Hollywood celebs who had gone bankrupt

Some Hollywood stars who made millions in dollars have at one time or another filed for bankruptcy due to wrong financial decisions.

The word celebrity is synonymous with fame and fortune. Then how is it the case that some celebs have become so broke they nearly (or do!) have to file for bankruptcy? The reasons for why some of these celebs are dead broke may surprise you.

Below, from Looper’s report, are some of the well-known celebrities who have only the name and fame but no fortune and how they squandered their money:

Nicolas Cage

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Nicolas Cage may have a reputation for being a bit of an oddball, but many people do not know to what extent his wackiness bounds. From buying a funeral pyramid to purchasing the skull bones of a dinosaur and owning 11 different multi-million dollar properties around the world, Nicolas Cage knew no limit to his spending.

And while he may always play a strong leading man in the movies, his financial habits are anything but sound. Tax penalties recently plagued the actor and he reportedly owed $13 million in taxes to the IRS. Once estimated at a personal fortune of $150 million, Cage was able to avoid bankruptcy by firing his personal finance manager and selling many of his possessions. Still a bankable Hollywood star, his current assets are valued around $18 million.

Kim Basinger

Kim Basinger may have made many good decisions in her life, but buying a small town in Georgia to begin her own tourism hub was not one of them. Basinger had to sell her $20 million town (to which she only received a fraction of her investment) to pay the $8.1 million lawsuit she lost to Main Line Pictures for dropping the film Boxing Helena. While the film was an eventual flop, we can’t help but think the actress should perhaps have stayed involved in the production to avoid that hefty fine. Basinger filed for bankruptcy in 1993. One thing is for sure—the town of Braselton, Georgia had its 15 minutes of fame!

Gary Busey

Despite starring in over 70 films including the notable Lethal Weapon and Point Break, Gary Busey purportedly had only $50,000 to his name in 2012 and debts totaling over $1 million. The Celebrity Rehab star’s various debts include law suits, UCLA medical bills, and various lawyer fees. Of course, no broke celeb would make this list without outstanding debts to the IRS. In 2012 the star filed for Chapter 7 bankruptcy in California.

Pamela Anderson

Barb Wire, Baywatch, Tommy Lee, Kid Rock, Playboy, and the IRS. What do these things have in common? Pamela Anderson, of course. The most noteworthy cause of Anderson’s mounting debts are the extravagant home renovations she enlisted on her mansion in 2013—who doesn’t love pure gold pool tiles? Unfortunately, Pamela forgot to pay the builders and the IRS that year, which landed her on the unenviable list of the Top 500 Delinquent Tax Payers in California.

Pam had to put the cherished Malibu house up for sale for $7.75 million to keep herself out of the red. Those Double D’s turned into a Double Wide; instead of padding around in her renovated mansion, she moved into a sensible trailer with her sons that year and filed for bankruptcy.

Lindsay Lohan

Despite a very recent $2 million paycheck from the OWN network for her reality show, Lindsay Lohan is still very much in dire financial straits. Lohan has reportedly not starred in a film grossing $100,000 or more since 2007. Legal fees from her hard partying ways and run ins with the law have put her out roughly $1,147,500 from 2007 to 2011 alone. Lohan’s infamy also stretches to covering basic responsibilities like paying rent.

In 2012, the actress reportedly owed over $23,000 in back rent in New York, and more recently was searching for cash to pay an outstanding balance of $8,000 for her Beverly Hills mansion. The actress’ tax debt has also been well documented by the media recently. Lohan owes a reported $234,000 in back taxes for the years 2010 and 2011, causing the IRS to seize her bank accounts. Still in and out of rehab and having to perform her required hours of community service from a previous DUI, Ms. Lohan’s most recent financial woes include having to pay for private counseling.

Wesley Snipes

Perhaps the most tragic broke celebrity story on our list, Wesley Snipes accrued so much debt from unpaid taxes that he had to spend time in prison. The Blade actor decided to ignore $15 million due to the IRS for his earnings from 1999 to 2001. Snipes was convicted of three misdemeanor counts of failing to file tax returns and was sentenced to a medium-security prison in Pennsylvania. After serving three years, he was moved to house arrest at the age of 50, ironically two weeks before tax day.

Courtney Love

Who gets sued by American Express? Courtney Love does. The singer and often debt-plagued media target was sued by American Express for a whopping $350,000 for refusing to pay her AMEX bills. Additionally, the former spouse of late Nirvana singer Kurt Cobain has publicly announced that while she is financially stable now, she squandered away nearly $27 million of her Nirvana inheritance money due to her hard partying Rock and Roll ways.

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