Celebrity Bankrupt: Top Five Case Studies
Bankruptcy is the privilege of the rich! A poor person cannot afford to go bankrupt, because he has nothing to loose. Bankruptcy has affected many people off late, but when it affects the people who are famous achievers in their fields, having a huge respect in the eyes of the masses, it starts making headlines.
During the past many famous celebrities have been charged with a case of bankruptcy. Some went for voluntary bankruptcy, while others were forced to go bankrupt. Here is a list of top cases of celebrity bankruptcy.
From Riches To Rags:
- Burt Reynolds: this man was the brightest shining star of 1970's. Palatial mansions, helicopters, ranches, you name it, and he had it. But after the peak came the decline. A string of not-so-successful movies and a very expensive divorce from his wife, forced him to file for a Chapter 11 bankruptcy, due to a debt exceeding over $10 million.
- MC Hammer: He was the king of the music industry in 1990's. he was known for paying about $500,000 per month to almost 300 people. He filed for bankruptcy to quit paying on the $13 millions he possessed.
- Larry King: today he is the proud owner of wealth estimating around $50 millions, but things were not the same few years back. He was charged for stealing money from his business partner. But after a number of successful movies and even more successful marriages he gained his assets back.
- Mike Tyson: who does not know Mike Tyson? He is world's youngest heavy weight champion. He was paid huge amount for every single boxing match he fought. He lived a lavish lifestyle, with a pair of tigers as his pet. All this expenses led him nowhere and he had to file for bankruptcy in the year 2003.
- Kim Basinger: a famous model turned actress. Although she earned millions through her movies, but making the mistake of buying a town in Georgia and deciding to back out from a movie project made her bankrupt. She was sued by the makers of the movie and finally she filed for bankruptcy in the year1990.
These were the celebrities who had to undergo bankruptcy in the past. For further details refer finance guide.
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