Celebrities who make big money are known to live lavishly, but with poor financial decisions like purchasing their own helicopter or not paying taxes can end that lavish lifestyle in bankruptcy. The following ten well-known celebrities are living proof you can lose it all in a blink of an eye.
1. MC Hammer
The flamboyant musician earned $33 million in the early 1990s, but quickly blew all his cash, aided in part by his purchase of two private helicopters.
2. Kim Basinger
The actress allegedly paid $20 million to buy a small town in Georgia in 1989. Basinger’s grand ambitions were thwarted when she filed for bankruptcy four years later.
3. Mike Tyson
Tyson had to file for bankruptcy despite earning more than $300 million as a professional boxer.
4. Willie Nelson
The famous singer-songwriter filed bankruptcy after receiving a bill from the Internal Revenue Service topping $16 million for unpaid taxes.
5. Nicolas Cage
The notoriously crazy actor was charged with unpaid taxes totaling more than $6 million by the IRS. And that was just the taxes for the 2007 fiscal year.
6. Donald Trump
Multi-billionaire Donald Trump has filed for corporate bankruptcy four times in 1991, 1992, 2004 and 2009. However, he has never filed for personal bankruptcy – which is an important distinction when considering his ability to emerge relatively unscathed, at least financially.
7. Toni Braxton
In 1998, Braxton filed for bankruptcy despite having a huge hit album with “Secrets.” She was reported to be in debt for $3.9 million. Her personal possessions were sold including awards she had received. It seemed things were getting better, but Braxton filed for Chapter 7 again in 2010 due to her problems with Lupus, a divorce and a child with autism. She was believed to have debts from $10 million up to a possible $50 million.
8. Wesley Snipes
He was indicted in 2006 for tax evasion. He apparently tried to cheat the government out of almost $12 million and for not filing any tax returns for six years. In the court case that followed, the claims were affirmed and Snipes surrendered for a jail stint in 2010.
9. Gary Busey
At his lowest point, Busey was said to have less than $50,000 in assets to his name even though he has appeared in over 70 films including “Lethal Weapon” and “Point Break.”
10. Walt Disney
Before he created the eponymous entertainment company, Disney had a few failed business ventures, forcing him to file bankruptcy in 1923.
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Original article courtesy of www.SheBudgets.com.