Even if you manage to become a superstar, you should always keep an eye on your money flow. When reaching stardom, many celebrities are tempted to make the most out of it with no regard to expenses. They get greedy and adopt a lavish lifestyle, living in multiple mansions across the world, attending glamorous parties, driving luxurious cars and planes and feeding their addictions. As a result, there are quite a few stars who went bankrupt, blaming this on taxes or unfortunate contracts and refusing to admit the true reasons. Their stories can be lessons for all of us, even though we don’t have access to such impressive amounts of money. Take a look at the top 10 stars who went broke over the past years.
1. Nicolas Cage
Nicolas Cage had to sell his private island, a private jet, four yachts and several of his homes in order to pay taxes of $13 million. He somehow managed to spend a staggering amount of $100 million. Even though the actor had successful years when he earned over $40 million, it seems it was not enough for his lavish lifestyle.
2. Cyndi Lauper
Lauper was not always as successful as we might remember. Before releasing her greatest album, “She’s So Unusual”, the singer worked for the Blue Angel rock band in New York as a songwriter. When she left the band, Lauper filed for bankruptcy. Fortunately, she soon got her contract with CBS label Portrait, and from there she never had to worry again. At the moment, the singer has a show on Broadway named “Kinky Boots”.
3. 50 Cent
The famous singer had a debt ranging from 10 to 50 million dollars, and assets of the same value when he filed for protection for bankruptcy last July. 50 Cent, otherwise known as Curtis Jackson, has taken this measure at the Connecticut Bankruptcy Court after losing two important lawsuits. However, he doesn’t seem to be very concerned since he went to a strip club in his current financial condition. He explained that he did so because it was already planned and of course he couldn’t change his itinerary.
4. Kim Basinger
Kim Basinger is another celebrity who filed for bankruptcy. However, her situation was a bit different. The actress had to pay $7.4 million to Main Line Pictures after she disregarded an oral agreement with the film company for the “Boxing Helena” movie.
5. Mike Tyson
Mike Tyson is the perfect example of financial carelessness. He managed to loose the impressive amount of $400 million that he made in his 20 years boxing career, thanks to the luxurious lifestyle he decided to adopt. The parties, cars, mansions, jewelry and of course expensive divorce have cost him dearly. However, he declared that this happened since 1998 due to parties to litigation, taxing authorities and his debt to Showtime and that he is still unable to pay the bills.
6. Toni Braxton
Toni Braxton managed to re-balance her finances after filing twice for bankruptcy. Even though many believe that she got into debt by spending a lot on her lifestyle, the singer blamed the music industry who sets up the contracts for artists.
7. Gary Busey
You cannot escape the cycle of losing money even if you are an Oscar winner. Gary Busey’s statement about his financial situation was quite simple: you always have a good feeling when you spend money, especially when you have a lot. It might get easy to lose track of them. He has been trying to stabilize his accounts since 2012.
8. Janice Dickinson
Janice Dickinson was terribly upset when she discovered her debts and stated that she will do everything in her power to pay the money back. However, when interviewed, the supermodel did behave quite uncharacteristically. This can be understandable when you have a $1 million debt.
9. Wayne Newton
The showman’s investments in the 1980 did not take a good turn, depreciating in value. Newton had to move out of his lavish estate to a smaller home after he couldn’t sustain his businesses. Once holding 50% stakes in the famous hotel Aladdin, over the past years Newton had to get used to a more simpler life.
10. Tom Petty
Filing for bankruptcy can also be a smart move on the part of artists. Musician Tom Perry took this measure in order to avoid going broke from a contract with MCA Records. Along with his band, Heartbreakers, he was completely against the way creative accounting was used by the industry and declared that he doesn’t want to be used by any company. As a result for his efforts, the label signed him a much better deal.