Here's a look at some celebrities with millions of fans and millions of dollars in debts. Not all celebrities have fame and fortune, some are simply famous and heavily in debt. They went from poverty to wealth, and then returned to poverty. Whether they've filed for bankruptcy, ended up in court, or just can't stop spending, celebrities mismanage their money just like everyone else.
Shortly before his death, Jackson announced a tour with the intention of using the proceeds to get out of the financial disaster. But sadly, he died of cardiac arrest after an overdose of the surgical anesthetic propofol administered by his doctor. Although he got his first acting job during his last year of college, he still couldn't pay his debt right away. However, he eventually paid them in full.
Learn how to get out of student loan debt. After a 45-year career in Hollywood, acting in more than 70 movies, actor Gary Busey found himself in more debts than he was worth. Reynolds is still worth five million dollars, but his battles with debt go back more than 20 years. Two swimming pools, golden doors, two private helicopters, a private jet and a trampoline were among the tremendously luxurious expenses.
Millionaires waste money on the dumbest things. See How to Create a Budget to Save Money and NOT End Up Like These Celebrities. None of the above are not even your rarest purchases. He bought shrunken heads, an octopus as a pet, and once beat his fellow actor Leonardo DiCaprio by a 70-million-year-old dinosaur skull, which turned out to be stolen.
He later had to return the device to the Mongolian government. Then, Trump won the presidency with a promise to run the federal government as his business. You'd think that earning millions before your 18th birthday would set you up for early retirement, but that never seems to be the case with child stars. Being the highest-paid child television actor of your time won't necessarily stop you from losing your shirt one day.
This website is for information purposes and as a reference tool to connect consumers with companies that can help them. See our advertising disclosures here. Although he's a minor star compared to many names on this list, Survivor winner Richard Hatch has faced some of the harshest tax penalties. In 1996, Heidi was found guilty of federal tax evasion and sentenced to seven years in prison after reportedly earning millions from her prostitution ring.
Although Major League Baseball hitter Pete Rose is best known for betting on games and for being banned from baseball, he also had his fair share of fiscal problems. Although his defense attorney asked for parole instead of going to jail, the judge rejected the request and called Isley a serial tax evader after prosecutors presented a case that dates back three decades ago. Blige, Lindsay Lohan, Tori Spelling and more of the stars who have faced major problems with state and federal tax authorities over the years. If the problems with the game that resulted in a lifetime ban on baseball weren't enough, fiscal issues have also affected baseball's all-time success leader in his career.
At the time, Sophia claimed that the error on her 1974 tax return was just an oversight on the part of her deceased tax preparer. He argued (unsuccessfully) that he shouldn't owe property taxes, since he spent most of his time in Connecticut. In 1990, he was convicted of two felonies of filing false federal tax returns after investigators discovered that he owed back taxes on earnings from personal appearances, card displays and the like. A pioneer of rock and roll who began to achieve success in the 1950s, Berry also had problems with the tax collector in the late 70s.
Comedian Chris Tucker is resourceful, but it's hard to circumvent the IRS when it moves to collect a huge tax bill. Even though many celebrities use a small army of accountants to help them file (and find all the tax breaks in the process), it seems that some don't always get the best advice. The co-founders of Dolce & Gabbana, Stefano Gabbana and Domenico Dolce, were once in trouble because of their taxes in Italy. Getting the IRS to release a lien generally involves paying taxes, interest and penalties, or depositing a bond to guarantee payment.