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Stars Who Went from Boom to Bankruptcy

Celebrity Money
Stars Who Went from Boom to Bankruptcy

The higher one flies, the harder the fall will be. These stars used to rake in millions of dollars during their heyday. Yet, suddenly, they have found themselves either bankrupt or on the brink. Here is a list of the top 10 stars who went from boom to bankruptcy recently.

10. Evander Holyfield

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Evander Holyfield used to be the heavyweight champion of the world. He was involved in classic bouts with Riddick Bowe and Mike Tyson. He was also known as the man who stood up to Tyson’s bullying, beating him twice even though his ear got bit by his enraged opponent. He was a classy fighter up the ring. Too bad, he doesn’t have the same skills financially. Divorce settlements and child payment supports have taken its toll. Last year, his Atlanta mansion got foreclosed after failing to pay $14 million to J.P. Morgan Chase.

9. Gary Busey

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Gary Busey is a talented actor who was once nominated for Best Actor at the Oscars for the movie The Buddy Holly Story. He also had memorable roles in movies like Lethal Weapon, Under Siege and Point Break. He also had guest appearances in television shows like Gunsmoke, Walker, Texas Ranger, Law & Order and Entourage. He filed for bankruptcy last year because of a million dollar debt against his assets that include 300 VHS tapes, bows and arrows, tambourines and a broken pellet gun.

8. Toni Braxton

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Back in the 90’s, Toni Braxton was one of the best singers around. She sold over 66 million records and won six Grammys, seven American Music Awards and nine Billboard Music Awards. Then the problems came. She has already filed for bankruptcy twice, including one after being diagnosed with lupus. She owes more than $50 million to companies like Tiffany’s and AT&T. The IRS is also after her for unpaid taxes.

7. Sinbad

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Sinbad is David Adkins in real life. He used to be huge back in the late 80’s to early 90’s, even starring in his own show called The Sinbad Show. He also starred in movies like Necessary Roughness, Houseguest, Jingle All the Way and Houseguest. In April of this year, he filed for bankruptcy for the second time in his life after accumulating $11 million in debt, around $8 million of which were to the IRS.

6. Warren Sapp

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Warren Sapp used to be the star defensive tackle of the Tampa Bay Buccaneers. He also had an insane love for Air Jordans, owning 200 pairs, and exotic items, like a rug made out of a lion’s hide. During a career that spanned 12 years, he earned $84 million, which goes well with the Super Bowl ring he won in 2003. Last year, only $6.45 million was left of his money. Still not bad, but considering that he owed $6.7 million, including a million to the IRS, he was forced to file for bankruptcy.

5. Pamela Anderson

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Pamela Anderson started out in the hit television comedy called Home Improvement, but it was her appearance as a regular member of Baywatch with David Hasselhoff that placed her prominently on the entertainment map. Wearing ultra tight swimsuit while running around on the sand or swimming in the water has a way of grabbing the public’s attention. To top it all off, she also had high profile relationships with rock musicians, particularly Tommy Lee of Motley Crue. The two even had a sex tape leaked to the public. Last year, reports came out that she couldn’t pay those involved in the remodeling of her house in Malibu. Earlier this year, she had to put up the house for sale for $7.75 million just to keep herself afloat.

4. Janice Dickinson

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Janice Dickinson was a successful model back in the 1970’s and 1980’s. She usually describes herself as the first supermodel in the world. She was able to keep herself relevant through the years with appearances as a judge for four cycles in the reality competition America’s Next Top Model. She also had her own reality series called The Janice Dickinson Modeling Agency. Earlier this year, she filed for bankruptcy after finding herself deep in debt to her landlord, plastic surgeons, dermatologists and the IRS.

3. Dionne Warwick

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Dionne Warwick ranks second to Aretha Franklin with the most number of songs in the pop singles chart with 56. She is considered as one of the 40 biggest hit makers in the rock era that began in 1955. She was one of the favorite singers of songwriters like Burt Bacharach and Hal David. Unfortunately, Warwick is now deeply in the red after accumulating $10.7 million in debt, mostly to the IRS. She filed for bankruptcy last March.

2. Jose Canseco

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Jose Canseco used to be one of the dreaded Bash Brothers of the Oakland Athletics back in the late 80’s to early 90’s. That team went to three World Series, though it only won once. His fellow Bash Brother Mark McGwire has fallen from grace because of the use of illegal drugs. Canseco has also admitted to it and even ratted on other players. He filed for bankruptcy last July after accumulating $1.7 million in debt, including $500,000 to the IRS.

1. Lindsay Lohan

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Lindsay Lohan was once thought to have the makings of the next big star. She was beautiful and talented not only in acting but also in singing. She had critical and commercial successes in movies like Parent Trap and Mean Girls. She had successful albums as well. She then slowly became one of Hollywood’s biggest messes. She went in and out of rehab and she had several brushes with the law. She found herself in court hearings more often than in movie shootings. Last year, the IRS froze her accounts after finding her to be deficient of $234,000 in taxes for 2009 and 2010. She may owe more for 2011. It got so bad that Charlie Sheen had to give her $100,000 just to tide it over.

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