Some Rich And Famous Bankruptcy Stories
Everything that glitters is not gold, a very true saying indeed. Prticularly when it comes to the life of high profile celebrities, we see them suffering because of their fame. surfing through the many entertainment channels, I always think about the problems those photographers create for celebs. Though after a short meeting with an old friend, who also is a Frisco bankruptcy attorney, he showed me another downside of being famous. As the Frisco bankruptcy lawyer and I were discussing a famous celebrity going on trial, the chat eventually shifted towards the stories of bankruptcy filed by celebrities.
If you consider looking back at history, there are some really interesting stories about famous people going broke and even more interesting stories about these people getting back on their feet. This is not something especially for the high spending Hollywood celebs of today even Abraham Lincoln and Henry Ford filed for bankruptcy. Sometimes it just takes one wrong move. However, today, it’s not just one person or single decision which causes bankruptcy. Many people and a several happenings are involved in causing such economical downturn. Let us take a look at some of the well known celebrity’s bankruptcy stories.
Michael Jackson: Living in a home so big, one definitely requires a bigger budget. Michael Jackson was a legendary star who could make millions in a day, but he also was a over spender. at the the time of his death, he was reported to be in debt for 500 million dollars.
Mike Tyson: It is quite unbelievable that the youngest ever boxing champ who had a fortune of $300 million can go broke? Mike Tyson proved everyone wrong when he did. The causes might be varying from wrong spending habits to a wrong financial advice. The former heavyweight champ had to file for bankruptcy in 2003.
Kim Basinger: One of the famous actresses of all time, the actress Kim Basinger filed for bankruptcy after she was sued for $8 million for dropping a role. Even though $8 million doesn’t seem so big for such an actress, Basinger had previously spent a good amount of her money on buying an islan for herself.
Toni Braxton: The popular music artist was in a grave $3.9 million liability when she filed for bankruptcy in 1998. The artist had to sell a lot of her possessions to fight back her debts, but fortunately her chart topping album assisted her get out of this despair.
Marvin Gaye: The Prince of Soul is nevertheless the best voice we have ever heard, but he also had to file for bankruptcy following the failure of his marriage and album, and his own drug addiction. Later, the singer settled in a bread van for a while but made a comeback with many more hits before getting shot by his father.
Cyndi Lauper: Luckily for Cyndi, she filed for bankruptcy before she reached her peak of fortune. Before going solo, Cyndi was in a band called Blue Angel. The Blue Angel was sued for ‘breach of contract’ by their band manager’ which was an $80,000 lawsuit.