Wednesday, May 07, 2014

These Celebs Were Once Rich But Now They're Broke

Oh how the mighty have fallen. These celebrities were once some of the richest people in the world. Now they're barely getting by. Find out why. 

Pamela Anderson 

Every year, the state of California releases this famous list of the state’s top 500 delinquent taxpayers. It surprised everybody to see Playboy Model Pamela Anderson make the list in 2009. Pamela owed nearly $500,000 in state taxes and was rumored to owe another $1.7 Million in federal taxes. Pamela was known to have expensive tastes but didn’t have the deep pockets to back up the lavish expenditures. In 2013 Pamela put her Malibu beach house on the market to settle her debt (pics here). If you’re not interested in buying the home outright for $7.7 Million, you can rent it for a paltry $40,000 a month.

Aaron Carter, the younger brother of Backstreet Boy Nick Carter, is flat broke. Aaron didn’t think paying his taxes was necessary and owes $1,370,000 to the IRS. When Aaron filed for Chapter 7, his only assets listed were: … a 61″ flat screen worth $500. 2 MacBooks, 2 Headset Mics, a Mini Keyboard, Portable Beats, a speaker, a guitar, $60 in cash, Louis Vuitton backpack, a duffle bag and a printer worth a total of $2,500, and a Brietling watch worth $3,750. Aaron even listed his dog, with a monetary value of zero. Aaron is now “living with a family member.”

Randy Quaid 
After a stellar run of hits in the 80s and early 90s, Randy Quaid filed for bankruptcy in 2000. The next decade, he worked very little and was arrested in 2012 on felony vandalism charges. Somehow, he coughed up with $500,000 to post bond and get out of jail, but Randy never showed up in court, forfeiting all the bail money and digging himself even deeper into debt.

Dan Marino 
You all remember the famous hologram of Tupac Shakur at Coachella last year? The company behind the hologram was called Digital Domain. Dan Marino sank an estimated $14 Million into the company just in time for Digital Domain to file for bankruptcy, sinking all Dan’s investment with it. Dan still has some change laying around. He made millions over his NFL career, but that one stings.

R&B Singer Toni Braxton loves to spend money. So much so she actually went bankrupt TWICE. The first time in 1993 at the height of her fame. Songs like “Unbreak My Heart” and “You’re Makin’ Me High” earned her a pretty penny but Toni was notorious for having “extremely lofty spending habits.” After digging herself out of debt, she fell back into her bad spending habits and filed for bankruptcy again in 2010. Apparently, if you know it’s fire, you do let it burn your hand.

When Burt Reynolds famously filed for bankruptcy in 1996, he had a whopping $10 Million in debt. Burt’s mortgage lender foreclosed on his dinner theater and took his ranch. That same year, Burt won the Golden Globe for Best Supporting Actor in “Boogie Nights.” How bittersweet it is.

Flashy NFL wide receiver Andre Rison is open about just how bad things got before he went flat broke. He would spend millions on jewelry and cars, he bought a couple lavish homes – one of which was burned down by TLC’s Lisa “Left Eye” Lopez. Andre never really knew how much money he was spending until he cut a $20,000 check to a friend for a new music studio and it bounced. For a guy that earned $19 Million over his career, that’s a long way to fall. Andre now gives guest lectures to athletes on how to avoid the mistakes he made.

In 2010, three-time MLB all star and World Series Champion Lenny Dykstra was so far in debt he was forced to auction off his World Series ring. Lenny started “Player’s Club,” a high-end jet charter and luxury magazine that went belly up. He went on to purchase Wayne Gretzky’s home for $17.5 Million, which was highly overvalued and the downward spiral was on. Lenny was beyond broke and turned to a life of crime. In 2012, Lenny was convicted of fraud on top of pleading no contest to exposing himself to women he met on Craigslist. Classy.

Mark Twain filed for Bankruptcy??? In 1895 it was called ‘insolvency’ but basically the same thing. Mark sank his fortune into a new typesetting machine that didn’t really work. His publishing company also collapsed. Mark was able to erase his debt with a global speaking tour and several new books.

Vince Young is perhaps one of the most cautionary tales in the history of the NFL, which is saying a lot. His story is an example for many young athletes on what never to do. Vince signed a 5 year, $56 Million contract with $25.7 Million guaranteed. First, Vince trusted his uncle, a grade school teacher, with his finances. It was normal for Vince to blow through $30,000 at a time at the clubs. Alarms were raised when, after three years in the league, Vince was found unconscious in a club after chugging Tequila. Even in 2011 when Vince knew the end was near, he insisted on throwing himself a $300,000 birthday party. It all ended when he took out a high interest $1.8 Million dollar loan that he never repaid. The interest grew to $2.5 Million quickly and a judge finally ordered his assets seized. They took everything, leaving Vince with $60,000 to live on. To make supplemental income Vince often signs autographs… for $59 a pop. He still owes over $1M dollars.

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