10 Celebrities Who Lost Their Entire Wealth Due To Poor Money Management

Sentinel Digital Desk

Nicolas Cage

Years ago, Nicolas Cage was one of Hollywood's highest-paid actors. However, he spent a large portion of his income on extravagant acquisitions, such as a $150,000 octopus and a $276,000 dinosaur skull (which he had to return to the Mongolian government after it was stolen). At one point, he possessed 15 properties around the world, including two European castles. Eventually, he owed the IRS $6.3 million and faced foreclosure on several properties.

T-Pain

On an episode of The Breakfast Club, T-Pain spoke about becoming "mega-rich," losing everything, and then being wealthy again. The artist reportedly had $40 million in the bank, but terrible real estate investments and irresponsible spending habits, such as purchasing a Bugatti and returning it five months later for $400,000 less than he paid, left him bankrupt. "I had to borrow money to get my kids Burger King," he said.

Lindsay Lohan

Lindsay Lohan, best known for her roles in Freaky Friday and The Parent Trap, rose to fame as a teenage idol due to hits like Mean Girls. Despite the fact that her career faltered due to personal and legal issues, she has a net worth of approximately $28 million. She is currently returning to the screen with a cameo in Mean Girls and a lead role in Irish Wish.

Toni Braxton

Toni Braxton, a renowned female musician, has filed for bankruptcy twice, citing the music industry's setup. She received only $1,972 from her first recording contract. Braxton admitted to having a home decor obsession, which led to a loss of touch with reality. She admitted to losing touch with reality while indulging in "girly things."

Stephen Baldwin

In 2009, Stephen Baldwin, Hailey Bieber's father, declared bankruptcy. According to ABC News, he owed $2 million for his home, credit card debt, and taxes. In 2013, he pled guilty to failing to file taxes for three years in a row and agreed to pay $300,000 in unpaid taxes.

MC Hammer

According to CNN, after the massive success of "U Can't Touch This," Forbes estimated MC Hammer's salary in 1990 to be $33 million. However, he led a lavish lifestyle, building a custom residence on 12.5 acres with two swimming pools, a nine-car garage, four dishwashers, and a rehearsal hall. He declared bankruptcy in 1996, with debts totaling at least $10 million.

Chris Tucker

After becoming famous on Def Comedy Jam and Friday, Chris Tucker made enormous money with the Rush Hour trilogy, earning $25 million for the third film alone. However, in 2021, he was sued by the IRS for $9.6 million in outstanding tax bills from 2002, 2006, 2008, and 2010. Last year, he struck a settlement and agreed to pay $3.6 million.

Kim Basinger

In 1989, Kim Basinger bought Braselton, Georgia — a one-stoplight town with just 500 residents for $20 million, intending to revitalize the town and build a movie studio. However, the actor backed out of a film, leading to a breach of contract lawsuit. Kim filed for bankruptcy, but later reached a settlement.

50 Cent

50 Cent, a renowned rapper from the 2000s, declared bankruptcy in 2015 after losing a multimillion-dollar lawsuit. With $36 million in debt and fewer than $20 million in assets, he said that bankruptcy allowed him to start over, which led to his smash show Power and a lucrative TV network deal. He assumed that bankruptcy would allow him to be secure and invest again.

Francis Ford Cappola

Francis Ford Coppola, known for directing Godfather and Apocalypse Now, also directed the 1982 film One From the Heart. Despite financing from his own production company, the film only earned $600,000, causing financial trouble and three bankruptcy filings over the next decade.