The entertainment industry is a million-dollar-making machine, and people tap in as much as they can. Some get lucky, while some don’t. But some celebrities started as rich and famous, but now are far from their former wealthy status.
Below are five Hollywood stars who went broke:
Floyd Mayweather
Despite being considered as one of the wealthiest boxers, Mayweather was involved in a $22 million debt in taxes which he owed IRS (Internal Revenue Service) in 2017.
It didn’t help his case that Mayweather is a flamboyant spender. He spends all his money on great toys like expensive jewelry, cars, and designers. His wristwatch collection alone is over $16 million. Although he is the highest-paid athlete globally, and considering his luxurious lifestyle, it is obvious he doesn’t manage his money.
Nicholas Cage
Nicholas Cage went from an actor paid as high as $40 million to have a $25 million total net worth. He blew a better part of his fortune on cars, rare artifacts, and properties.
In 2007, he had to hand over $2million to IRS when he didn’t pay for his property taxes. Cage ended up selling some of his private properties to pay up his debts.
Michael Jackson
After his death, Michael Jackson’s debts came to the limelight. As a result of his extravagant spending, he had to take some loans, which he never paid back till he died.
His famous Neverland Home was almost foreclosed as a result of his $400-500million debts. His debts have been resolved by the estate, and he has remained debt-free.
Mike Tyson
Tyson went through a bankruptcy, returned to jail, and went through rehab before finally reaching financial stability. He owed IRS, producers, lawyers, a financial trainer, and many more.
A $9 million divorce settlement had to be paid, and Mike was also behind on child support. He started a marijuana company in 2018 called the Ranch Company to pay off his debts.
50 Cent
In 2015, 50 cents accumulated $32.5 million in debt while caught up in lawsuits and unpaid child support payments. Hence, he declared bankruptcy.
He is currently worth $30 million.
