24 Celebrities whose millions disappeared
Some people excel at the “penny earned” part of the equation, becoming multimillionaires at their peak. It’s that whole “penny saved” part that’s the real problem.
These celebrities made headlines due to money mistakes — which is not exactly the type of fame they signed up for. Some even filed for bankruptcy or ran into trouble with the IRS.
By comparing their lifetime earnings to their current wealth on the site Celebrity Net Worth, you clearly see just how far a star can fall. Here are some of the biggest winners that ended up losers.
Lauryn Hill
Grammy-winning R&B artist Lauryn Hill, a former member of the Fugees, made an estimated $25 million at the peak of her career in the 1990s. However, the following years weren’t kind to her.
In 2001, she paid $5 million to settle a lawsuit with four musicians who said they weren’t properly credited on her critically-acclaimed debut solo album The Miseducation of Lauryn Hill.
In 2013, Hill served a three-month prison sentence for failing to report more than $2.5 million in income and for failing to file tax returns.
At the time of writing, Hill’s net worth was estimated at $9 million.
Stephen Baldwin
The American actor, producer, and author, who is known for his films, The Usual Suspects” and Bio-Dome.” He is also a member of the famous Baldwin family of actors, including his brothers Alec, Daniel, and William.
He’s also the father of Hailey Bieber.
In 2009, Baldwin’s New York home was auctioned off due to more than $800,000 in defaulted mortgage payments, with tens of thousands in unpaid taxes.
That same year he filed for Chapter 11 bankruptcy and faced a $300,000 back tax penalty for failing to file New York state income taxes for three consecutive years.
Baldwin’s net worth is currently sitting at $1 million.
Chris Tucker
This fast-talking comedian made tens of millions in a flash with the blockbuster Rush Hour franchise, but depleted his fortune just as quickly.
After a series of management mistakes throughout the early 2000s, Tucker reportedly ended up owing more than $11 million in taxes for the years 2001 to 2005, though the exact figure is disputed.
The IRS then issued a $2.5million tax lien against him in 2014. Today, he has an estimated net worth of $5 million.
Tucker spent almost a decade out of the spotlight, but has been working to regain some of his fame. He released a stand-up Netflix special in 2015 that was met with mostly positive reviews.
Now, the comedian is set to make his Hollywood comeback having co-starred in the 2023 sports drama, Air, alongside Matt Damon and Ben Affleck. .
Gary Busey
Oscar nominee Gary Busey got his break in the entertainment industry when he rocked the music scene in the ‘70s as a drummer under the pseudonym Teddy Jack Eddy.
After a string of successful Hollywood films, including action films Predator 2, and Point Break, and his Oscar-nominated lead role in The Buddy Holly Story, Busey fell onto hard times.
In 2008, the star got the boot from his Malibu rental due to months of unpaid rent.
Then, in 2012, Busey made headlines again, this time for filing for bankruptcy with more than $500,000 in debt and less than $50,000 in assets — including a hefty chunk owed to the IRS.
His current net worth sits at $500,000.
Toni Braxton
During the ’90s, this Grammy-winning artist generated $170 million from the sales of her first two albums. Yet, two years after the 1996 release of Secrets, she filed for bankruptcy.
The star admitted to an addiction to spending money, but the real problem was that her record label at the time (the now-defunct LaFace Records) was giving her less than 35 cents per album sold.
She ended up suing to terminate her contract.
The tough times weren’t over yet. Braxton self-financed a Las Vegas residency to avoid more financial troubles, but the plan backfired. She was diagnosed with a heart condition and lupus, leaving her unable to perform..
As a result, she didn’t earn enough to pay all the vendors. Braxton filed for bankruptcy a second time in 2010.
Still, her popularity and work ethic have endured. She continues to perform regularly and her net worth sits at$10 million.
Teresa Giudice
One of the OG members of the Real Housewives of New Jersey, Teresa Giudice not only brings the drama to the screen but also shows off her extravagant lifestyle. And it came with quite a high cost.
Back in 2009, Giudice made headlines for filing bankruptcy with a whopping $8 million in liabilities.
However, things got even worse in 2013, when the legal hammer came down, and she and her husband, Joe, were indicted on multiple fraudulent charges. They entered a guilty plea where they were handed a $400,000 bill and 15 months of jail time.
Giudice was still able to bring herself back up after divorcing her former husband, although her net worth sits at only $500,000.
Meat Loaf
The musician and actor (born Michael Lee Aday), who died in 2022 at age 74, was a larger than life personality. He had incredible success over his multi-decade career in the entertainment industry, with more than 100 films and TV shows under his belt.
However he also found himself in some steep financial trouble.
In 1983, he was forced to declare personal bankruptcy after a series of legal battles with record companies. Meat Loaf notes, “It’s shameful. I ended up bankrupt. I lost my house and everything — even the publishing rights to my songs, which the bankruptcy court took away.
But I’m not the first artist who has ever been screwed.”
When his family announced the singer’s death in January 2022, Meat Leaf still managed to leave behind a $40 million legacy.
MC Hammer
Dope on the floor and magic on the mic, Stanley Kirk Burrell still boasts one of the best selling hip-hop albums of all time with Please Hammer, Don’t Hurt ‘Em.
The artist known as MC Hammer took home more than $33 million in 1991 alone, when he was still in his 20s. He splurged immediately, buying a private jet, 21 racehorses, a lavish custom-made mansion and keeping an enormous personal staff of 200 people on his payroll.
While he continued to spend, Hammer’s career never reached the same highs as it did in the early 1990s. He ended up filing for bankruptcy in 1996, when he was reportedly in debt to the tune of roughly $14 million.
Today, he is the co-founder of the website DanceJam and speaks about social media marketing at conferences around the world, including the Intel Capital CEO Summit and the Harvard Business School.
His current net worth is $2 million.
Wesley Snipes
These days, Wesley Snipes is just as famous for fighting the IRS as he is for fighting vampires on screen in the Blade franchise.
After earning nearly $40 million during his career peak between 1996 and 2004, Snipes was convicted of tax evasion in 2008 and sentenced to federal prison in 2010. He spent nearly three years in prison and was fined $5 million for willfully failing to file millions of dollars in tax returns.
After his release in 2013, the IRS moved to collect $23.5 million from him. (His offer to pay just $850,000 was rejected.)
The IRS may not have been the only source of his money troubles. The New York Post reported in 2009 that Snipes was a victim of an alleged Ponzi scheme.
Snipes continues to act, including 2021’s Eddie Murphy vehicle, Coming 2 America. His net worth now sits at $10 million, according to WealthyGorilla.
Nicolas Cage
Between 1996 and 2011, Nicholas Cage took home $150 million from his acting career. Bizarre roles in films like the The Wicker Man remake helped him earn his fortune, but they were matched by equally bizarre purchases.
In addition to spending $276,000 on a rare Tarbosaurus dinosaur skull, Cage had purchased a wide range of exotic animals, including a cobra. He also bought a private island in the Bahamas, two European castles and a reportedly haunted mansion in New Orleans.
In 2009, Cage sued his former business manager for fraud and negligence. The actor admitted he owed the IRS a total of $14 million in taxes.
Cage’s net worth is now $25 million. Even though he’s lost the majority of his fortune and is now more famous for meme-worthy moments than his Oscar-winning acting chops, Cage is still going strong.
He recently appeared in the DC Comics flick, The Flash, and has four upcoming films set for release in 2024.
Dennis Rodman
One of the most colorful NBA players in history, Dennis Rodman made around $27 million through 14 seasons of his basketball career — and that’s just the start. Off the court, Rodman has done it all: professional wrestling, reality TV, promoting marijuana-themed cryptocurrency, even acting as unofficial emissary to North Korea.
Yet in 2012, Rodman’s attorney said the former baller was “broke” and “extremely sick” and unable to pay more than $800,000 in back child and spousal support. According to media reports, Rodman’s lifestyle was costing him $31,000 a month, and his financial advisor said his earning potential was hampered by struggles with alcohol.
Today, Rodman’s net worth sits at only $500,000.
Kelly Rutherford
Although we think of her as a wealthy Upper East Side mom thanks for her role as Lily van der Woodsen on the original Gossip Girlactor Kelly Rutherford has experienced multiple financial hardships.
She’s been in numerous legal battles with her ex-husband, Daniel Giersch. They called it quits back in 2008, and from then on, it was a custody battle that drained her of more than r $1.5 million dollars.
As a result, she filed for Chapter 7 bankruptcy in 2013.
At the time, she claimed her assets were a mere $24,000, but her liabilities came in at a whopping $2 million. In 2023, Rutherford’s net worth sits at $1 million.
Lenny Dykstra
The ‘80s-era baseball sensation Lenny Dykstra was a star player for both the New York Mets and Philadelphia Phillies. Life took an unexpected turn after a drunk driving incident in 1991 and a string of injuries that sent him into early retirement at age 35.
The retired athlete sought new business ventures, dabbling in car washes and stock trading. But things took a nosedive from there.
Though the legend had a $58 million net worth in the early-2000s, he had a reputation for being a little too thrifty when it came to business deals and paying his employees. In 2009, Dykstra filed for Chapter 11 bankruptcy, showing that his assets were worth less than $50,000… against a jaw-dropping $10-50 million in liabilities.
Reports claim that his debts have now exceeded $25 million.
