Some celebrities who have gone broke include Donald Trump, Michael Jackson, M.C. Hammer and Mike Tyson. Additionally, the late actor Gary Coleman and legendary country musician Willie Nelson have had past financial troubles.Continue Reading
Donald Trump and his different corporate entities have filed for bankruptcy a total of four times. In 1991, 1992, 2004 and 2009, Trump declared corporate bankruptcy, and in exchange for doing so, had to give up assets such as Trump Airlines, a mega-yacht and a large stake in the Grand Hyatt Hotel.
Michael Jackson, in 2007, filed for bankruptcy due to not being able to pay back a $25 million loan he had taken out on his home, Neverland Ranch. The estate, which reportedly cost $10 million a year to maintain, coupled with Jackson's spending habits, left the singer no choice but to file for bankruptcy, as he had just 0.05% of his net worth available in accessible cash at the time.
M.C. Hammer filed for bankruptcy in 1996 after accruing around $13 million in debt. While Hammer earned more than $30 million in the 1990s, purchases such as a $12 million mansion with a staff of 200 contributed to his debt.
Mike Tyson, who's earned more than $400 million in his lifetime, filed for bankruptcy in 2003 after accumulating a debt of around $27 million. The debt is attributed to a luxurious lifestyle and an expensive divorce.Learn more about Art & Literature