Many celebrities go from being rich to being broke. This is usually related to lawsuits or spending sprees. Here are some examples.
We are used to seeing glamorous lifestyles, so it is really easy to imagine celebrities never have to worry about money. But this isn’t true: as opposed to the stories of celebrities who had nothing and worked their way to a wealthy life, there are cases in which the opposite happens and they file for bankruptcy.
Business Insider has released a list of celebrities who lost it all, here are 3 incredible examples:
1- T-Pain: he went from having $40 million to have to borrow money to get his kids Burger King.
In an interview with the radio show “The Breakfast Club”, the rapper opened up about his finances and said he once went from being $40 million to have to borrow money to get his kids Burger King. He said it was a series of bad investments that caused him to go bankrupt, so he eventually had to re-think the way he spent his money.
"Now I know what the high end is and what the low end is," he said.
2- Isaac Hayes: one of the most influential artists that almost ruins his career due to financial problems
The musician had to file for bankruptcy in 1976, claiming he owned $6 million in taxes.
In 1977, he told Ebony Magazine that a combination of poor financial management from his record label and some lavish spending resulted in bankruptcy.
The star, who died in 2008 at the age of 65, continued making music, he owned two restaurants and wrote a best-selling cookbook called "Cooking with Heart & Soul"
3- Aaron Carter: In 2009, he owed $1 million in taxes. In 2013, he was forced to file for bankruptcy
In 2016, the teen pop star told Us Weekly about the “terrible position” he was in, financially speaking. He said: “When I turned 18, I got hit with all those taxes. I filed a Chapter 7 bankruptcy last year; now I'm already over $100,000 in debt.”