Rappers, like everyone in the music industry, will make big money if their music is successful; however, there are also a ton of rappers that have been a little careless with their spending and lost it all. These musicians get used to a certain lifestyle and end up overspending what they have before they can cut back and secure at least some of their funds. While some artists have been able to recover from losing it all (see Nick Cannon), other have not, so here are five rappers who lost all of their money.
5. Bow Wow
In 2012, Bow Wow was ordered to pay $3,000 a month in child support and he started claiming that he was broke. The rapper said he was only making $4,000 a month and currently had only $1,500 in the bank. He also got a job to be a host on BET’s 106&Park, which he is currently still doing. It is not known whether he has recovered from being broke or not, but he at least has a good job.
4. Young Buck
The G-Unit member ran into financial trouble back in 2010 when the IRS raided his home because he owed them money. Young Buck filed for bankruptcy and went to court claiming that 50 Cent and others had owed him money for his music, so he was planning to sue them for contract dispute. Things never really panned out for Young Buck and he ended up losing everything when his estate and everything inside of it was auctioned off.
3. Xzibit
Despite his television fame with Pimp My Ride, rapper Xzibit was caught for tax evasion back in 2010. The rapper tried to file for bankruptcy twice, but both times were dismissed for multiple reasons. Xzibit owed the government $959,523 and really hit his financial downfall when Pimp My Ride was cancelled because the star went from making $497,175 to a mere $67,510.
2. Beanie Sigel
In 2010, Beanie Sigel was arrested because he failed to file his tax returns of over $1 million between the years of 2003 and 2005. This took away most of his money and landed him 25 months in jail after he pleaded guilty. Sigel didn’t start his sentence until September of 2012 but unfortunately was given an additional six to 23 months when he was caught with illegal prescription drugs.
1. MC Hammer
MC Hammer might be more notorious for losing all of his money rather than his music. The rapper lost $30 million in just one year and built a mansion with completely marble floors. More recently, in 2011, MC Hammer owed the IRS $779,585 in back taxes that built up during 1996 and 1997. Hammer was also hit with a copyright lawsuit for $16 million that he lost for stealing the song “Here Comes the Hammer”.
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