Celebrities can make a LOT of money. But that doesn’t mean they can manage it responsibly. Some celebrities have gone from RICH to BROKE. Here are five of them . . .
KIM BASINGER filed for bankruptcy in 1993, with a net worth of $5.4 million. That’s because a movie studio sued her for $8.1 million for backing out of the film “Boxing Helena”.
She ended up settling for $3.8 million, and is currently worth $36 million.
At the time of her bankruptcy, Basinger was already hurting because in 1989, she bought AN ENTIRE TOWN in Georgia for $20 million. Her idea of turning it into a tourist attraction with movie studios and film festivals went bust.
MEAT LOAF is back on top again with a net worth of $36 million, but after his HUGE success in the ’70s, he had to file for bankruptcy in the ’80s after he was sued by his songwriter JIM STEINMAN.
WILLIE NELSON‘s financial collapse was pretty legendary. In the early ’80s, the IRS decided that a tax shelter he had invested in was illegal, and hit him with a tax bill of $16.7 MILLION . . . one of the highest in history.
His lawyer bargained it down to $6 million, but he didn’t fully pay it off until 1993. No big deal though. These days he’s got $25 million in the bank.
MC HAMMER is another guy whose name is synonymous with financial calamity. After he released the 1990 album “Please Hammer Don’t Hurt ‘Em”, he went on a run that earned him $33 million.
But he went on a spending spree that included, quote, “employing 200 people in my community.” In 1996 he filed for bankruptcy, claiming $1 million in assets and $10 million in debts.
He hasn’t really bounced back to the extent that other celebrities have. As of 2013, he reportedly owed the IRS $800,000.
NICOLAS CAGE made more than $150 million between 1996 and 2011. But he also spent like a MANIAC, on things like an actual dinosaur skull, a private island in the Bahamas, a pyramid-shaped tomb in New Orleans, and a castle in Germany.
In 2009 the IRS said he owed more than $6.5 million in back taxes. He sued his business manager, claiming HE was the one who screwed up the tax situation, and also caused him CATASTROPHIC LOSSES through bad investments.
It’s not clear how much Cage has bounced back, but the fact that he’s taking seemingly every job that comes his way, including that “Left Behind” movie, isn’t a good sign.
(Check out even more stars who lost it all at BusinessInsider.com.)