I know that when you go off to work in the morning to the job that you totally hate, the very last thing that you can imagine is having millions of dollars and losing it all. I mean, how could that possibly happen in a million years? You’ve made tens of millions of dollars, and then you just spend it all? The whole thing is totally crazy. Well, that’s just it; really; it kind of is totally crazy. In the first place, it’s crazy that these people were put in that situation where they earned millions of dollars and even more insane that they spent it all. Some of them even spent pretty much their entire fortune and then earned it all back again.
It’s pretty hard to feel bad for these people. I mean, let’s be honest for a second… how could you, really? No matter who you are or what you do, the odds are that you’re not totally rich. And if you are totally rich, the chances are that you’re not planning on spending your entire fortune like a total moron anytime soon. Now, I’m not saying that these people are total morons — they obviously have to have something good going on to have made all that money, but you know, maybe they are. You be the judge.
Here are 15 Super Rich People Who Lost All Their Money.
15. Michael Jackson – $400 Million in Liabilities
Not many people know that Michael Jackson, who was known as the King of Pop and also as one of the creepiest men that ever lived, had some financial problems back in the day, but he certainly did. In fact, it had a lot to do with the whole creepy thing of being charged with child abuse. Prosecutors said he was close to bankruptcy because he was $300 million in debt and had $400 million in liabilities. This goes to show you how much money he was actually spending because there’s absolutely no doubt that he was making a whole lot of money. The fact that he was making that much and was still hundreds of millions in debt was rather staggering — just one more odd thing about Michael Jackson.
14. Larry King – Accuse Of Stealing From Business Partner
Larry King is known to be quite successful, as far as finances go anyway — in his romantic life, not so much. Back in the early 70s, he was busted for grand larceny, having been accused of stealing $5,000 from a guy he was in business with. The charges were dropped, but it made it hard for him to get a job, causing him to file for bankruptcy in the late 70s. This whole “broke” thing obviously didn’t stick when it came to Larry King as he ended up making millions of dollars and collecting what seemed to be millions of wives and is now totally rich in pretty much anyone’s estimation. So if you find yourself under arrest for stealing from a business partner, don’t worry. The odds are that you’ll be super rich soon after that. I promise.
13. Mike Tyson – $23 Million In Debt
Mike Tyson earned over $400 million in his career. One would think that would be enough for him to get by, but apparently not as he ended up spending just about all of it and even owing some money as well. He filed for bankruptcy in 2003 and said he had a total of $23 million in debt. This included a $9-million divorce settlement and a $13.4 million debt to the IRS. Well, let’s face it: it never seemed like Mike really had his head on his shoulders, what with things like going to prison for rape and all. He now has an estimated net worth of one million, and hey, the last I checked, that was more than what I had. It’s hard to feel bad for some of these guys, though. Like really? You actually spent $400 million?
12. Floyd Mayweather – IRS Troubles
Floyd Mayweather is not the only boxer on this list. There seems to be something about giving young men who are prone to violence millions of dollars, that makes them spend all of it, and do it quickly. It’s not like they give these guys classes in financial management. He once defaulted on a $167,000 car loan and filed a $61-million claim in bankruptcy, and the IRS said that he owed them $50 million in back taxes. Still though, with all of that, it’s still estimated that his net worth is $340 million. Some of these guys just get into financial problems because they’re not paying attention. 50 million dollars to the IRS? Sure, Mayweather will get around to paying it when he’s good and ready.
11. Nicolas Cage – Spent His Money On Junk
Nicolas Cage has had an interesting career. He’s been a big star in many movies, and on top of all that has made a lot of money. Still, even with all of that cash made, a lot of people look at him kind of like a joke. Some of that may have to do with how much money he wasted. He dropped millions of dollars on huge mansions, sports cars, private jets, and exotic animals — all in a seemingly desperate quest to be cool. So was it a wonder that he ended up being sued by his former business manager and owing $6.5 million in taxes? However, he’s recovered just fine, as most of these guys do. He’s now worth an estimated $18 million. Now, doesn’t that make you want to get up and go to work for your 16 bucks an hour?
10. Curt Schilling – The Video Game Bust
Curt Schilling is a legend to many in the sports world and certainly to any true Red Sox fan. The guy will never have to buy a beer in the city of Boston again. Of course, none of that means he’s not a total jerk in real life. But whether he’s a jerk or not is up for debate. What isn’t is that he lost all of his money. Schilling put 50 million bucks into a video-game company, then lost it all when the company had to file for bankruptcy. He had to sell many of his possessions to survive. Of course, that’s not the biggest tragedy in the world. There are a lot of people who are totally poor and don’t have a mansion to sell to get by. Still though, those were rough times for Schilling, who went from World Series hero to chump.
9. Francis Ford Coppola – Owed Nearly $100 Million
This is a whole new level of avoiding responsibility. Francis Ford Coppola, who is one of the most successful and well-respected directors in the history of cinema, once filed for bankruptcy even though he said he had $52 million in assets. The problem was that he owed $98 million. How do things like this happen? How do you have over 50 million bucks and owe almost 100 million? I get that some of these rich and famous people are different than us and are more ambitious and creative and blah blah blah. Still though, they live on the same planet as we do. I would not get the opportunity to have 98 million, and if I did, I’m pretty sure people would expect me to pay it back.
8. MC Hammer – Went Broke Trying To Help Low-Income Community
Remember MC Hammer? To people of a certain age, he was ridiculously famous; to others of another age, they would have absolutely no idea who he is whatsoever. He was a one-hit wonder, although his one hit, “U Can’t Touch This,” was one of the most successful singles of its time. It must have seemed like the good times were going to last forever, but of course, they didn’t. I mean, if they did, he would not be on this list. Come on people, keep it together. At one point, Hammer had a net worth of over $30 million, but he quickly became broke as a joke. He claims that his loss of income was not because of his lavish spending but because of his trying to help and employ lower-income people in his community.
7. Cyndi Lauper – Filed Bankruptcy Before 1st Hit Album
Some super rich people lose it all before they become rich. Yeah, I know that’s not all that surprising, but hey, we might as well throw one on there that’s a little bit inspiring after all of these stories of rich dubs that spent all of their money. Lauper actually filed bankruptcy before her huge hit album She’s So Unusual came out. Now, she’s worth an estimated $30 million. See how that works? So if you’re ever in a huge financial bind and feel like there’s no way out, do what she did. First, you file for bankruptcy; then, you record a super huge hit album and save up 30 million bucks. It might sound like it’s not such a great idea, but come on now; I bet you pretty much anything that you’ve never tried it.
6. Dennis Rodman – Child Support
If there’s one guy out there that you probably would’ve guessed totally blew all of his money, it would probably be Dennis Rodman. I mean, come on, just look at the guy. He’s like a walking accident totally waiting to happen. What do you think might happen if you gave a person with rather obvious mental illness and no self-control at all millions of dollars? He made a lot of money in the NBA, but of course, spent even more. In fact, he owed well over $800,000 in back child support, which as I’m sure most of you are aware, is totally uncool. Come on, Dennis! That kind of thing doesn’t fly with a lot of people. It’s one thing to party like a millionaire, but take care of your kids first, will you?
5. Willie Nelson – Ignored The IRS
So we all know that Willie Nelson is a bit of an outlaw, so it probably shouldn’t surprise any of you that he tends to do his own thing when it comes to his money. It turned out that he owed the IRS almost $17 million at one point and even released an album that was meant to pay off the IRS. His lawyer had actually talked them down to 6 million bucks, but still, Willie Nelson just ignored it, which, of course, caused the IRS to raid his ranch in Texas. He finally paid it all off in the 90s. This is one lesson that you should take from all of this: do not ignore the IRS. I mean, it’s one thing to tell them you’re going to do something about it, but it’s another thing entirely to totally ignore it. Don’t do that.
4. Meat Loaf – Filed Bankruptcy
One of the oddest things in music history is that there’s a big, fat singer named Meat Loaf, but his album Bat Out of Hell has sold more than 43 million copies worldwide and still sells an estimated 200,000 copies annually. It’s one of the best-selling albums in history. Still though, at one point, he had to declare bankruptcy, although he seems to be doing fine now as he’s worth an estimated $25 million. The lesson appears to be clear in so many of these cases, and that lesson is: bankruptcy is your friend. That’s all you have to do to stay completely and filthy rich — that is, as long as you have the ability to record an album that sells 43 million copies worldwide while calling yourself a dish made out of meat.
3. Kim Basinger – Sued By Movie Producers
Kim Basinger is as hot as she is rich. So what is she doing on this list of people who blew an enormous amount of money? Well, she was signed to do the movie Boxing Helena, and she pulled out, causing the producers to sue her. To protect herself financially, she decided to declare bankruptcy. The studio won over $8 million in the suit; Basinger ended up settling and paying them $3.8 million instead. She’s now doing fine financially, though, although personally, she’s had some issues, including an ugly divorce from her former husband, Alec Baldwin. What is it with two really famous and gorgeous people deciding to get married together? All of us know that it never works out, and yet people keep trying it.
2. Marvin Gaye – Drug Addiction
Marvin Gaye was incredibly talented and is one of the most popular singers ever, which made his situation even sadder. He once filed for bankruptcy, and he battled with drug and financial problems throughout his entire life until he was finally killed by his own father in the aftermath of a fight. Marvin Gaye lived a very sad life. Despite all of his talent, he was still tormented by a lot of demons. He never was able to stay away from drugs, and because of that, he was never able to be financially solvent. Isn’t it kind of funny how many people that get involved with drugs end up getting all messed up in life and have serious financial problems? Hey, kids: don’t do drugs, and stay in school while you’re at it.
1. Heidi Montag – Plastic Surgery
While some people on this list are super talented, Heidi Montag, not so much. She and her dopey husband, Spencer, blew all of their money. “They used to make $2 million a year by appearing on the MTV reality series The Hills and showing up at fancy Hollywood events. But after years of overspending on frivolous things like $3,000 bottles of wine, $15,000 Hermes purses, and $10,000 crystals, Spencer Pratt, 32, and his wife Heidi Montag, 29, have whittled away their fortune, which must have been over $10 million.” And why were they spending all of their money? Well, they were worried about being hit by an asteroid. Hey, no one ever said Heidi was smart, and I truly mean that, literally.