Most people have dreams of being able to drive the fanciest cars to their private jet, where they can enjoy champagne and caviar on their way to a five-star resort for a vacation. Well, more or less. But it’s safe to say that there aren't too many people who would mind being rich. After all, large sums of money indicate that you’ll be able to pay off some bills, set up a college fund for the kids and even get a few things you've always dreamed of. Like a dream home with an insane number of rooms, clothes from all of your favorite designers, custom beauty treatments and even a few outlandish purchases like a European castle or two, if you’re into that sort of thing.
Most people associate large amounts of wealth with being a celebrity. Unfortunately, this isn't always the case. A number of people in the public eye have had problems managing their money and have even gotten themselves into trouble as a result. Some of your favorite stars from today and back in the day, had money problems you may not have been aware of. Until now, that is. Here’s a list of 10 celebrities who were broke at some point during their Hollywood careers.
10 Donald Trump
That’s right. Donald Trump, the man who is pretty much known for his money, has filed for bankruptcy, more than once. He’s foreclosed on a lot of properties, and is pretty familiar with the judges in bankruptcy courts. Certain sources assert that Trump has arranged his companies in such a way that allows him to file bankruptcy for part of the company, while still retaining ownership in another part of the business. This indicates that he’s not completely bankrupt. Ironically, Trump still finds time to host a television show in which he gives other celebrities financial and business advice.
9 Duchess Sarah Ferguson
Even though the Duchess hasn't officially gone bankrupt, Business Insider states that she is often on the verge of it. Ferguson has an obsession with fine brands like Hermes and Chanel. Then there was that time she paid half a million pounds to a tabloid reporter for access to the Duke of York. Ferguson states in her documentary that she lost all her money, jobs and staff due to the scandal. The Duchess has also admitted that she doesn't really understand the way finances work. This is the first step when it comes to solving the problem. The next step would probably be to stop shopping at high-end boutiques so often.
8 Nicolas Cage
Yes, your favorite actor, or probably your least favorite actor, Nicolas Cage of Con Air and Ghost Rider fame, not to mention countless other movies he’s starred in over the years. Cage, who is Francis Ford Coppola’s nephew, owed $6 million in taxes that were unpaid. He blames this major blunder on his now ex-manager, but we’re not sure if that is entirely true. After all, Nicolas Cage has been known to pay $300,000 for a dinosaur skull. He also bought a few castles for over a million dollars. Castles that he doesn't even live in. Cage also purchased a funeral pyramid. Interesting, to say the least.
7 Pamela Anderson
6 Gordon Ramsay
5 Courtney Love
Courtney Love has been in the entertainment industry and under public scrutiny for quite some time. She is a former singer for the band Hole. She was the late Kurt Kobain’s wife, and she’s apparently well-known at American Express.
The credit card company reportedly sued Love for $350,000 because she refused to pay her bill. A British newspaper called The Sun also states that Courtney Love was forbidden access to a trust fund, since the money is set aside for her daughter, Frances Bean.
As if all this wasn't bad enough already, designer Dawn Simorangkir is also suing Courtney Love for breach of contract. The designer counts emotional distress, libel and invasion of privacy among the reasons for the lawsuit, which could get costly for Love.
4 Larry King
3 Mike Tyson
Famous boxer Mike Tyson had an amazing career in his fighting days, earning millions of dollars during his 20-year career. Unfortunately, he squandered most of it by making outlandish purchases like buying a tiger and a number of other big ticket items that he probably didn't need, and probably doesn't even remember today. Business Insider states that Mike Tyson filed for bankruptcy after claiming he was $23 million in debt. Tyson owed $300,000 in limo services, and $17 million in taxes to the British and United States government. Not to mention the $750,000 in legal fees. Ouch, that’s a lot of money!
2 Chris Tucker
Unfortunately, Chris Tucker was likely confined to making Rush Hour movies to make a profit. Although the Rush Hour franchise was extremely popular and made Chris Tucker a bunch of money, I guess it wasn't enough to keep him out of financial trouble. Tucker’s $6 million home in Florida was placed in foreclosure after he owed a reported total of $4.4 million to SunTrust bank. Court documents state that the IRS has a $11.5 million lien, so they can collect income taxes from Tucker. Hopefully Chris Tucker can start starring in more movies again real soon to get out of this mess.
1 Kim Basinger
Remember in the late 1980s when Kim Basinger’s family told her it was a good idea to buy a town in Georgia? Well, in case you don’t recall, the town was called Braselton, and the price was $20 million. Kim Basinger bought the town, in partnership with Ameritech Pension Fun, to convert it into a tourist attraction that included film festivals and a studio for shooting movies, so she could start getting a return on her investment. Sounds like a solid financial plan, right? Not so fast.
Basinger was sued for breach of contract when she decided to bow out of the movie Boxing Helena. She wasn't able to pay the cost of damages--$8.1 million to be exact, which led her to file for bankruptcy in 1993. In 1995, Basinger sold her share of Braselton to Ameritech. Fortunately for Kim, her luck began to change. She was able to reach a settlement with the studio that sued her for $3.8 million. She even went on to receive an Academy Award in 1997 for her role in L.A. Confidential.