Millionaire Celebs Who Went Broke Or Bankrupt [Photos]
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Former Philadelphia 76ers guard Allen Iverson earned over $150 million in gross income before the team retired his jersey in March of 2014. Debts accumulated on gambling, legal fees, jewelry and other luxuries left Iverson at the mercy of a Georgia judge who allowed a creditor to garnish his wages in 2012.
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After racking up over $4 million in debt in 2012, Betsey Johnson declared bankruptcy. This came just five years after private-equity firm Castanea Partners bought a controlling stake in her company for $50 million.
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Forbes currently estimates Donald Trump’s net worth at $4 billion. So have his companies filed for bankruptcy in 1991, 1992, 2004, and 2009? The answer probably lies in his ability to pays lawyers and analysts to restructure his corporate debt.
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Joe Francis’ Girls Gone Wild LLC filed for Chapter 11 protection in February of 2013 after losing a $10.3 million defamation lawsuit to Las Vegas developer Steve Wynn.
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Apparently, the reason Kelis kept tapping Nas’ pockets after their divorce was because she had no money. According to court documents obtained by TMZ, she told the court, “I have run out of money.”
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Notoriously hard partier Lindsay Lohan had her bank accounts seized by the IRS in 2012. Uncle Sam filed tax liens against her for $233,904. Actor Charlie Sheen reportedly cut her a check for $100,000.
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Contrary to popular belief, MC Hammer didn’t exactly blow through $30 million. At one point Forbes estimated his net worth at $33 million, and six years later he filed for Chapter 11 protection with assets of only $1 million and debts totaling at least $10 million.
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NFL QB Michael Vick’s finances were in shambles after serving a 23-month prison sentence for his role in a 2007 dog-fighting ring. After serving his time and reviving his playing career, Vick ended his bankruptcy by paying nearly $20 million in debts to dozens of creditors.
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Despite making roughly $400 million during a 20-year boxing career, Mike Tyson’s 2003 bankruptcy filing showed the former boxer on the hook for $27 million in various debts.
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Former NFL Pro Bowl wide receiver Terrell Owens went from gross earnings of $80 million on the field to broke thanks to bad investments.
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Despite dominating the charts in the ‘90s, Toni Braxton filed for bankruptcy in 1998 thanks to a poorly negotiated recording contract and some seriously questionable spending habits. She filed for bankruptcy again in 2013.
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In November of 2013, a New York judge tossed out DMX’s bankruptcy filing for noncompliance. Bankruptcy Court Judge Robert D. Drain dismissed the Chapter 11 filing due to “obvious inconsistencies regarding his income and assets, rendering it impossible to ascertain his financial affairs.”
