If you had millions of dollars, what would you do with it? We all have our own ideas of how to spend it or how to make even more money off of it. One answer you never get when you ask that question is, “blow it all on stupid stuff until I end up completely broke and desolate”.However, many celebrities find themselves in that exact situation. At certain points in their lives, they have so much money rolling in that they think it’s just going to keep coming.
But it doesn’t. And then they end up on lists like this. Here are 13 celebrities who managed to blow all of their money.
Before he was known for getting a ridiculous face tattoo and his memorable rendition of Phil Collins’ “In the Air Tonight,” Mike Tyson was actually a boxer. And he was kind of a big deal. Out of 58 total fights, Tyson won 50, with 44 being decided by knockouts. He received more than $30 million for many fights and earned around $300 million throughout his career.
After a rape conviction, time in prison, a religious conversion, an ear-biting incident and a few losses by knockout, Tyson retired. In 2003, he filed for bankruptcy and as of 2010, lives paycheck to paycheck. He has admitted that he had a lot of fun, but simply lost track of his spending.
In the early 1990s, MC Hammer was one of the biggest names in music. The man behind the hit single “You Can’t Touch This” has sold more than 50 million records worldwide, a feat that is pretty close to impossible these days. He had dolls, lunchboxes, and all other sorts of merchandise with his likeness on them. His music was all over television shows, and films and at one point, he even had his own Saturday morning cartoon.As gangster rap became more prevalent, Hammer’s pop-rap style began to lose its appeal to mass audiences. Add to that his exorbitant spending habits, and MC Hammer found himself $13 million in debt and eventually had to file for bankruptcy in 1996.
Spencer and Heidi Pratt
Spencer Pratt and Heidi Montag first plagued pop culture in 2006 when they were cast members on the faux-reality show, "The Hills." The show was a huge hit, and the two nobodies found themselves thrust into stardom. The duo got paid tens of thousands of dollars for all manner of appearances, interviews and photo shoots.The couple easily accrued $10 million during their 15 minutes of fame, but blew through the entire fortune. In an interview with Life & Style magazine, they revealed that the money was wasted on a $35,000/month Malibu home, $3 million towards Heidi’s music career, plastic surgery for Heidi, six cars, healing crystals, and private jets.
Kim Basinger was one of the sexiest actresses in the '80s and '90s. She won the hearts of James Bond in "Never Say Never Again" and Batman in "Batman." She won the heart of Alec Baldwin in real life and they were married from 1993 to 2001. She received a number of awards, including an Oscar for her performance in "L.A. Confidential."In 1989, Kim Basinger made a poor business decision when she bought the town of Braselton in Georgia for $20 million. In 1993, Basinger got into a rift with the studio of a movie she dropped out of and lost $8 million in court. She had to file for bankruptcy that year and sold Braselton to a developer for a mere $1 million.
Tionne “T-Boz” Watkins was a member of one of the most popular R&B/hip-hop groups of the '90s. TLC’s second studio album, the group’s most popular, sold over 22 million copies worldwide. The trio, which also included “Chili” and “Left Eye,” had four multiplatinum albums and won four Grammy awards before Left Eye died in a car crash in 2002.
In 2011, things weren’t looking too hot for T-Boz. She had to file for bankruptcy due to owing creditors close to $800,000. She makes about $12,000 a month, but due to her spending habits, she found herself in the red. Rumors have been going around about a potential TLC comeback with a holographic Left Eye, so maybe T-Boz will be able to make some more money to blow through soon.
Jodie Sweetin spent much of her childhood as the middle daughter of Danny Tanner on the hit late '80s/early '90s television show, "Full House." The show ran until 1995 and Sweetin ran into a problem that many child stars tend to run into: she was no longer all that relevant and her life became boring.Her boredom led her to experiment with drugs, primarily methamphetamine. She began to abuse drugs and alcohol regularly. She has since gone to rehab and has released a memoir about her experiences. In 2009, it was reported that Sweetin owed $30,000 in back taxes.
There is no doubt that Terrell Owens is one of the greatest to play professional football. He’s a six-time Pro Bowl selection and holds a number of records in the NFL. His personality forced T.O. to jump from team to team over the years. Wherever he went, drama always seemed to follow. It is for this reason that Owens finds himself currently playing in the Indoor Football League rather than the NFL.Despite making over $80 million in his professional football career, Owens revealed earlier this year that he is broke. He puts much of the blame on his financial advisers for getting him involved in risky ventures. On top of those ventures, he lost a lot of money in real estate and also pays $44,600 in child support per month to the four mothers of his children.
Nicolas Cage has done it all as an actor. He has had critically acclaimed performances in some amazing movies, has seen huge success in box-office hits, and has been in some very, very bad movies as well. He won an Academy Award for his performance in 1995’s "Leaving Las Vegas." He is still, to this day, one of Hollywood’s highest paid actors.His spending habits are what one might call ridiculous and excessive. He has spent millions on around 15 residences throughout the world, a Gulfstream jet, yachts, a fleet of Rolls Royces, jewelry, art and a dinosaur skull. In 2010, it was reported that Cage owed close to $13.5 million to the IRS. Unfortunately for us, that means we’ll probably have to deal with a few "Ghost Rider" sequels.
Scott Storch was once one of the biggest producers in hip-hop. He got his start with The Roots as a keyboard player and then went on to work with artists like Dr. Dre, Fat Joe, 50 Cent, and Christina Aguilera.However, after so much success, Storch fell under the pressures that come with fame and fortune. He became addicted to cocaine and his spending was out of control. It is said that he blew through $30 million in less than six months. Along with his drug of choice, Storch also spent money on 15 to 20 cars, a 117-foot boat, and $500,000 shopping sprees at the mall. He went to rehab and started to produce again, but was arrested this past February in Las Vegas for possession of cocaine.
Dennis Rodman is one of the most recognizable faces in NBA history. He’s a Hall of Famer who has won five NBA championships (three of which where with Michael Jordan on the Bulls) and is arguably the greatest rebounding forward of all time. He is incredibly eccentric and was also well known for his colorful hairstyles and personality.Despite Rodman’s success in basketball, he struggled with addiction problems and relationships. His income as a basketball retiree hasn’t been nearly as lucrative as when he was playing ball. Rodman currently pays $50,000 per month in child support and it was reported that he owes around $850,000 in unpaid child and spousal support.Shortly after that report, TMZ received a video of Rodman “making it rain” in a clothing shop in Vegas after being paid for a hosting gig.
Judy Garland is a Hollywood icon. But that doesn’t mean she was safe from financial trouble. In her career, the star of "The Wizard of Oz" was nominated for an Academy Award and won a Golden Globe, a Grammy and a Tony.She struggled with her finances and ended up owing hundreds of thousands of dollars in back taxes. She battled with drugs and alcohol and died of an accidental drug overdose when she was only 47 years old.
Gary Coleman was one of the stars of popular '80s sitcom, "Diff’rent Strokes." He is responsible for delivering on of the most well-known catch phrases in television history, “What’choo talkin’ bout, Willis?”Despite his success as a child actor and earning as much as $100,000 per episode, after "Diff’rent Strokes" was off the air, Coleman didn’t find much work aside from appearing as or parodying himself. In 1999, he had to file for bankruptcy and blamed much of this on his parents, lawyers, advisers and taxes. Coleman died in 2010 following an accident where he hit his head after falling down the stairs.
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Michael Jackson will forever be one of the biggest names in entertainment. He is responsible for some of the greatest songs ever produced and is even recognized by Guinness World Records as the most successful entertainer of all time.
But Jackson's tumultuous childhood and the fame that followed caused him to lead an odd personal life. While his total lifetime earnings are estimated around $500 million, Jackson battled with overspending.
Take his home for example: the famous Neverland Ranch. Jackson bought it for $20 million and then went on to spend $35 million on remodeling. His additions, which included a zoo and amusement park, cost the singer $10 million a year to maintain. He took out massive loans worth millions of dollars and allowed them to go delinquent. Due to his celebrity, he was able to avoid bankruptcy and stop foreclosure. Rumors say he has left close to $500 million in debt.
The year following his death, Jackson generated at least a billion dollars in revenue and with Neverland currently being valued at $90-$120 million, it looks like the financial issues he left behind might be squared away soon.