9 Celebrities Who Went Broke | Phactual

9 Celebrities Who Went Broke

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9 Celebrities Who Went Broke

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Sometimes famous celebrities live beyond their means, and while they make millions of dollars, sometimes they go broke. Here are 9 celebrities who went flat broke.

1. Wesley Snipes. He had to file for bankruptcy in 2006 after owing $12 million in back taxes to the IRS. Unfortunately, Wesley Snipes was indicted for tax evasion after he fled the country and spent three years in prison.

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2. M.C. Hammer. At the height of his career, M.C. Hammer was worth more than $33 million. However, he was forced to file for bankruptcy in 1996 after he fell $13 million in debt.

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3. Sinbad. He had to file for bankruptcy twice over the years. Apparently, Sinbad was $11 million deep in debt, with $8 million of that owed to the IRS.

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4. Gary Coleman. Although he earned over $8 million when he was a child star, Gary Coleman’s parents and manager blew through a majority of it, leaving him only $200,000. He filed for bankruptcy in 1999. Sadly, Gary Coleman died penniless in 2010.

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5. Kim Basinger. During the late ’80s, Kim Basinger invested $20 million into the sleepy town of Braselton, Georgia to transform it into a film festival location and tourist hub. But after she backed out of a film in 1993, she was forced to pay $8 million to get out of the deal and for breach of contract. She also had to give up on her investment of Braselton altogether.

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6. Lindsay Lohan. In 2012, the IRS froze her accounts after she owed the agency over $234,000 in back taxes, even after she borrowed $100,000 from Charlie Sheen. What ever happened to the sweet Cady Heron from Mean Girls?

lindsay-lohan

7. Allen Iverson. Although he was one of the NBA’s highest paid players, he went broke after he retired from the game in 2010. Iverson started to play in Europe to make money, while Reebok put away $30 million for him in a trust fund. Unfortunately, he can’t touch the money until 2030, when he’ll be 55 years old.

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8. Willie Nelson. In 1990, Willie Nelson owed the IRS $16 million in back taxes. He was forced to file for bankruptcy. He eventually cleared his debt in 1993.

Farm Aid 2009

9. Nicolas Cage. Ever wonder why an Oscar winner like Nicolas Cage appears in so many bad movies? Well he owes the government $14 million in back taxes. Cage was forced to sell off mansions, castles, jets, yachts, and cars to pay off his debt. He even sold off his copy of Superman #1. Now that’s crazy!!

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