Celebrities can easily accumulate millions of dollars. Once they’re released a hit song or stared in a hot movie, they’re going to become very popular and their wealth will climb higher. However, you need to understand that some celebrities do not know how to manage their money. This is going to result in them wasting and going broke. Some have been forced to file bankruptcy. Within this guide, you’re going to learn about some of those rich celebrities that have gone bankrupt.
50 Cent
First and foremost, you have 50 Cent. This rap star was once known as one of the wealthiest hip-hop artists in the world. His net worth had climbed to $155 million but things were about to go awry. He would be hit with a big lawsuit and he would make numerous bad investments. After posting a sex tape online, 50 Cent was forced to pay the woman involved. Suffice to say, his wealth was dwindling very quickly. In the end, he would file Chapter 11 in Connecticut. This allowed him to reorganize and attempt to put together a plan to pay off his debts. At the time, he was announced that he had around $10 and $50 million in debt.
Larry King
Larry King is one of the most recognized televisions host ever. Nevertheless, he has run into problems throughout his career. Much of his trouble started early in his career. At one time, he was hit with criminal charges and that led to financial difficulties. He was forced to file for bankruptcy in 1978 after finding himself in more than $300,000 in debt. It all started when King was accused of grand larceny by a former business partner. While the charges were dropped, King was still negatively impacted.
Joe Francis
Joe Francis is a guy that likes playing prediksi HK and he loves taking a risk. He managed to strike it big by creating the Girls Gone Wild franchise. That project helped him generate millions. Nevertheless, he couldn’t stay out of trouble. It is said that he accumulated $2 million in gambling debt at a Las Vegas casino. He refused to pay. He took steps to avoid paying his debts and was arrested in May of 2015. Francis has relocated to Mexico.
Gary Coleman
Gary Coleman is best known for his time in Different Strokes. He was the star of the show and managed to build a fortune for himself. Nevertheless, things were about to come crashing down. In 1999, he would file Chapter 7 while saying that he had debts totaling $72,000. At one time, he was generating more than $60,000 a week from his television series. Unfortunately, Coleman passed away in 2010.
Donald Trump
While he might be president, Donald Trump has had his fair share of legal troubles. He was rich, poor, and rich again. The president has filed bankruptcy numerous times with the first coming in 1991 after his casino in Atlantic City fell apartment. Several of his casinos and hotels were forced into bankruptcy in 1992 too. Even the president can experience financial troubles.
