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Fans admire celebrities of all genres for their status, talents, and of course, for their immense wealth. It seems that once someone is rich and famous, doors continuously open for them to generate even greater wealth. Fans are fascinated by all the wealth that is generated but are oftentimes unaware of the fact that some of the world's most sought after, highest-paid celebrities happen also to be squandering away their millions far faster than they can earn them.
There are many famous faces out there that have generated millions upon millions of dollars yet have a very modest net worth to show for it at this current time. According to Go Banking Rates, excessive shopping and high-priced nights out are among the most popular reasons that some celebrities haven't been able to hold on to their fortunes, as well as expensive real estate purchases and tax arrears, to name a few. Here are some high-profile figures that have some seriously low net worth valuations.
Chris Tucker: $5 Million
Many may wonder how the start of Fifth Element and the infamous Rush Hour series could possibly be worth just $5 million, especially considering he was paid $20 million to appear in the Rush Hour sequel alone. However, he made some huge real estate purchases in 2011 and took a step back from acting, only to find himself facing a tax lien and other financial problems. His $5 million net worth valuation is certainly nothing to scoff at, but when compared to his actual earnings, it's sadly disappointing that he wasn't able to hold on to a bigger chunk of his wealth.
Sinbad: $4 Million
Sinbad has dominated both the stage and the small screen with his fabulously funny demeanor and comedic antics, but in spite of being stellar on camera, he's been far less successful when it comes to managing his money. He filed for bankruptcy twice, after accumulating an hefty debt load, owing $8.3 million due to the IRS, and nearly $400,000 due on his American Express card. He's now only worth $4 million.
Amanda Bynes: $3 Million
Amanda Bynes had a huge boost when it came to starting her acting career at a young age. She grew up in front of her fans and even starred in her very own show, called The Amanda Show, on Nickelodeon. She went on to do a series of well-received comedies such as What A Girl Wants, but it wasn't long before the child star crumbled under pressure. A very public and incredibly dramatic mental breakdown led to the demise of her career, and she lost most of her fortune without much hope to rekindle her work life.
Mike Tyson: $3 Million
Arguably one of the greatest fighters of all time, Yahoo News reports that Tyson earned well over $300 million over the course of his wildly successful boxing career. However, he lost it after being entangled in a series of assault charges, issues with addiction, and legal fees. He spent far more than he earned by filed for bankruptcy in 2003. His current net worth is just $3 million, a fraction of his earnings, and far less relevant than his successful career would suggest.
MC Hammer: $2 Million
MC Hammer dominated the airwaves in the 1990s, and people of all ages and walks of life knew exactly what "Hammer time" meant. MC Hammer's signature puffy pants and unmistakable lyrics shot him up to superstardom at a fast pace. At one point, he was worth well over $25 million, but after buying a mansion that included a 17 car garage, and a whole lot of staff to service his every need, MC Hammer lost most of his fortune through overspending. He was forced to file for bankruptcy and is currently only worth $2 million.
Lindsay Lohan: $500,000
Notorious party girl Lindsay Lohan was once worth a whole lot more than her current $500,000. After spending much of her income on her lifestyle choices, she was left with very little, and the IRS wanted a big piece of her remaining assets. The choices Lohan made during the peak of her career wound up being the reason for her demise, as producers didn't want to risk working with her on a project that she couldn't see through or one that wouldn't do well due to her lack of commitment and focus. She has been having a hard time rebounding and reclaiming her throne.
Evander Holyfield: $500,000
Evander Holyfield has an astounding number of accolades and medals under his belt, including multiple World Heavyweight Champion wins. His prize money amounted to well over $230 million, yet somehow, his net worth is estimated at being roughly $500,00 today. He has invested in multiple properties but has failed to make his payments, resulting in foreclosures and other penalties. At one point, he had more money than he would ever need if he lived a normal lifestyle, but now, he's starting from the bottom and trying to rebuild.
Aaron Carter: $2 Million
Aaron Carter's $2 million net worth is nothing to frown upon. Until it's compared with the fact that he had already earned well over $200 million by the time he was 18 years old. After realizing that fact, it becomes quickly apparent that he spent far more than he earned. His off-the-charts real estate purchases and inability to keep on top of his tax bills ended up draining his account, and he was only able to hold on to a fraction of what he made throughout his career.
Heidi Montag: $20,000
Heidi Montag and her husband, Spencer Pratt, were raking in the dough when they starred on The Hills. Given that they both had leading roles on the show, it wasn't surprising to see them living lavishly and partying hard, but they definitely took things too far. After earning $2 million a year, Insider states that they ended up spending $3,000 on bottles of wine and spending over $15,000 on their date nights, along with stacking their closets full of $1 million worth of designer clothes. That liquidated their assets quickly, and they're now only worth $20,000.
Burt Reynolds: $3 Million
Burt Reynolds entertained the masses for well over three decades and was one of the biggest names in Hollywood. Sadly, after seeing success in the 60s, 70s Vanity Fair, "I've lost more money than is possible because I just haven't watched it."
He blew his earnings on a private jet, over 150 horses, and all kinds of personal obsessions that drained his account down to just $3 million, which is a far cry from what he should have to show for his 40+ years working in the industry.
Sources: Vanity Fair, Yahoo News, Go Banking Rates, Insider