5 Celebrities That Made It Big – And Then Lost It All
(1 votes, average: 5 out of 5)Does money make the world go around? No, not really — but it does tend to make people look at you in a different light. When you have money, it feels like everything is looking up. However, when you lose the money — things can get pretty crazy.
When you’re a celebrity, your money problems are magnified. There have been some pretty amazing cash grabs by celebrities…and then when it all falls down, celebrities often have no way of getting out of the ginormous hole they’ve dug for themselves.
Like most of our celebrity posts, we expect to hear some fuss over picking on these poor celebrities — no pun intended. However, when you look at the causes of their downfall and come up with a common theme, it’s hard not to be amused at least part of the time. That common theme, if you couldn’t guess already, is overspending. Celebrities have access to so much influence and power. After all, when you’re famous it’s not like you’re going to have to fight hard to get a credit card. If people know that you’re making money, they’re going to be more than happy to give you credit. It’s just a matter of thinking about it from the right perspective and handling your money properly.
Now, there are plenty of stars that can live comfortably for the rest of their lives on the money that they’ve derived from royalties and appearances. However, these celebrities just aren’t making that type of money anymore.
1. Gary Coleman
Probably the most tragic of this list is Gary Coleman, who had it all as a child TV star. He was the highest paid cast member of Diff’rent Strokes, but you wouldn’t know it from his lifestyle. In 1999, the former child star had close to 100,000 in personal debts. He had to go to work as a security guard — a time during which he punched a woman.
As some of you know, Gary Coleman passed away recently, and there was a massive battle over his estate. It’s a hard thing to stand when you really want to see your former child favorites really shine as adults. Unfortunately, Coleman was plagued by money troubles all the way up to his death.
2. Michael Jackson
Yes, Michael Jackson is dead now — and that’s tragic in of itself. However, when the King of Pop was alive, he was one big spender. He spent money on all types of things — from detailed fantasy empires all the way up to wardrobe and lavish gifts. There was a time where he bought Elizabeth Taylor a $637,000 necklace. He even owned 75 cars!
This type of lifestyle can’t last forever, even when you’re the King of Pop. He had to shift things around quickly, selling off many of his assets and entering into deals that would essentially push those debts away. It wasn’t easy — but he managed to do it and still come out ahead. He passed away in 2009 with a net worth of 230 million dollars, and his estate is still producing money to this day.
3. Courtney Love
You probably remember Courtney Love more for whom she was married to rather than anything she’s done on her own. She is the widow of Kurt Cobain, who was the lead singer of Nirvana. He committed suicide, leaving Courtney in a world of trouble. She’s been struggling to build her life over again, but money troubles seem to follow her wherever she goes. She ended up losing several homes and has almost half a million dollars in credit card debt. She still receives money from Kurt Cobain’s estate, but it’s still not enough to maintain her lifestyle. Drug use is suspected, and Love has made some attempts to attend rehab — but nothing seems to be succeeding. A real shame. Read more »
(3 votes, average: 4.67 out of 5)
