We often expect our worshiped celebrities to be wallowing in their mansions and swimming pools, surrounded by wealth. But just because someone is famous, it doesn’t mean they’re good with their money.
There are plenty of celebrities who have become worth millions before going completely broke. Whether it was through terrible financial decisions or exploitation, many of these stars have had to rein in the spending.
50 Cent
At one point, you couldn’t turn the radio on anywhere in the world without hearing 50 Cent. Despite his portrayed lavish lifestyle online, in 2015, Fiddy declared a debt of $36 million and assets of less than $20 million. The rapping celebrity had to go bankrupt, and it took him quite some time to dig himself out of it.
Nicholas cage
One of the world’s most love-or-hate actors once managed to blow his entire $150 million fortune on wild living. However, celebrity Nicholas Cage, although broke, never declared himself bankrupt. Instead, he took on various roles, many of which he has admitted were crummy, and worked his way out of debt.
During his spending spree leading up to financial ruin, he bought some wild things. His extravagances included $450,000 on a red Lamborghini Miura SVJ, $150,000 on an original edition of the first ever Superman comic in 1997, and a $9 million castle in the UK.
Mel B
Despite the Spice Girls singer once being worth $38 million, Melanie B ended up moving back in with her mother. A messy relationship and a messier divorce left her broke and in need of parental support. Her mother was there to help her get back on her feet, both financially and emotionally.
“I didn’t realise that I didn’t have as much money as I thought I had. So, I literally had to eat humble pie, live with my mum,” she told the BBC.
Gary Busey
Despite being a household name and having starred in many films, Gary Busey has squandered most of his riches. Now, the broke celebrity has debts amounting to more than $500,000. According to Celebrity Net Worth, “In the filings, Busey states that he has less than $50,000 in real assets and roughly $500,000 – $1 million in debt to various parties including the IRS, Wells Fargo, UCLA Medical Center, and others.”
Mike Tyson
Heavyweight champion of the world, Mike Tyson, despite his hundreds of millions earned during his boxing career, went bankrupt. He filed in 2003, stating debts of $23 million. Despite having earned around $400 million during his career, it was all gone.
This was in part due to lavish living. However, he also spent three years in prison and made some terrible investments. He reportedly spent $2.2 million on a golden bathtub.