Even the world’s most well-known individuals can go flat broke. It is probably the most fascinating contradictions in superstar tradition: how somebody can earn tens and even a whole bunch of thousands and thousands of {dollars}—typically in just some quick years—and nonetheless wind up bankrupt. For some, the collapse occurs immediately after a foul funding or an costly divorce. For others, it is a gradual burn of poor monetary recommendation, unpaid taxes, or a life-style that merely outpaces actuality. Regardless of the trigger, chapter amongst celebrities has at all times captivated the general public as a result of it shatters the phantasm that fame equals monetary safety.
From boxing legends and pop icons to Oscar winners and major-league athletes, the tales of superstar monetary smash are as dramatic as any Hollywood script. A couple of had been actually blindsided—caught in tax nightmares, lawsuits, or mismanagement by trusted advisors. Others lived like cash would by no means run out, shopping for non-public islands, castles, and fleets of unique vehicles, solely to be taught that even countless paychecks can dry up. A few of these stars finally bounced again, utilizing chapter as a strategic reboot. Others by no means recovered, turning into cautionary tales of how briskly fortune can flip to mud.
On this roundup, we have a look at 15 of probably the most placing examples of celebrities who went broke or declared chapter. And since not everybody really filed, we’ll additionally highlight a couple of who got here dangerously shut—those that dodged chapter by sheer hustle, fortunate breaks, or the assistance of very beneficiant mates.
50 Cent
In 2015, rapper Curtis “50 Cent” Jackson shocked followers by submitting for Chapter 11 chapter. Regardless of at one level as soon as boasting a internet value close to $100 million, he claimed $36 million in debt in opposition to lower than $20 million in belongings. The submitting got here after a collection of expensive lawsuits, together with a $7 million judgment tied to a leaked intercourse tape. A court-approved plan allowed him to repay roughly $23 million and emerge debt-free by 2017. His case turned a contemporary instance of how even the savviest entrepreneurs can overextend.
Mike Tyson
Mike Tyson earned an estimated $400 million throughout his boxing profession, solely to lose practically all of it. Lavish properties, luxurious vehicles, pet tigers, and a $9 million divorce settlement drained his fortune. In 2003, Tyson filed for chapter with $23 million in debt, together with $13 million owed to the IRS. As soon as probably the most feared man in boxing, “Iron Mike” turned an emblem of how extravagance and poor administration can destroy even astronomical earnings.
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MC Hammer
At his peak in 1990, MC Hammer made $33 million in a single yr—however he additionally supported an entourage of over 200 individuals and spent thousands and thousands on mansions, horses, and sports activities vehicles. When the cash dried up, Hammer filed for chapter in 1996, reporting about $1 million in belongings and greater than $10 million in debt. He later stated a lot of his cash went towards serving to his group, however the outcome was the identical: a fortune gone and a humbling monetary reset.
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Toni Braxton
Regardless of promoting over 67 million information, Toni Braxton filed for chapter twice—first in 1998, then once more in 2010 after well being points canceled her Las Vegas residency. Her second submitting listed money owed of as much as $50 million. Braxton misplaced the rights to a number of of her hit songs, together with “You are Makin’ Me Excessive,” earlier than rebuilding her profession via touring and actuality tv.
Kim Basinger
Oscar winner Kim Basinger filed for chapter in 1993 after being hit with an $8.1 million judgment for backing out of the movie “Boxing Helena.” Going through monetary smash, she sought Chapter 11 safety and later settled the case for $3.8 million. The chapter practically ended her profession, however Basinger rebounded with “L.A. Confidential” 4 years later—and an Academy Award.
Cyndi Lauper
Earlier than turning into a pop icon, Cyndi Lauper was broke. Her early band, Blue Angel, flopped, and after being sued by their supervisor, she filed for chapter in 1981, unable to pay roughly $80,000 in debt. Lauper labored retail and sang in eating places to outlive till her solo debut, “She’s So Uncommon,” turned her right into a celebrity two years later.
Larry King
Earlier than his decades-long run on CNN, Larry King was accused of misusing $5,000 from a enterprise companion—a scandal that wrecked his funds. By 1978, he owed $350,000 and filed for chapter. Paradoxically, that very same yr, he landed a brand new radio gig that advanced into “Larry King Dwell,” making him considered one of TV’s most profitable hosts.
Francis Ford Coppola
The “Godfather” director filed for chapter twice, most notably in 1992 after his ardour venture “One from the Coronary heart” flopped. The movie price $27 million however earned solely $4 million, leaving Coppola with $98 million in liabilities. He later reinvented himself as a winemaker and hotelier, proving even Hollywood legends can begin over. Sadly, Hollywood legends may make the identical errors once more, as Francis did together with his ardour venture “Megalopolis.” Francis infamously offered off his wineries and different companies to self-finance the venture. He spent $120 million, principally of his personal cash. The movie made $14 million and rendered Francis Ford Coppola “broke” and compelled to promote belongings to lift money in late 2025.
Curt Schilling
Curt Schilling earned $114 million throughout his profession however misplaced his fortune after investing greater than $50 million right into a failed online game firm, 38 Studios. When the firm collapsed in 2012, Schilling was compelled to promote his house and memorabilia, together with his “bloody sock.” He did not personally file chapter, however the firm’s collapse wiped him out financially.
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Michael Jackson
Regardless of incomes a whole bunch of thousands and thousands, Michael Jackson spent way more—on Neverland Ranch, artwork, and countless luxurious. By 2007, he was unable to repay a $25 million mortgage and was reportedly $500 million in debt when he died in 2009. Whereas he by no means formally declared chapter, his lavish life-style and lawsuits left him “technically bankrupt” in his remaining years.
Burt Reynolds
In 1996, Burt Reynolds filed for chapter after a string of unhealthy investments and an costly divorce from Loni Anderson. He was over $10 million in debt, compelled to promote properties, vehicles, and even a personal jet. Reynolds later joked that his greatest remorse was “not spending much more cash,” turning his downfall into a part of his legend.
Gary Busey
Gary Busey filed for Chapter 7 chapter in 2012, itemizing lower than $50,000 in belongings and as much as $1 million in money owed. Years of inconsistent work, medical payments, and again taxes had caught as much as him. He later discovered a second act in actuality TV, making mild of his struggles on exhibits like “Superstar Apprentice.”
Gary Coleman
The “Diff’lease Strokes” star earned thousands and thousands as a baby actor however sued his dad and mom for mismanaging his belief fund. By 1999, he filed for Chapter 7 chapter with $72,000 in debt. Gary Coleman by no means recovered financially, working odd jobs and making occasional TV appearances till his demise in 2010.
Meat Loaf
After his 1977 megahit “Bat Out of Hell,” Meat Loaf went bankrupt in 1983 following lawsuits and a flop follow-up album. He later made a triumphant comeback within the Nineties with “Bat Out of Hell II” and “I would Do Something for Love,” proving chapter does not have to finish a profession.
Honorable Mentions: Celebrities Who Got here Shut
Nicolas Cage burned via $150 million shopping for castles, islands, and unique pets earlier than owing $14 million in again taxes. He averted chapter by working nonstop in dozens of movies.
Willie Nelson owed the IRS $32 million in again taxes in 1990, prompting asset seizures and auctions. He refused to file chapter, as an alternative recording “The IRS Tapes: Who’ll Purchase My Recollections?” to repay the debt.
Sarah Ferguson, Duchess of York confronted as much as $8 million in debt by 2010 and was caught providing to promote entry to Prince Andrew. With assist from rich mates, she narrowly averted chapter and later rebuilt her picture via media initiatives.
