Celebrities Who Went Bankrupt and Why.

 Celebrities, whether movie stars, ball players or musicians, get huge pay checks from many sources. One can only imagine these big rich guys going broke. But as a matter of fact, this is possible.

At times it is as a result of mis-management, extravagant lifestyles, lawsuits and repercussions of tax invasion. Below are top celebrities who wen bankrupt and the reasons they did.

1.Nicolas Cage

 

 

Notably known for his role in "National Treasure" and "Ghost Rider", Nicolas had $40 million earned over the years of film making in 2009. In 2014, he had to file for bankruptcy.

Why?

Cage blamed and sued his manager for negligence when he was slammed with $6.2 million bill by the Internal Revenue Service (IRS).

 

 

But actually he is a big spender buying luxury cars, mansions, medieval castles, properties in the Bahamas and even an Island.

2.Dennis Rodman

 

 

Rodnan earned big, making $27 million over the course of his career as a basketball player. However, in 2014, he had to file for bankruptcy.

Why?

 

 

His money was spent foolishly, like spending $30k each month on drinks alone, plus he could no longer pay child support amounting to $808.395 at that time.

3.Wayne Newton

 

 

In 1983, the Guinness Book of World Record listed Wane Newton as the highest paid entertainer in the world. Weird enough, in 1992 he was broke.

Why?

A slew of bad investments put him $20 million in debt.

4.Pamela Anderson

 

 

The "Baywatch" bombshell started to earn big in the 90's, starting with her appearance as Playboy Centerfold in the Ferbruary issur of 1990. But came 2013 she had lost it all.

Why?

Her dive-like lifestyle and overspending made her neglect her duty as a taxpayer. She owed so much overdue taxes to the IRS that she had to sell her Malibu home.

5.Kim Basinger

 

 

Kim Basinger had a successful career as an actress, being featured in blockbuster movies and winning the Golden Globe Award and the Academy as Supporting Actress. In 1993 she filed for bankruptcy.

Why?

 

 

For $20 Million, Basinger bought a town in Georgia called Braselton that she intended to develop into a tourist attraction and a place for film festivals. She encountered financial difficulties. Added to her problem at that time was, she backed out of the movie "Boxing Helena" which she had agreed to do. Main Line Productions sued her for $7.7 million (they settled for $3.3 million).

6.Wesley Snipes

 

 

Wesley Snipes had a blockbuster movie, "Blade" and was on his way of becoming the next biggest action star but unfortunately in 2006 he had to file for bankruptcy and serve 3 years in jail.

 

 

Why?

Wesley evaded tax for some time. He was indicted for tax fraud, was found guilty and was ordered to pay taxes to the tune of $12 million plus jail time.

7.Emmanuel Eboue

 

 

The ex-Arsenal right back was one of the finest African players the English Premier League has graced. He was a part of the Arsenal squad that lost to FC Barcelona in the Champions League finals in 2006. Having made millions of pounds in England before moving to Turkey to play for Galatasarey where he earned almost 1.7 million pounds annually, the Ivorian became broke immediately after retirement.

Why?

 

 

Eboue reportedly went broke after the divorce of his previous marriage as his wife Aurelie took up to 7 million pounds of his hard-earned money along with his house in the United Kingdom.

He also blames his being naive and lack of proper education, to be the main factors of his going broke. He stressed as to how he was always signing any document brought to him by is wife blindly. I guess he was blinded by love there.