At Celeb Network, we like to keep tabs on the net worth of big names. However, not every celebrity is able to keep hold of their riches. Here are some names who have lost their wealth over the years!
Nicolas Cage
We all love Nicolas Cage, but it seems the IRS didn’t share the same appreciation around a decade ago. From the mid 1990s, Cage bought new homes, cars, and was known for his collection of artefacts. Between the years of 1996 and 2011, rumors suggested that he had spent his $150 million net worth. After a tax bill in 2007, several properties had a tax lien placed on them, and he was forced into paying $6 million while selling his own belongings.
Today, he’s thought to be worth $25 million.
Mike Tyson
He might be financially stable now, but it took bankruptcy, time in jail, and rehab in order to get there for Mike Tyson. Back in 2003, he owed money to everybody from the British tax authorities and the IRS to a music producer. He soon paid $9 million as part of a divorce, and even fell behind with child support. Worth nearly $700 million at the height of his career, Wealth Gorilla have his net worth as low as $3 million in 2020.
50 Cent
Back in 2015, reports emerged that 50 Cent owed nearly $33 million due to lawsuits, child support payments, and various other debts. Soon after, he was declared bankrupt. In fact, he even had to refute claims that he had made lots of money after getting paid in bitcoins for a 2014 album. At his most desperate time, 50 Cent’s net worth fell by around $200 million.
Kim Basinger
Towards the end of the 1980s, the state of Georgia got excited as Basinger spent $20 million to buy a whole town. That’s right, she owned Braselton. Despite extravagant plans for a theme park, movie studio, and more, she filed for bankruptcy four years later. Within five years, she and various financial partners sold the land for $1 million.
Burt Reynolds
In 2015, Reynolds did an interview with Vanity Fair where he was brutally honest about his financial history. He said that, because he didn’t watch it carefully enough, ‘I’ve lost more money than is possible’. He went through an expensive divorce (and marriage), bought real estate, owned 150 horses, and even had a private jet. In 1996, he eventually filed for bankruptcy after owing more than $10 million.
MeatLoaf
Finally, MeatLoaf was huge in the 80s and 90s, but it’s not generally known that he declared bankruptcy in 1983. In a 2003 interview, he said that there were 45 lawsuits against him, with a total value of $80 million. According to MeatLoaf, he didn’t have the money everybody assumed because no royalties were paid from CBS until as late as 1997.
Other figures to have had money problems include Willie Nelson, Gary Coleman, Dennis Rodman, MC Hammer, and Mark Twain.
