15 Celebrities Who Blew Away Their Fortunes

OMG January 10, 2018 By Hugo

The world's most prominent celebrities typically have bank accounts spiraling well into millions, but for some stars, their own financial ineptitude has led to a considerable loss of wealth.

Here, we look at 15 celebrities who squandered vast amounts of their wealth.

1. Nicholas Cage

Nicholas Cage is one of only a handful of actors to have won two Academy Awards thanks to his roles in the films Adaptation and Leaving Las Vegas. As well as being a draw with critics and industry players, Cage was also a big draw at the box office, and in his heyday, he was commanding 7-figure sums for his roles, eventually leading to a $150m fortune.

Shutterstock/ Joe Seer

However, after going on countless lavish spending sprees, which included rare comic books, castles, yachts, and other outlandish items, it was clear that Cage had blown most of his wealth, and according to one source, his wealth now stands at just $25m. He has also fallen out of favor with Hollywood, which may explain why he always appears in endless B-movies nowadays. 

2. 50 Cent

Despite bragging about his riches in his music, 50 Cent- real name Curtis Jackson- is actually worth less than his stage name. Indeed, despite the commercial success of his earlier albums, and reaping a $100m profit from an early investment in Vitamin Water following their acquisition by Coca-Cola, Fiddy filed for bankruptcy in 2015.

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Now supporting himself in acting roles and other business endeavors, it appears the rapper-turned-actor has the aptest stage name in all of Hollywood. 

3. Lindsay Lohan

Despite enjoying immense success as a child actress in the films Freaky Friday and The Parent Trap, Lindsay Lohan's adult career as an actress never took-off, despite winning plaudits in the classic high-school drama, Mean Girls, which also starred Amanda Seyfried and Rachel McAdams. 

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Today, Lohan's Hollywood career is all but finished, and despite making millions as a child, years of narcotics abuse saw her squander nearly all of her wealth. 

4. Willie Nelson  

While he may be a priceless gem in the eyes of country music fans, the seasoned crooner has wracked up his fair share of debt over the years, and at one stage owed a staggering $16.7m to the I.R.S.

Shutterstock/ Sterling Munksgard

Rather ingeniously, Nelson then got to work on a new album, which he titled, The IRS Tapes: Who'll Buy My Memories? Naturally, all royalties proceeds went to the IRS and the debt was cleared in 3 years.

5. Courtney Love

The socialite and former singer of the band Hole has made her fair share of wonga over the years, but most of her wealth came from being the widow of the Nirvana frontman Kurt Cobain.

Shutterstock/ Krist Kennell

As well as her musical endeavors, Love also has a few acting roles to her name, but due to a succession of mental health issues, and problems with drink and drugs, the legendary rock and roller lost most of her wealth, and in 2009, was reported to have owed American Express $350,000. 

6. Kim Basinger

Remember Kim Basinger? She was one of the top female actresses in the 1980s, starring in hit movies L.A. Confidential, Never Say Never and Batman, but her bankruptcy, was of her own making.

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In 1993, Basinger was ordered to pay $8.1m after backing out of the movie Boxing Helena because she objected to the nude scenes. The production company then successfully argued that her decision cost them between $5m and $10m, though Basinger's case was overturned in 1994. However, once the sky-high lawyer fees had been paid, Basinger was still worse off, and her acting career was never the same again. 

7. Brendan Fraser

Fraser was once happily living off his mega cheques from the popular Mummy movies, but after a series of personal woes, Brendan Fraser hasn't had too much else to shout about in recent years, while his most notable acting role in the last decade came last year in the third season of the hit Showtime series, The Affair.

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Fraser's woes were both emotional and financial, as his divorce in 2007 forced him to pay hefty child maintenance bills, which by 2013, led him to admit that he could no longer afford them.

8. Pamela Anderson

The Baywatch star was in the spotlight again last year after a movie adaptation of the popular series which brought her worldwide fame was released. Starring Zac Efron and Dwayne "The Rock" Johnson, the movie also saw cameos from both Anderson and David Hasselhoff, 

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However, other than a revival of a show she was once in, Anderson doesn't have too much else to shout about nowadays, with the former Playboy model struggling to pay off her debts she owes to the I.R.S., causing her to sell all her properties, including a mansion in Australia.

9. Cyndi Lauper

Cyndi Lauper has enjoyed a stellar career in music but still went bankrupt, despite signing a worldwide record deal.

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Lauper was then required to file for bankruptcy in 1981, and things got so bad she even took jobs in retail and hospitality before a change in fortune revived her music career. 

10. Janice Dickinson

Heralded as the world's first supermodel, Janice Dickinson has since remained in the spotlight, and for someone who is now in their 60s, she's aged remarkably well. However, while her looks may still be in place, her bank accounts have been dwindling for some time.

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According to sources, Dickinson filed for bankruptcy in 2013 having been told she owed $1m on top of the unpaid $16,000 plastic surgery bill.

11. Corey Haim

Corey Haim's downfall is a sad story demonstrating the pitfalls having everything so young can cause. Haim, for instance, did, indeed, have everything. One of the famed members of the 80's Brat Pack, Haim was booking role after role, but his love for hedonistic nights eventually caused his life to spiral out of control, to the point where he took his life in 2010.

Wikimedia Commons

Overdosing on prescription pills, Haim was penniless at the time of his death, though his financial problems had lasted for over a decade. In 2001, he went as far as putting one of his teeth and strands of his hair on eBay to raise money. 

12. Vanilla Ice

Robert Matthew Van Winkle, who rose to fame as the rapper Vanilla Ice, was the talk of the town when his song "Ice Ice Baby" hit the top of the charts, However, Van Winkle is very much the definition of a one-hit wonder, as he never achieved further success in the music industry.

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Thus after an ill-fated attempt at moving into the property business, the has-been star was almost penniless and was even arrested in 2015 when he was alleged to have stolen furniture from another person's home in Flordia. 

13. Mike Tyson 

In his heyday, Iron Mike was worth a staggering $300m, but years of hard partying, and surrounding himself with the wrong people cost the former heavyweight boxer dearly. He also didn't help himself with his various Nicholas Cage-style purchases (at one point he owned three Bengal tigers in his back garden).

Shutterstock/ Leonard Zhukovsky

His conviction for rape didn't help matters, either, and after an ill-fated return to the ring, Tyson was broke, and now makes a living as a jobbing actor. At the peak of his financial woes, he was quoted as saying, "For the past two years, I been a bum, truly a bum in the streets. I got nowhere to live. I been crashing with friends, sleeping in shelters." 

14. Gary Busey

The maverick actor has appeared on our screens for years, but even a constant stream of work couldn't stop him filing for bankruptcy in 2012.

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Claiming to be over $500,000 in debt, Busey also admitted to tax officials that he owned only $50,000 worth of possessions.

15. Eric Williams

The former basketball star was earning millions in the NBA at the peak of his career, but like many professional athletes, poor money management skills and a propensity to consume to excess cost Williams his entire fortune. 

YouTube/ High Price

Things got so bad for Williams that after divorcing his wife he was made homeless, and was unable to pay the $24k a month child support payments. However, Williams argued, that the "court-ordered citation for me to appear was not delivered to my home address as I have no home." However, his ex-wife was less than sympathetic. and argued Williams had no one to blame but himself, because "God doesn't like ugly." an insult likely in reference to his trash talking of her on the reality tv series, Basketball Wives.

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