Celebrities sometimes get carried away with their reckless spending, splashing out millions on mansions and fancy cars. Some just have terrible money-management skills.
We’re going to take a look at stars that blew through their cash and wound up broke and bankrupt!
Former child actor Drake Bell, who starred in Nickelodeon’s series “Drake & Josh”, has reportedly filed for bankruptcy. The actor is only 27-years-old, but filed legal documents claiming he is $581,000 in debt.
Bell indicated that his monthly expenses total $18,771 and that he only makes around $2,820 a month. That’s quite a chunk of debt for someone his age.
Joe Francis is considered a huge douche-bag by most folks, making millions off drunk young girls that he talked into baring their bodies. His company, “Girls Gone Wild”, declared bankruptcy after owing more than $16 million in disputed claims. Joe has had many lawsuits against him that led to his debt.
Boxer Mike Tyson went through around $300 million in his career, splashing out on expensive homes, Bentleys, and of course Bengal Tigers! Tyson declared bankruptcy in 2003. In May of 2010, Mike admitted he was “totally destitute and broke”. It appears things are looking for Mike Tyson these days thank goodness!
Kelly Rutherford filed for bankruptcy in the summer of 2013, with the “Gossip Girl” actress spending everything she had in a bitter custody battle. That’s more understandable than just buying luxury items.
Rutherford and Giersch have two children together, a 6-year-old son and a 3-year-old daughter. Rutherford filed for divorce in January 2009, while still pregnant with their second child.
In August 2012 a judge ruled that Giersch should have custody of the children and keep them with him in his Monoco home. Rutherford has spent the past four years, and $1.5 million fighting to regain custody of the kids.
The judge felt Kelly has a flexible schedule and can travel to and from Monaco to visit. That would be heart-breaking for sure.
Kelly claimed assets of $23,937, with her debts totaling $2,021,832. Rutheford said her monthly income is $1,279.33, which isn’t much compared to the $486,000 she was making per month while “Gossip Girl” was filming.
Singer Toni Braxton apparently didn’t learn her lesson on spending money the first time. She first filed in 1998 and then again in 2010.
Braxton claimed her net worth is between $1 and $10 million, but that she owes from $10 to $50 million. Someone needs to follow a budget!
Actor Gary Busey has had a second career as a reality television star, appearing on both “Celebrity Rehab” and “Celebrity Apprentice”. But Busey filed for bankruptcy in 2012, claiming he owed various debtors over $500,000 and had just $50,000 worth of assets.
Janice Dickinson, the self-proclaimed “first supermodel”, filed for bankruptcy in 2013. Janice had over $1 million in debt, including $500,000 in unpaid taxes. She also owed at least $16,000 to plastic surgeons.
Singer Dionne Warwick filed for bankruptcy recently, after owing over $1 million in tax liens dating back two decades. Warwick’s attorney, Daniel Stolz, said her financial woes started with a “business manager who mismanaged her affairs”.
Stolz explained, “The taxes are of an age where under the bankruptcy code, they’re dischargeable taxes. We’ve found that we had no other resort other than to file bankruptcy so that we could get this off her back finally.”
Former “Baywatch” star Donna D’Errico retired her red swimsuit years ago, recently filing for bankruptcy with only $20 in her pocket. The former Playboy playmate receives an average income of $7,858.33 per month from alimony from her ex-husband, but stated her monthly expenses are $10,991.04. Her assets totaled $413,574.74 and the liabilities were equal to $947,332.22.
Rapper DMX, whose real name is Earl Simmons, filed for Chapter 11 bankruptcy in 2013, claiming he has $1 to $10 million in debt and only $50,000 left in assets. DMX owes $1.24 million in child support and a $21,000 auto lease. He hoped the bankruptcy filing would help him “reorganize my financial affairs.”
Let these celebrity stories remind us all not to live beyond our means. It only leads to stress and debt!