What Leads The Millionaires To Bankruptcy
things are not actually what they seem like, truly said indeed. Prticularly when talking about the life of high profile celebrities, we see them paying really a high price for fame. surfing through all the entertainment channels, I always think about the problems those paparazzi create for celebs. Yet after a recent meeting with an old friend, who also is a Frisco bankruptcy attorney, he showed me another disadvantage of being famous. As the Frisco bankruptcy lawyer and I were talking about a famous celebrity going on trial, the conversation slowly shifted towards the history of bankruptcy filed by celebrities.
If you consider looking back at history, there are some extremely interesting stories about famous people going bankrupt and even more interesting stories about these people getting back on track. This is not something especially for the overspending Hollywood celebs of today even Abraham Lincoln and Henry Ford filed for bankruptcy. Sometimes all you need is one wrong move. But, in most times, it’s not just one person or single move which leads to bankruptcy. Many people and a series of happenings are involved in causing such financial downturn. Let us have a look at some of the well known celebrity’s bankruptcy stories.
Michael Jackson: Living in a house so great, one surely requires a greater cash flow. Michael Jackson was a famous artist who could make millions per day, but he also was a over spender. By the time of his death, he was reported to be in debt for 500 million dollars.
Mike Tyson: Who can believe that the youngest ever boxing champion with a fortune of $300 million can go broke? the answer is yes in case of Mike Tyson. The reason might be anything from bad spending habits to a bad financial advice. The boxing heavyweight champion had to file for bankruptcy in 2003.
Kim Basinger: One of the famous leading ladies of Hollywood, the actress Kim Basinger filed for bankruptcy after she was sued for $8 million for dropping a role. Although $8 million doesn’t sound so big for such an actress, Basinger had already spent a good amount of her fortune on buying herself an Island.
Toni Braxton: The famous singer and songwriter was in a serious $3.9 million debt when she filed for bankruptcy in 1998. The artist had to sell a lot of her possessions to pay her debts, but luckily her hit album helped her get out of this despair.
Marvin Gaye: The Prince of Soul is nevertheless the best voice we have ever known, but he also had to file for bankruptcy after the divorce and failed album, and his own drug addiction. After that, the artist lived in a bread van for sometime but made a comeback with many more hits before getting shot by his father.
Cyndi Lauper: Fortunately for Cyndi, she filed for bankruptcy before she reached her pinnacle of fame. Prior being solo, Cyndi was in a band called Blue Angel. The Blue Angel was sued by their band manager for ‘breach of contract’ which was an $80,000 lawsuit.
