10 Filthy Rich People Who Lost Their Fortunes

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- (chuckles) Everyone, I just made a billion dollars and it's gone just like that. So many of us have dreams of being rich and famous. Or, at least the rich part. And some people actually attain that dream. But then sometimes as quickly as they amass their fortune, they lost it all in spectacular ways. Here are 10 filthy rich people who lost their fortunes. Number 10 is Mike Tyson. "I can't buy dinner no more, let me eat your ear." Over his 20 year career, from 1985 to 2005, former boxing heavyweight champion Mike Tyson was showered with respect. He knocked out every opponent in his first 19 fights which brought in bigger and bigger paydays with each fight and promo deal. By the end of his run, he made over 400 million dollars. But he managed to go into debt by over 38 million dollars. Lavish spending and financial irresponsibility had him hemorrhaging money by the millions. Tyson's monthly expenses amounted to nearly $400,000. And the man spent millions on cars, parties, two tigers, his elaborate gardens, and salaries for dozens of people. The once undisputed champ filed for bankruptcy in 2003. Though Buster Douglas was the first to give him a knockout, Tyson's biggest came from his wallet. Number nine is Rick Burton. Nevada developer and Rightpath Limited co-founder Rick Burton was looking like a superstar in 2008, outbidding other millionaires for big projects. And two major ones helped bring his entire empire crashing down. The first was a project in Las Vegas which would bring a corporate luxury jet terminal to McCarren International Airport. The second was a resort in Glendale, Arizona, called Main Street. But, neither endeavor ever came to fruition. After their failures, dozens of lawsuits were filed against Burton and Rightpath by unpaid creditors. After having hundreds of millions of dollars, he ended up in 2012 owing over 310 million dollars in debt. Rick Burton was forced to file for chapter seven bankruptcy, revealing that he had only $6,600 to his name. Well, at least he spent all his money on business ventures as opposed to, like, avoiding his giant tax bill. (laughing) Who would do that? That's coming up next? Number eight is Willie Nelson. While he is unquestionably one of the most famous country music artists of all time, Willie Nelson has found himself neck-deep in financial trouble. In the late 1980s, the superstar was handed a tax bill of 16.7 million dollars, a staggering number the man simply couldn't afford. After some smart work by his legal team, led by attorney Jay Goldberg, got that amount down to six million, Nelson still couldn't come up with such an amount so he simply ignored it. But, as you could imagine, the IRS does not like being ripped off by any such an amount. On November 9th, 1990, Nelson's home was raided and all of his assets were seized. Literally, the only thing the IRS didn't take was Trigger, his guitar. Eventually, through an unusual deal involving giving proceeds from a new album directly to the IRS, Nelson paid what he owed. Hoo, that is savage by the IRS. They're gonna take everything, but, "Here, Mr. Nelson, we're just gonna leave you your guitar." "Enjoy." Number seven is Clint Murchison Jr. Imagine inheriting your family's assets and vast wealth and then losing more than you gained. Well, that's just what happened to Clint Murchison Jr., who inherited his father, oil baron Clint Murchison Sr.'s companies and fortune. Unfortunately, due to several bad investments and business decisions, Murchison squandered that wealth fairly quickly. After establishing the Dallas Cowboys as an NFL team, he sold them far too early collecting a fraction of what he would have earned if he waited. Mistake after mistake cost him dearly. With the plummeting price of oil and a collapsing real estate market, Murchison found himself nearly half a billion in debt. In February 1985, Murchison was found in one of the biggest personal bankruptcy cases in the history of the United States. Number six is Marvin Gaye. ♪ Let's get it on ♪ In the 1960s, Marvin Pentz Gay Jr., more famously known as Marvin Gaye, was a big musical success helping to redefine Motown. But in the early 1970s, Gaye left the pop genre behind. After grieving over the loss of a dear friend and collaborator Tammi Terrell's death, began releasing darker and sadder music. In 1977, despite having made tens of millions of dollars with his music, Gaye found himself addicted to drugs and in the midst of a divorce with Anna Gordy, his first wife. And just like that, he was broke. He couldn't even afford to pay the $600,000 that he owed in alimony. So, he gave Gordy the rights to his next album. Unfortunately, sales were low and by 1981, Gaye was hiding out in Europe avoiding the IRS due to unpaid taxes. ♪ I need financial healing ♪ ♪ Hiding out, oh yeah ♪ Number five is Jack Whittaker. Andrew Jack Whittaker took home a cool 113 million after winning the Power Ball Lottery in 2002, the biggest jackpot ever paid out in West Virginia. But less than a year later, began losing it in large numbers. $545,000 that he left in a suitcase in his car, for some reason was stolen. "Okay, honey, just going to the store. "Got all my money in a suitcase. "This can't end badly." He gave tens of millions to various charities including starting his own and gave the person who sold him the ticket a new house, Jeep, and a check for $44,000. In 2004, Whittaker's granddaughter and her boyfriend were each found dead, which led Jack down a dark path. Losing millions to gambling and giving lots away, he was sued by Caesars Atlantic City Casino after checks amounting to 1.5 million bounced. In the end, Whittaker ended up losing more than he won. See, this is why people say money doesn't make you happy. Go for a walk, find a loved one, meditate. That's the stuff that makes you happy. No joke here, just giving you some life advice. Number four is Curt Schilling. On September 25, 2007, Curt Schilling threw his final pitch for the Boston Red Sox, retiring from professional baseball after having made over 150 million dollars over 20 years. He created Green Monster Games in 2006, soon after changing its name to 38 Studios and was given a 75 million dollar guaranteed loan from the Rhode Island Board of Economic Development to develop the business and bring 450 needed jobs to the area. However, even after the launch of the company's first game, a mass email was sent out laying off all the staff members. Schilling's company defaulted on the loan and didn't have enough to fulfill payroll. "Yes, hi, Curt, it says my paycheck bounced. "What happened?" "Oh, that, no, just, we're out of money. "We're bankrupt." "Oh, well, okay. "Well, I'm gonna take the stapler 'cause that's mine." It filed for bankruptcy on May 24, 2012, leaving Curt Schilling with a net worth of only 1 million and in a lawsuit with the state of Rhode Island. Number three is M.C. Hammer. I don't care if he's bankrupt, I will forever love this guy's parachute pants. Better known for his hit hip-hop song U Can't Touch This, the parachute pants-wearing American rapper, Stanley Kirk Burrell, better known to millions as M.C. Hammer, was the pioneer of pop rap in the late 80s and early 90s, and the first rapper to hit diamond status for an album. According to Forbes Magazine, in the early 90s, Hammer enjoyed a financial status of over 33 million dollars. However, the mid to late 90s found his album sales plummeting and his unpaid loans, luxurious lifestyle, and payroll for his many employees cost him a lot more than he had. He wound up in debt over 13 million dollars while still trying to support his friends and family. On April 1, 1996, after realizing there was no way he could recoup the cost that he'd accumulated, Hammer filed for chapter 11 bankruptcy. "Hey, Hammer, you owe me money. "No, break it down." Number two is Sean Quinn. In February of 2008, John Ignatious Quinn, better know as Sean Quinn, was the richest person in the Republic of Ireland, Amassing over six billion dollars in wealth through clever business deals and investments. But, soon after reaching that billionaire status, everything came crashing down for the businessman. Confident in his fortune, Quinn quickly increased his family stake in the Anglo Irish Bank in early 2008. But, later that same year, the bank experienced near collapse and was taken over by the Irish government in January of 2009. Quinn Insurance and Quinn personally were fined millions for improper loans, aiding in his financial woes. But, amazingly, it took less than three years for Quinn to lose his billions. He was declared bankrupt in 2011. So much for luck of the Irish. And number one is Michael Jackson. Though he was beloved by million upon millions of fans worldwide and brought in over 300 million dollars with the sale of his music alone, the King of Pop met financial ruin and then went far past it. Michael Jackson made some very wise investments, including the purchase of The Beatles music library for 47.5 million dollars. But, unfortunately, made some more bad ones. In 1988, he spent 17 million dollars on the land supporting the Neverland Ranch and then proceeded to spend around five million dollars a year on keeping it operating. After court settlements cost him tens of millions brands began dropping him en masse, reducing his income while his expenses grew. It's estimated that by the time he met his untimely death, Jackson had gone into severe debt and owed anywhere between 300 and 500 million dollars. Regardless of all that, we can all agree that Bubbles the Chimp was probably the best investment. Look at that little monkey, so cute. I want one. So, those were 10 filthy rich people who lost all of their fortune. If you guys enjoyed this, remember to give it a big thumbs up. Also, be sure to subscribe to my channel, if you haven't yet, and click the bell beside the subscribe button to enable notifications so that you never miss a thing because I release new videos all the time. Thank you for watching and I'll see you guys next time. Bye-bye.
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Channel: Matthew Santoro
Views: 609,740
Rating: 4.9228263 out of 5
Keywords: rich people vs poor people, rich people snapchat, rich people problems, rich people shopping, rich people house tour, rich people exposed, rich people getting owned, rich people lifestyle, rich people who went broke, rich people who took it too far, rich people who lost it all, rich people who live simple, rich people who are broke, rich people who were poor, richest people in the world 2018, richest people on youtube
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Length: 11min 21sec (681 seconds)
Published: Fri Apr 06 2018
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