Celebrities are fantastic at earning money, but many aren’t very good at managing them. In fact, some celebrities have fallen from apparent financial heaven to monetary rock bottom in the blink of an eye.
Many celebrity stories of monetary ruin are as humorous as they are fascinating, which is why we put together this list of 7 celebrities who filed for bankruptcy.
The actress and model filed for bankruptcy after purchasing an entire town in Georgia for $20 million. She planned to make a return on her investment by luring movie studios to the town with a film festival, but wound up being sued for breach of contract on another project before she could turn a profit.
As a result, the blonde bombshell went bankrupt and eventually sold her share in the town to Ameritech.
Even though he’s worked as an entertainer since high school, Wayne Newton was forced to file for bankruptcy in 1992. Newton put himself nearly $20 million in the hole by suing NBC for libel. At times, it’s simply cheaper to turn the other cheek.
Amazingly, Mike Tyson filed for bankruptcy in 1993 after earning more than $300 million as a boxer. Tyson’s extravagant earnings simply weren’t enough to keep up with his lavish tastes, which included desires for things like Bentley cars, diamonds and pet Bengal tigers.