Top 10 Celebrities Who Went Broke 2020

TOP 10 CELEBRITIES WHO WENT BROKE

NUMBER 10 Burt Reynolds
Reynold’s has had one long and storied career ever since he played running back at Florida State and on through the 1970’s when he was really popular. Since that time he’s wracked up so much debt that he eventually started selling off his movie memorabilia to break even.

NUMBER 9 Toni Braxton
Despite her awesome voice and decent run of success it seems like Braxton really overestimated her own fame. She continued to spend even when the royalties on her song started to trickle in and then finally dry up. This led to two bankruptcies in less than five years, and there might be a third on the way. Rumor has it she was still allowed to purchase a $3 million dollar home while she was still $50 million dollars in debt.

NUMBER 8 Mike Tyson
Mike Tyson retired from boxing in 2005. The heavyweight champion declared bankruptcy, returned to jail, and went through rehab before he again reached financial stability.
By 2003, he owed money to the IRS, British tax authorities, lawyers, a personal trainer, a financial manager, and a music producer, among others. Tyson had to pay $9 million in a divorce settlement and was also behind on child support.

NUMBER 7 50 Cent
50 Cent has appeared in many movies and on TV shows, including the CBS show "Power." Jared C. Tilton/Getty Images
He broke out as a rapper in the late '90s, but he makes most of his money from a diverse business empire.
In 2015, 50 Cent was reportedly $32.5 million in debt while caught up in lawsuits and unpaid child support payments. The next year, he declared bankruptcy.

NUMBER 6 Nicolas Cage
This is what it looks like to spend well beyond your means. Nicolas Cage tried to accumulate as much extravagance as he could by purchasing mansions, jets, and any other type of expensive item he could find. The problem was that by the time he had to file for bankruptcy he was around $14 million in debt. It shouldn’t come as any surprise that he had to sell off nearly everything he owned just to satisfy the debt, thereby kind of erasing the life he tried to make for himself.

NUMBER 5 Kim Basinger
Oscar-winner Kim Basinger found herself in dire financial straits in the early 1990s after she reneged on an agreement to appear in the film Boxing Helena and was ordered to pay $8.1 million to Main Line Pictures as a result. That, in turn, led Basinger to declare bankruptcy.
Among her assets that were eventually liquidated was the town of Braselton, Georgia, which she and other investors had bought with the idea of turning it into a tourist attraction.

NUMBER 4 Marvin Gaye
The life of Motown legend Marvin Gaye was marked by both success (numerous hit records and Grammy nominations) and tragedy (his own father fatally shot him in 1984). His troubles also included the breakdown of his first marriage to Anna Gordy, the sister of Motown Records founder Barry Gordy.

NUMBER 3 Larry King
Larry King has won two Peabody awards. King began his career in broadcast in the 1950s and '60s as a radio announcer in Miami, Florida. But in 1971, he was charged with grand larceny and accused of stealing $5,000 from his then-business partner.
Although the charges were dropped, that situation took a toll on his career at the time. King fell deep into debt and was forced to declare bankruptcy in 1978.

NUMBER 2 David Cassidy
David Cassidy reached No. 1 on the Billboard Hot 100 chart with his 1970s hit "I Think I Love You."
According to People magazine, the '70s heartthrob filed for bankruptcy in 2015 in his home state of Florida, despite selling over 25 million records in the height of his career.
Cassidy had a history of DUIs and other health issues aside from his financial troubles. By his third DUI, his wife, Sue Shifrin-Cassidy, filed for divorce in 2014.

NUMBER 1 Donald Trump
President Donald Trump touted his business experience as one reason why he was the right choice for commander in chief. But a string of business failures and bankruptcies had some questioning his financial acumen.
While Trump has never personally declared bankruptcy, his companies have gone bankrupt six times, according to Politifact. The first was in 1991, when his Trump Taj Mahal casino in Atlantic City went bust. Several more of his casinos and hotels went bankrupt in 1992. Two more casino and resort bankruptcies happened in 2004 and 2009.
After the last bankruptcy, Trump stepped down as chairman of Trump Entertainment Resorts and reduced his share in the business to 10%. Challenges in the casino industry were to blame for at least some of those business failures, rather than business missteps by Trump, Politifact concluded.
For what it’s worth, the brash real estate mogul sees declaring Chapter 11 bankruptcies as a strategic business decision.