11 Celebrities Who Have Declared Bankruptcy

With fancy cars, insane bling and private jets, most people think that celebrities have so much money, they can never go broke. But, unfortunately for these bottle servicing, fur coat wearing famous faces, that’s simply not the case.

It takes a lot of cash to maintain the lifestyles of the rich and famous — after all, jet fuel ain’t cheap and someone’s gotta polish those two dozen diamond tiaras. Couple that with bad (or even malicious) advice from managers, money grubbing family members, and the “too rich, too fast” syndrome that plagues many of the newly wealthy, and you’ve got a recipe for financial disaster.

Celebrities do go broke – read on to learn more about a few famous folks who went from prosperous to penniless.

Willie Nelson

Even though Willie Nelson really wants to get back “On the Road Again,” he may have to hold off until he can raise some more money after filing for bankruptcy in 1990. Apparently this good time loving country singer hit a few more problems than just heart ache – the IRS chased him around and raided his home numerous times before Mr. Nelson decided to call his banker and officially go bust. At least the whole experience will give him more material to craft into a hit song.

Walt Disney

While Mr. Disney himself didn’t go bust, his company Laugh-O-Gram Studios declared bankruptcy in 1920. Lucky for him, he penned a little mouse by the name of Mickey seven years later and began a career climb matched by few.

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Mike Tyson

Even though Mr. Tyson has made more than $300,000,000 after an extensive and turbulent career, he officially declared bankruptcy in 2003. His tastes in expensive jewelry and partying and his inability to properly pay bills on time left him broke and unable to pay back his piling debts.

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3-Mike-Tyson

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Stephen Baldwin

Stephen Baldwin, most famous for being Alec Baldwin’s brother and much less so for his movie roles and short stint on I’m a Celebrity, Get Me Out of Here filed for bankruptcy in 2009. His older brother could have at least tossed him a few scraps to keep him out of trouble, although since finding God, he might not need it.

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David Adkins aka “Sinbad”

Even if you’re a comedian, it can be hard to laugh at the world when you’ve filed for bankruptcy two separate times. David Adkins (also known as “Sinbad”) who had his own hit comedy series featuring himself, has had his share of financial difficulties. Originally filing once in 2009, he then filed again in 2013 even after appearing on Celebrity Apprentice with legendary moneymaker Donald Trump. Seems none of the financial wisdom trickled down.

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5-David-Adkins

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