6 Famous People Who Lost All Their Money And Went Broke

we know what you're thinking how in the world does someone who makes millions of dollars go broke well we could probably live off a million dollars for the rest of our lives the celebs in this video it needed more than their measly multi-millions bad financial decisions in debauchery led the majority of them to the poorhouse make sure to keep watching until the end to see why Kanye asked Mark Zuckerberg for 1 billion dollars before some of these celebs declare bankruptcy make sure to LIKE this video subscribe to the richest and join our notification squad now here you go 6 famous people who lost all their money and went broke Michael Jackson when it comes to pop music Michael Jackson was the king of it even today nearly a decade after his untimely passing his legacy is still going strong with 13 Grammy Awards 26 American Music Awards and nearly 40 Guinness World Records you would think that he left this world super-rich but rumor has it that Michael was drowning in debt when he passed away at the ripe age of 50 back in 2009 Michael lived a very lavish lifestyle and his financial troubles began around the same time that he started getting accused of having inappropriate relationships with minors during his 2005 trial a forensic accountant testified that Michael was shelling out more money than he could afford to he was reportedly spending 20 million to 30 million dollars more than he earned per year Michael also faced foreclosure on his Neverland Ranch in early 2009 and was failing to make mortgage payments on a home in LA thankfully the late pop singer had wealthy friends who helped to soothe his financial woes but those wealthy friends were getting burned in the process one of them even filed for a 7 million dollar lawsuit after he failed to produce an album and autobiography with the millions of dollars that were given to him explicitly for those purposes in 2006 Michael had no choice but to refinance a nearly 300 million dollar loan from Bank of America to keep from going bankrupt while the IRS claimed that Michael had a net worth of 430 four million dollars on the day of his expiration his estate said he was worth a mere two thousand $105 but considering the King of Pop pulled in 825 million dollars in 2016 or sure that his estate is now doing just fine Johnny Depp widely regarded as one of Hollywood's most versatile actors Johnny Depp has fallen from grace in recent years his iconic Jack Sparrow will no longer be the lead in the Pirates of the Caribbean franchise he has been accused of domestic abuse by his ex-wife Amber Heard and he's even been sued by his own bodyguards and during a 2008 teen rolling stone interview that went on for 72 hours Johnny revealed that his bank accounts are empty too although he's made an estimated 650 million dollars from his successful acting career nearly all of it is gone Johnny blames his dire financial situation on his former managers TMG he even sued them for more than 25 million dollars back in 2017 his former managers countersued claiming that deaths in the situation that he's in because he has a two million dollar a month compulsory spending disorder on a list of purchases drawn up by TMG it was revealed that Johnny was spending $200,000 a month on private travel alone he also once spent three million dollars so that he could shoot the ashes of one of his friends into the sky via a cannon though Depp claims that the stunt cost him five million dollars he even reportedly shelled out a hefty 1.8 million dollars a year on his security team according to TMZ s lawsuit Johnny never had more than six months of savings in his bank account luckily for him he gets paid tens of millions of dollars per role but what good is that if he spends it recklessly his financial situation was so dire at the beginning of 2016 that his former managers were warning him that he only had 30 days of liquidity left if anything we just hope that this legal battle has taught Johnny how to shape up financially 50 cent fitty cent is responsible for some great early 2000 hits like into club and candy shop his early years were rough and he used to sell illicit substances on the streets but fitty cent somehow managed to succeed despite all the obstacles set in his way The Washington Post even estimated his personal net worth to be close to five hundred million dollars back in 2010 and as well didn't just come from his music career he was also a businessman one of the early investors in vitaminwater 50 reportedly made between 60 million to 100 million dollars after the company was sold to coca-cola in 2007 according to papers from the US Bankruptcy Court in 2015 our friend 50 was making over 185 thousand dollars a month from marketing and promotional deals alone well held a majority of us don't even make that much money in five years 50s monthly spending habits were out of control during that time period he was also core ordered to pay seven million dollars to the baby mama of one of his rivals and 18 million dollars to headphone manufacturer sleek audio all of this culminated in 50 filing for bankruptcy according to Forbes while his assets totaled close to 25 million dollars in 2015 the court rulings pushed his debt to 32 point 5 million dollars but bankruptcy wasn't a big deal to 50 cent in a 2018 interview with The Guardian he said it was just me getting my discount reorganization isn't broke you know many people actually wondered if he was taking the situation seriously enough especially after he posted a picture of him next to piles of cash which he claimed were prop money that spelled out the word broke thankfully 50-cent was discharged of bankruptcy after he finally paid back his millions of dollars worth of debt Lindsay Lohan once upon a time Lindsay Lohan was one of the hottest actresses out there from The Parent Trap to Mean Girls 2 Freaky Friday she was the star of the many iconic movies at the height of her career it's estimated that she was worth over 7 million dollars sadly Lindsay got caught up in the very expensive world of partying and illicit substances back in her heyday she reportedly spent nearly a half-million dollars a year to live at the infamous Chateau Marmont where she lived for a couple of years she probably would have stayed there longer if she wasn't convicted and banned from the hotel this happened after she racked up an unpaid bill of forty six thousand dollars but reckless spending isn't the only way in which the actress burned through her cash between 2007 and 2013 Lindsay had multiple run-ins with the law she was arrested for everything under the Sun for driving under the influence reckless driving possession of illicit substances stealing and assault she was a classic example of a young adult who grew up with too much too fast and she had parents who were very lacks when it came to disciplining her Lindsay was court-ordered to rehab more than a couple times which must have cost her hundreds of thousands of dollars over the years plus she was constantly paying big bucks to bail herself out of jail during that time period in 2017 it was revealed that the actress still owed the IRS over $100,000 in taxes from the years 2010 2014 and 2015 Charlie Sheen even once gave her a check of $100,000 to help dig her out of her financial woes thankfully she seems to have turned her life around and now owns a thriving beach resort in Mykonos Mike Tyson Mike Tyson is often made an example of to show other pro athletes what not to do with their money he had a thriving boxing career that made him more than four hundred million dollars but he didn't have much to show for it by the time he retired that's because in 2003 Tyson filed for chapter 11 bankruptcy he spent his money on jewelry mansions cars limousines cell phones parties and motorcycles as if he had all the money in the world a few months before filing for bankruptcy Tyson picked up a $173,000 gold chain that was lined with 80 carats in diamonds but as it turns out he never actually paid for the piece the Las Vegas jewelry store didn't think much of it when he left without paying because he'd been buying expensive jewelry from them for a while in all he claimed to be twenty-seven million dollars in debt he spent $400,000 to maintain his lifestyle and owned Tigers who lived better than most human beings looking back on it more than a decade later tyson admits that he became accustomed to making tons of money and was taken advantage of by those around him while he's nowhere close to having the hundreds of millions of dollars that he used to own tyson has managed to get himself back up to an estimated net worth of three million dollars kanye west when you think of famous people who are broke the name kanye west probably doesn't come to mind married to Kim Kardashian who has an estimated net worth of 350 million dollars and still in his prime as a rapper it's hard to believe that Kanye could be broke but on February 14 2016 the rapper tweeted out that he was fifty three million dollars in personal debt he even called upon Mark Zuckerberg to invest 1 billion dollars into his ideas to help him in his hour of need three years prior to this tweeting spree Kanye proposed to Kim by renting out an entire baseball stadium and hiring the Chicago Symphony Orchestra but Kanye claims that he went into debt while trying to break into the fashion industry his first clothing line pastel ceased production after only a few months he created a line of G ood good merchandise for his record label he even reportedly put out thirty million dollars for a woman's wear line that never made it to stores in 2011 whether Kanye was telling the truth or not he tweeted in April two thousand eighteen that he makes more money on shoes than Michael Jordan so that must mean that he's doing better now and that's it for six famous people who lost all their money and went broke what would you do if you were given a million dollars would you spend it all like our poor famous friends or would you invest it in your future thanks for watching and don't forget to subscribe

Channel: TheRichest

Views: 2,267,680

Rating: 4.476243 out of 5

Keywords: The Richest, TheRichest, Kanye West, Michael Jackson, 50 Cent, Mike Tyson, Lindsay Lohan, Johnny Depp, cash poor, bankrupt, broke, famous people, celebrity, luxury living, millionaire, billionaire, Kim Kardashian, IRS, Kanye West ideas, Mark Zuckerberg

Id: -aV6aMgzldI

Length: 10min 47sec (647 seconds)

Published: Sun Nov 11 2018