Celebrities tend to live in some of the most lavish ways possible and most celebrities never have to worry about money but there are some cases where world-famous celebrities have lost all their money.
Some people might think that it is impossible to lose millions of dollars but there are many ways in which people lose their fortune some have even gone bankrupt, in fact even the world’s most famous athletes have gone bankrupt losing all their hard earned fortune.
We have listed 10 celebrities who lost all their money and are poor below
Top 10 Celebrities Who Are Poorer Than You Think
1. Michael Jackson
It is hard to imagine that the King of Pop was in debt before his death despite the fact that he was once one of the best-known celebrities and still is regarded as one of the biggest figures in music history. He was $500 million in debt at the time of his death.
According to his original plan, he wanted to resolve the debt he had accumulated by touring and giving concerts around the world, but his sudden demise changed everything.
His financial status started declining after the star faced a lawsuit of $22 million filed by the parents of a 13-year old boy concerned about the inappropriate way in which Jackson had behaved with him.
During this time some sources reported that he spent around $20 to $30 million more than he made per year.
2. Nicolas Cage
World-renowned action star Nicolas Cage is worth around $25 million as of June 2019 but he was once around a staggering $150 million.
He blew all of his fortunes by making expensive purchases, and extravagant expenditures. He was once one of the richest celebrities in the world but squandered away most of his fortune. His divorce from former wife Erika Koike is of the reasons.
The couple got divorced after 4 days of being married and the legal fees and expenditure of divorce also caused a hit on his wealth.
3. Mike Tyson
The baddest man of the Planet Mike Tyson is undoubtedly one of the greatest boxers of all time who has earned over $300 million over his infamous career. He was already a controversial figure while coming up the ranks in boxing the ranks in boxing.
He was the premier boxer in the past but his wealth has dwindled down from his prime and he is worth only around $3 million as of June 2019.
The retired boxer spent money on extravagant things like tigers and had to file for bankruptcy. He also faced a lot of lawsuits from alleged sexual victims.
4. Stephen Baldwin
American celebrity Stephen Baldwin has made a name for himself in the world as a celebrity but he is unlucky when it comes to wealth. He even filed for bankruptcy in 2009 and was back on a couple of mortgages.
The celebrity has a net worth of around $500 thousand as of June 2019 but was worth more in the past.
5. 50 Cent
Gold chain wearing and poster boy for flashy, rapper 50 Cent who makes a lot of money from his rap career and business empire but he was $32.5 million in debt in 2015.
The bulk of his net worth was lost due to a number of lawsuits and child support payments.
6. MC Hammer
The "U Can't Touch This," rapper MC Hammer was the hottest thing back in the 1990s. He went bankrupt in 1996 after spending extravagantly on lavish things like a horse stable and at one time employed more than 200 people in his home.
In 1996 he had a debt of around $13 million, most of his losses occurred in lawsuits and he spent the rest of the money away.
7. Dennis Rodman
One of the greatest rebounders in NBA history Dennis Rodman was once teammates with Michael Jordan and Allen Iverson and was a multimillionaire. He blew away from all his money in lavish expenditure and also paid a lot of money paying lawyers who fought his case in lawsuits.
At one time he was $800,000 back in child support payments and it was reported by his lawyers that he was broke and not able to afford basic living costs at the time. He is worth $-1 million as of June 2019.
8. Kim Basinger
Another celebrity who lost her millionaire status due to a devil may care attitude when it came to spending, Kim Basinger bought a 1,691-acre town for around $20 million in 1989.
She also spent $31,000 a month on clothes, pets, and ex-husband Alec Baldwin. She settled the property bought in 1989 after she went bankrupt for a huge loss.
9. Marvin Gaye
Legendary singer Marvin Gaye made a name for himself in the music industry with hit songs like “Let's Get It On" and "I Heard It Through the Grapevine". Gaye owed $400,000 in alimony and also spent a lot of money on lawsuits and court-ordered payment.
He also filed bankruptcy in 1976 and couldn’t even keep up with payments. He is one of the celebrities who you wouldn’t believe went bankrupt.
10. Burt Reynolds
Acting legend Burt Reynolds is one of the most well-known figures in show business. It is almost unbelievable that he was $11.2 million in debt and couldn’t pay a loan back to CBS.
He spent hefty amounts on properties and spent lavishly buying 150 horses and over $100,000 in toupees which dwindled down his fortune.