Michael Jackson
King of Pop, Michael Jackson, he found himself between $400 million and $500 million in debt before his unexpected death in 2009. Financial problems began with huge expenses that prompted him to take out loans. Liabilities increased as Jackson faced numerous expensive lawsuits. After his death, copyright income helped settle debts, and since 2012, Michael Jackson has been the highest-earning deceased star.
Nicolas Cage
Nicolas Cage gained fame as one of Hollywood’s biggest spendthrifts. The actor lost his $150 million fortune between 1996 and 2011, buying numerous homes and exotic artifacts. Due to tax debts, he had to sell many of his valuable items. Additionally, he started taking part in many bad movies in order to earn the money he needed to pay off as quickly as possible. A few years ago, he managed to settle all his debts, thanks to which he is playing in better and better films again and regaining his former recognition among critics and ordinary viewers.
Nicolas Cage Nicolas Cage, Nicolas Genin/Flickr/Wikimedia Commons (CC BY-SA 2.0)
Mike Tyson
He earned hundreds of millions of dollars during his career. Nevertheless, it went bankrupt in 2003, owing PLN 23 million. At one point, his financial condition was so bad that he was unable to pay alimony on a regular basis. Eventually, through various ventures, including starting his own marijuana plantation, Tyson once again achieved financial stability.
50 Cent
A rapper whose net worth in 2015 was $32.5 million in debt due to numerous lawsuits and unpaid child support, declared bankruptcy. For some time he declared that he had a large fortune in the form of Bitcoins, but in court he admitted that he did not have any cryptocurrencies.
50 Cent 50 Cent in trouble? His ex-partner accuses him of harassment. The rapper is fighting for a child. Photo @50cent/ Instagram
Wayne Newton
Once the highest-paid entertainer in Las Vegas, Newton went bankrupt in 1992, with debts of $20 million. Although he managed to get out of debt, financial problems did not leave him – in 2010 he had to give up his property to repay another debt.
T-Pain
T-Pain revealed that he once had $40 million at the peak of his career, but later due to debt “he had to borrow money to buy his children a Burger King”. A series of bad investments and other unfavorable spending habits eventually forced him to rethink how he managed his money.
Source: Gazeta
Bruce is a talented author and journalist with a passion for entertainment . He currently works as a writer at the 247 News Agency, where he has established himself as a respected voice in the industry.
