Various movie stars and sports persons have appeared on the red carpet at various functions. However, what we do not know is that some of these celebrities are not content with the red carpet. Rather, they decide to carry the color back to their lives. The individuals have racked up enormous debts, which has led them to file for bankruptcy.
“Bankruptcy is about financial death and financial rebirth. Bankruptcy is the great American story rewritten. We’re a nation of debtors.” —Elizabeth Warren
Kerry Katona
Kerry had an estimated fortune of £6.8 million from her shows such as “Atomic Kitchen,” “The Iceland Ad,” and “I’m a Celebrity.” However, she was declared as bankrupt earlier this month for the second time. In 2008, she was declared bankrupt due to repay £82,000 out of a £417,000 from a tax bill. Kerry’s financial problems also cost her the contract with the payday loan company, Cash Lady.
Mike Tyson
During his career as a boxer, Mike Tyson earned about £200-£300 million. He could take home £19 million from a single match when he was in his prime. However, Mike had a passion for Bentleys, Bengal tigers, and numerous gold chains, which are not cheap. He had racked up debts £24.6 million without any means to pay, which left filing for bankruptcy as the only option for him.
Wesley Snipes
The star of Blade is presently out of prison. He was incarcerated for three years due to failure to file tax returns. Wesley was declared bankrupt in 2006. Between 1999 and 2004 Wesley earned a £25 million fortune, which he wasted on cars and houses. The 50-year-old star even forgot to pay taxes and found himself in hot water with the law enforcement agencies.
MC Hammer
Did MC Hammer refer to himself when he created the album “U Can’t Touch This?” This was a 1990 album. Hammer even created a cartoon series of himself. It certainly looks like he did because despite earning over £19 million, he had to file for bankruptcy in 1996 with £8 million of debts following him. During that time, he had a £7 million mansion, 200 paid staff and an entourage of 40 persons. That doesn’t look like a good investment.
George Best
George Best was known for the skills he had in the football arena. The Manchester United footballer was also famous for his Playboy lifestyle beyond the arena. Best is reputed to have claimed, “I spent a lot of money on booze, birds and fast cars. The rest I just squandered.” He was declared bankrupt in November 1982. When he passed away, Best allegedly left behind a debt of £450,000.
Nicholas Cage
If earning £25 million in 2009 seemed easy for Nicholas Cage. He was just a step away from bankruptcy after accumulating £8.9 million in unpaid taxes. In order to clear the debts, he had to dispose a bizarre collection of assets, including luxurious homes, exotic pets, castles, a private island in the Bahamas, and a 67 million-year-old dinosaur skull.
Lindsay Lohan
Lindsay Lohan’s economic problems continued to grow even as she was making efforts to steer away from financial meltdown. The Mean Girls star borrowed a sum of £64,000 from Charlie Sheen just to keep her afloat after being made to pay immense amounts as legal fees for arrests and court violations. Lindsay Lohan’s bank accounts have been seized by a government agency from the United States. Why? She owed £150,000 in unpaid taxes.
Shane Filan
Shane sold around 50 million records during his heyday of the biggest boyband in the world. He also had 14 number one singles, which earned him £8 million. During his prime, he was reputed to favor a four-seater helicopter, a Ferrari, a Porsche, and a lavish property in Ireland. He accumulated £18 million in debt and was declared bankrupt in June 2012.
These are some of the celebrities who went from the red carpet into the red. Apart from George Best, they are all still leading lives probably without the fortune they were earlier holding.
