10 High Profile Celebrities Who Went Bankrupt in a Flash

10 High Profile Celebrities Who Went Bankrupt in a Flash - Burt Reynolds

You would imagine that financial difficulties are something the famous celebrities don’t have to worry about, and while that’s more or less the case, some celebrities can end up completely broke. Wether it’s from a divorce, a bad business investment, or just an out of control spending habit, celebrities are not immune to bankruptcy. There are actually a few celebrities out there that have gone from having millions of dollars to being heavily in debt. Here is a list of ten high profile celebrities that went bankrupt in a flash.

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Gary Coleman

10. Gary Coleman

Gary Coleman was an American actor that was best know for his portrayal of Arnold Jackson in the highly popular television show Diff’rent Strokes. That show would go on to film eight seasons, and it propelled Gary’s career as an actor. However Gary lived a fairly troubled life that was filled with legal, medical, and financial issues. In 1999 the actor formally filed for bankruptcy, claiming debts in excess of $72,000 dollars. He stated that his parents stole money from him when he was on Diff’rent Strokes, and would eventually go on to sue them. This was one of many issues that plagued Gary’s life, and he died in 2010 due to medical issues.

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Wayne Newton

9. Wayne Newton 

Known by his nicknames “Mr. Las Vegas” and “The Midnight Idol”, Wayne Newton is a singer and entertainer that has had a long-running career in Las Vegas where he has put on numerous shows over the years. He’s been active in the industry since 1962, and a few of his songs have even topped the Billboard 200 charts. Wayne was listed as the highest paid entertainer in the world in the 1983 Guinness Book of World Records and has often been described as the most famous entertainer in Las Vegas, but despite seeing great levels of success in a city that runs on money, he’s also had financial woes. He filed for bankruptcy back in 1992, apparently having debts somewhere in the figure of $20 million dollars.

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Gary Busey

8. Gary Busey 

American actor Gary Busey is best known (aside from being weird) for his work in Lethal Weapon, The Buddy Holly Story, Point Break, The Firm, and the numerous other films and television shows that he has made appearances in. Despite having a successful career in Hollywood, Gary also had some financial difficulties. In 2012 he filed for bankruptcy, having a total amount of debts somewhere between $500,000 to $1 million dollars.

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Kim Basinger

7. Kim Basinger

Kim Basinger started out as a fashion model before she became famous for her role in the 1983 James Bond flick Never Say Never Again. As an actress, she has appeared in many television shows and films over her 40-year career and has even won an Academy Award. Despite her high levels of fame and success, she had to filed for bankruptcy as well. It all started with her backing out of a movie deal in 1993 where she was going to star in the film Boxing Helena. The movie studio would successfully sue her for $7 million dollars, which was later reduced to $3.8 million. However it was still enough to bankrupt the actress.

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M.C. Hammer

6. M.C. Hammer

M.C. Hammer, born Stanley Kirk Burrell, is an American musician and hip-hop artist who has sold over 50 million records worldwide. He’s best known for his quick rise to fame with the popular singles “U Can’t Touch This” and “2 Legit 2 Quit” and as the first hip-hop artist who had an album that achieved the coveted diamond status. Still despite his successes, he filed for bankruptcy back in 1996.

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Donald Trump

5. Donald Trump

Current presidential candidate Donald Trump is worth a few billion dollars and is best known for his work as a businessman. While he has not personally gone bankrupt, we felt that he was worthy to include on the list. He likes to talk about how successful he is as a businessman, however four of his businesses have filed for Chapter 11 Bankruptcy in the past. Trump likes to talk about how filing for bankruptcy is a “strategic business move”.

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Marvin Gaye

4. Marvin Gaye 

The late Marvin Gaye was a prominent singer, musician, and songwriter who is credited as a key figure in the creation of Motown. He’s won a variety of awards over the years, has been made a member of the Rock and Roll Hall of Fame, and has produced music that has influenced countless of individuals around the world. However in the mid-1970’s, his relationship with his wife began to deteriorate. This would lead to a divorce which then ultimately forced Marvin to file for bankruptcy in 1976.

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Larry King

3. Larry King

While television and radio talk show host Larry King is now extremely financially well off, that was not always the case. Larry started out with radio back in the late-1950’s and it was certainly a struggle to get his career off the ground. He would go on to work for a few different radio stations over the years, but eventually racked up a large amount of debt that lead him to file for bankruptcy in 1978. Luckily during that year he secured new job which would lead to his lengthy career with CNN.

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Burt Reynolds

2. Burt Reynolds 

Actor Burt Reynolds is best known for his appearances in Deliverance, The Logest Yard, Smokey and The Bandit, Boogie Nights, Dan August, and many other films in which he has worked on over the years. He’s a well-recognized and successful celebrity, but he also went bankrupt extremely fast. In 1996, Burt found himself around $10 million dollars in debt which lead him to declaring bankruptcy.

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50 Cent

1. 50 Cent

Curtis “50 Cent” Jackson is a popular American rapper and musician that has sold millions of records worldwide and is considered a prominent figure in East Coast rap scene. He’s a very successful individual which is evident by his extravagant lifestyle. 50 Cent is also the most recent celebrity to file for bankruptcy, as he filed for Chapter 11 back in July of this year. Now it has come out that he is suing his former lawyer some $75 million dollars, so it seems that 50 Cent has a host of issues on his hand.

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Written by Sebastian Hensiek

From Philadelphia, Sebastian is a fan of music, writing, art, and entertainment.