Living the life of a wealthy celebrity isn’t always easy. In fact, getting caught up in a luxurious lifestyle can often lead to disaster when one squanders their fortune frivolously. From tax issues to overspending, even a Hollywood star can use a trustworthy accountant to keep them from blowing all of their wealth.
Here are seven examples of wealthy celebrities who went broke:
1. Pamela Anderson: This former Baywatch beauty is considered to be one of the most popular Playboy Playmates of all time. However, the pop-culture icon has certainly experienced her share of financial struggles in recent years. A $1.1 million home renovation in 2012 and a substantial amount of money owed in back taxes forced the blonde bombshell to declare bankruptcy and to sell her $7.75 million environmentally-friendly Malibu house in 2013.
2.Mark Twain: Samuel Clemmons (A.K. A. Mark Twain) made a nice fortune as a very successful writer. However, he found himself swimming deep in debt after a few bad investments. He eventually assigned his copyrights over to his wife before declaring personal bankruptcy in 1894.
3.Courtney Love: The very popular grunge artist, Courteny Love, has certainly enjoyed a successful career spanning nearly four decades. Love is widely esteemed as the front-woman for the alternative band Hole and is also recognized for her marriage to the former Nirvana singer Kurt Cobain. But Love found herself in deep despair. Following Cobain’s tragic death, she was forced to sell her home and 25% of Nirvanas music catalogue just to help keep her financially afloat. American Express also sued the singer for over $350,000 because she refused to make payments.
4.Mike Tyson: Mike Tyson has reigned as the undisputed heavyweight champion and holds the record as the youngest boxer to ever win a heavyweight title, earning him a staggering $400 million over the course of his 20-year boxing career. Yet, Tyson managed to squander his fortune and was forced to file for bankruptcy in 2003.
5.Kim Basinger: Oscar-winner Kim Basinger enjoyed a prominent modeling and acting career in the 1970’and 80’s. But she was struck by misfortune when she was sued by Main Line pictures after backing out of a deal to star in the 1993 film, “Boxing Helena.” Basinger was made to pay more than $7 million in damages, which forced her to file for bankruptcy later the same year.
6.MC Hammer: MC Hammer is the infamous ‘hip hop’ recording artist, dancer, record producer, and actor who had enjoyed a rapid rise to fame in the 1980’s and incredible success in the 90’s. He was once estimated to be worth approximately $33 million. Unfortunately, a luxurious lifestyle put him in staggering debt, forcing him into bankruptcy in 1996.
7.Burt Reynolds: Burt Reynolds is well known for his roles in hit films such as Deliverance, The Longest Yard, Smokey and the Bandit, and Boogie Nights. The movie icon once dominated the box office and was one of Hollywood’s highest paid stars in the early 1980’s. However, he was forced to file for bankruptcy in 1996 after a failed restaurant venture and his costly divorce from Loni Anderson.