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Celebrities That Went Bankrupt

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Bankruptcy is definitely not something that we should be afraid of. In fact, people from all around the world file for bankruptcy every single day. However, they do not end up in the newspapers for doing so. When a celebrity files for bankruptcy, chances are everyone will hear about it.

Below you can find a list of some celebrities that did go bankrupt. They didn’t lose their money sports betting, and they didn’t do something shady. Most of them just spent too much while others used bankruptcy as a way to make more money in the long run.

50 Cent

Curtis Jackson, AKA 50 Cent, was recently named as being among the wealthiest rappers in the world, with a net worth being calculated at around $155 million. This did not stop him from filing for bankruptcy since he was faced with some lawsuits and made some bad financial investments. The official bankruptcy claim says that he has debt up to $50 million and assets that have around the same value. That may be true, but he still has a lot left.

Donald Trump

Donald Trump keeps talking about the vast business experience he has and says that he should become President of the United States because of that. However, what he does not say is that he had numerous business failures and multiple business bankruptcies filed in the past. In fact, there is a pretty strong possibility that he’s had the most business bankruptcies of any celebrity in the world. Just his casinos alone filed four times. There is definitely no way to not say that Trump is doing this with the sole purpose of cutting debt.

Billy Joel

Billy Joel is another celebrity that managed to file for bankruptcies several times. He was faced with some bad business advisers and marriages, causing him to lose over $30 million. The famous case saw Joel suing former manager Frank Weber, who was responsible for him going bankrupt. In an interesting twist, Weber filed for bankruptcy himself, so the result was not in Joel’s favour.

Marvin Gaye

Marvin Gaye’s life can only be described as a series of successes, tragedies and failures. In the end, it was one of the divorces that led to him going bankrupt due to the alimony payments missed in the value of $600,000. The drama that followed led to him having to pay royalties on a future album to his past wife. This money came thanks to really interesting lyrics that were funny.

Larry King

Larry King has zero financial problems at the moment, but before he became the celebrity he is now, he was faced with a derailed journalism career thanks to financial troubles and criminal charges. Bankruptcy appeared because of having debt of over $300,000. Although criminal charges were eventually dropped, King had to struggle a lot until his name was cleared. Luckily for him, “The Larry King Show” was a true success that led to the former journalist becoming a highly successful talk show host and investor.