexual assault charges and went back after the jail was disqualified from the ring in 1997. To make things even worse, he was ordered to give $9mn as a divorce settlement.
Night Rider a.k.a. Nicolas Cage willed to acquire a tiny private island. Once among in the list of highest-paid celebs in the world, Cage owed more than $13mn in 2009 as unpaid tax bills and penalties combined.
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Baywatch fame Pamela Anderson is known for her hi-fi lifestyle. She likes to spend hefty sums of money for her alluring lifestyle gigs, even though she couldn’t afford it. Back in 2009, the actress had about $1.7mn pending as tax debt.
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Braxton hit quite a big fortune during the 90s with songs like ‘Breathe Again’ and ‘Un-break My Heart.’ Despite earning money in heaps, the singer went bankrupt in 1998. The main credit for the bankruptcy goes to Toni’s obsession with home décor. In 2000, the singer made a great business with her hit song ‘He Wasn’t Man Enough,’ only to go penniless the same year.
Bad money management can’t save you from going out-of-money even though you are a highly-paid celebrity. You should spend only that much you can afford.