Celebrities: From Rich to Broke

Lindsay Lohan isn’t at her first time on the list of celebrities that are broke. However, her latest tax mess got her a well-deserved permanent spot on the list of celebrities who went from rich to broke.

Some people just don’t know how to handle their money. Some people will be broke even if they’re some of the most popular people in the world. Just ask Lindsay Lohan. Everybody will recognize her everywhere, yet she is broke, once again. And she’s not the only celebrity that went broke, or the most famous.

MC Hammer is top of the list when it comes to celebrities who went from filthy rich to broke, as in no money to spend, foreclosures and IRS seizing their bank accounts.  MC Hammer filed for bankruptcy in 1996 with debts that amounted to a whopping $13 million. Insanely popular still, MC Hammer lost all his money making outrageously expensive and useless purchases, like the four solid gold chains that donned his Rottweilers.

Michael Jackson is also on the list of broke celebrities. It was only recently that the Michael Jackson estate was able to finally pay the $500 million debt. He left assets worth over $1 billion, but his past expenses amounted to a sum any heir would be terrified. Let’s see, Michael Jackson spent $35 million for maintenance and improvement of his Neverland Ranch, $637,000 on a necklace he gave to Elizabeth Taylor and his 75 cars surely added another 100Ks. Plus, for medical purpose, the king of pop used to spend $25,600 a month.

For Kim Basinger it wasn’t the outrageously expensive and useless expenses that got her broke. It was bad investments that wasted all her money. The actress bought herself a town, but not to build a lavish personal mansion. She really hoped spending $20 million on the purchase of Braselton, Georgia would be a great investment and would pay off when tourists would be baffled by it. As it turned out, tourists weren’t that impressed with Braselton and she sold the town for $1 million. A lawsuit over “Boxing Helena” and then an expensive divorce from make-up artist Ron Britton made her call it quits. She filed for bankruptcy in 1993.

Mike Tyson has just begun finding relief after owing $13.4 million to the IRS, losing $9 million in the divorce from Monica Turner and these are just the biggest expenses. From his $300 million earned as a boxer, Mike Tyson lost basically everything and filed for bankruptcy in 2003. Lavish expenses such as $65,000 for limos, $410,000 for a birthday party and a whopping $9 million in legal fees (among others) brought Mike Tyson down to his knees.

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Felicia Hawke is one of the first authors to join our team and we are very proud to have her on board.She currently covers the celebrity and beauty fields.Felicia is addicted to good looks and a great beauty advisor.Contact her at Felicia.Hawke@dailygossip.org

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