50 Cent Declares Bankruptcy: 5 other Celebs that went Bust

15 Jul 2015 | COMMENTS: 0 | Author: Ryan Smith | General

US hip-hop star 50 Cent filed for bankruptcy in a US court this past Monday, with debts ranging between $10 and $50million.

But the ‘In Da Club’ star – whose mantra is ‘Get Rich or Die Trying – isn’t the only celeb to be declared bankrupt.

Here’s 5 Hollywood stars who could really do with a better financial advisor.

Mike Tyson

‘The most dangerous man on the planet’, Mike Tyson was riding high as undisputed boxing champion in the late ‘80s.

But his lifestyle got out of control and Tyson was forced to declare bankruptcy in 2003, despite having earned approximately $300,000,000 throughout his career.

His debts stemmed from back tax payments, divorce settlements and legal fees, as well as his extravagant lifestyle that saw him spend over $2million dollars in one year just on cars.

Oh… and £5,000 of outstanding debts for the care and upkeep of his tigers.

Wesley Snipes

The ‘Blade’ star not only had to file for bankruptcy back in 2010, but due to unpaid taxes, the 50 year old was sentenced to 36 years in prison!

Snipes’s tax advisors, Douglas P. Rosile and Eddie Ray Khan were also jailed, as they advised the star that there were no laws that actally required him to pay tax. This meant an unpaid tax bill of $15million purely for earnings between 1999 and 2001.

Snipes was released from prison back in 2013, and recently starred alongside Schwarzenegger, Stallone and a whole host of action stars in testosterone-fuelled blockbuster The Expendables 3.

Pamela Anderson

‘Baywatch’ star Pamela Anderson was a huge ‘90s pop-culture icon.

But her stint on prime-time TV and in high profile movies didn’t allow the actress a pass from paying her taxes.

With the money she was making, she opted to pay for $1million worth of renovations on her home: not the best move when you’re not paying the IRS.

Anderson had to declare bankruptcy, selling off the home she’d just renovated in order to pay off the debt.

Donald Trump

US Presidential candidate and the Alan Sugar to America’s version of ‘The Apprentice’, Donald Trump is one of the world’s most famous business moguls.

But as one of the richest men in the world, he’s stilled filed for bankruptcy four times. Or at least, his companies have.

In the US, Chapter 11 bankruptcy allows a company to continue trading while restructuring and reducing its debts; employees retain their jobs and money continues to be made.

This is the same form of bankruptcy that 50 Cent has filed for.

Donald Trump’s Taj Mahal Casino (1991), Trump Plaza Hotel (1992), Trump Hotels and Casino Resorts (2004) and Trump Entertainment Resorts (2009) have all filed for Chapter 11 bankruptcy.

Nicolas Cage

Nic Cage is just as famous for his absurd behaviour as he is for his movies.

So it’s no surprise to hear that he managed to blow through an estimated $100million fortune, eventually becoming insolvent alongside a $13million tax bill (what is it with these Americans and their refusal to pay their taxes?) in 2009.

As one of Hollywood’s highest paid actors (at one time he was bringing in around $40million each year), the man lived a billionaire lifestyle on a millionaires salary.

Some of the absurd purchases that likely contributed to his insolvency include:

  • A collection of shrunken heads
  • The first Superman comic, Action Comics #1
  • His very own private island (next door to Johnny Depp’s, no less)
  • And a range of wildlife including a crocodile, two albino king cobras, a shark and an octopus (presumably there wasn’t enough on that private island).

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