Celebrities often have the best savings accounts there is. After all, they earn hundreds of thousands, maybe even millions, of dollars whenever they make movies or get endorsement deals and the like. It’s always a surprise, therefore, to hear of a popular star or artist go through bankruptcy. After all, how is it possible to spend all that money in their bank accounts? It does happen, however, and more often than you might think. This could be because of overspending on cars and diamonds, and maybe even snapping going crazy over homes for sale. For some, it may even have something to do with bad life decisions like substance abuse. Here are some very interesting ways in which big stars depleted their net worth.

John Elway

John Elway is considered as one of the greatest American football quarterback off all time, and during his 16 career season, he devoted all to the Denver Broncos.  Since he was in demand for his skills at that time, Elway earned millions playing America's favorite sport.  When he retired, he was worth around $145 million, some of which he invested in a Ponzi scheme, and lost a lot of money in that.  The loss hurt the football legend financially, especially when he chose financing the Ponzi scheme over buying a 10% stake in the Denver Broncos team for $15 million.  Had Elway accepted the offer made by Broncos owner Pat Bowlen then, he could have earned a whopping $388 million today.

Toni Braxton

Songstress Toni Braxton has several hits to her credit and has sold millions of albums at the height of her career. She was also the recipient of 6 Grammy Awards. Despite her massive success, however, she still accumulated a whopping $50 million in debt. She had no choice but to consolidate debt and file for bankruptcy.

Jose Canseco

Jose Canseco is one of the biggest names in baseball and was even hailed as one of the best in the Major Leagues for a time. At the height of his fame, he enjoyed a massive payroll, as well as numerous endorsements, which meant that his net worth was through the roof. Unfortunately, he wasn’t too diligent in paying his taxes and the IRS tax attorney finally caught up to him in 2012. He ended up paying an undisclosed amount in back taxes, which likely amounted to several million.

Warren Sapp

There was a time when the Oakland Raiders and the Tampa Bay Buccaneers paid their star defensive tackle Warren Sapp millions just to ensure their win. But it looks like the former NFL player was good at earning money but not investing it well. Having signed NFL deals worth $77 million, he was only left with $1,000 in his bank account and a $6.7 million debt, which forced him to file for bankruptcy. Things got so bad that he had to auction off all his prized possessions just to avoid going to jail. Among the items sold off were over 200 pairs of sneakers, an amazing 10,000-square-foot mansion in Florida and a pair of boxing gloves signed by boxing legend Muhammad Ali.

Leif Garrett

Leif Garrett shot to fame in the 70's as a young singer and actor who was very much beloved by the public. Despite his wholesome image, however, he ended up developing a drug addiction. He was in and out of drug rehab centers for years, which almost depleted his once-hefty bank account.

Larry King

Veteran TV personality and host Larry King has been at the top of his game for many decades now, both in terms of prestige and net worth. It’s a surprise, therefore, that he actually hit a rough patch in 1978 when he had to hire a bankruptcy attorney to get him out of a financial bind. Thankfully, he was offered his own show, Larry King Live, shortly after, which was the debt relief he needed at that time.

Busta Rhymes

Busta Rhymes was one of the most promising rappers of the 90's, although he never did achieve superstar status like some of his contemporaries. Despite this, he lived the superstar lifestyle, spending his payroll lavishly without much regard for his taxes. He ended up requiring serious tax help when he owed the IRS a massive $800,000, which he simply didn’t have.

Lauryn Hill

Lauryn Hill shot to fame as the front woman of The Fugees with hit songs like Killing Me Softly to her credit. For that song alone, she earned millions. However, even all the tax help she could get from her lawyers couldn’t keep her out of prison in which she ended up spending 3 years. With her sentence over, she’s slowly making a comeback and building up her net worth again.

Mike Tyson

Mike Tyson is not only the world’s most infamous boxers, he is also one of the most successful. In fact, his net worth is estimated to be a $400 million. However, in 2003, he owed a whopping $50 million upon debt consolidation. So Mike used his considerable popularity to make appearances in various movies, which helped him not only recoup his losses, but even grow his bank account.

Lorraine Bracco

You may know actress Lorraine Bracco as a series regular in The Sopranos, playing the lead character’s therapist. She was also in a long-term relationship with actor Harvey Keitel with whom she has a daughter. When their relationship went south, the pair was embroiled in a heated custody battle for the child, which left Lorraine with over $2 million in debt, affecting her credit score greatly.

Willie Nelson

Willie Nelson is a true country music legend. However, even he wasn’t spared from the ire of the IRS tax attorneys when he accumulated a massive $16-million tax debt in the 90's. Willie had to declare bankruptcy, which is a real inconvenience for someone near retirement age.

 

Abraham Lincoln

These days, American presidents are pretty much protected from financial ruin. However, back in the early days of the republic, presidents didn’t enjoy such a privilege. In fact, Abraham Lincoln, undoubtedly the most esteemed POTUS in the history of the US, actually filed for bankruptcy twice and didn’t enjoy debt relief until at least the 1840.

Dorothy Hamill

Dorothy Hamill was at the top of her game at some point, being one of the best figure skaters in the world and even earning an Olympic gold to boot. Unfortunately, she made a very bad investment when she bought The Ice Capades, a traveling skating group, which left her with debt amount to a whopping $1.6 million.

Zsa Zsa Gabor

Zsa Zsa Gabor was one of the biggest names from Hollywood’s Golden Age. Of course, she had the huge net worth to show for it. That is, until she decided to invest $10 million in 2009 on Bernie Madoff’s scheme. She ended up needing help from her bankruptcy attorney.

Ted Hawkins

Despite his amazing talent and relative success, musician Ted Hawkins spent most of his life in debt. He was already poor to begin with and was singing on the streets when he was discovered and offered a recording deal. Even with a fairly sizable recording contract, he was still struggling to make ends meet as he had a serious substance abuse problem, which lasted until his untimely death at the age of 58.

Marvin Gaye

Marvin Gaye’s story is likely one of the saddest in this list. He shot to fame in the 70's and earned millions in his bank account from his many hits. Unfortunately, his money soon ran out in 1979 and he ended up living in his van after filing for bankruptcy. He was eventually shot to death by his own father.

Sinbad

Sinbad is one of the most successful comedic acts in recent years. Despite claiming that he maintains a modest lifestyle, he still ended up filing for bankruptcy not once but twice. In fact, by the second time, he was in debt for $11 million. Who really knows what happened there? Bad financial planning, perhaps.

Mickey Rooney

Mickey Rooney was a true Hollywood legend with a career that started at age 6 and lasted until his death at age 93. Despite the success and sizable net worth that he built up throughout his almost 9-decade career, he still filed for bankruptcy in 1962. In fact, he claimed that he was down to his last $500 during that rough period.

Allen Iverson

At the height of his career, Allen Iverson was one of the best players in the NBA with a commensurate payroll of $20 million per season. Throughout his career, he was estimated to have earned a total of $150 million. Unfortunately, he didn’t live within his means. Not only that, he went through a very costly divorce in 2012 so that by the time he retired in 2013, he was all but bankrupt.

Evander Holyfield

As heavyweight champion of the world for a time, boxer Evander Holyfield earned millions upon millions of dollars in endorsements. Despite having the best savings account imaginable, however, he soon racked up $14 million in debt. He ended up selling his properties, including his fabulous mansion. Unfortunately, this move only covered a fraction of what he owed, so there’s no debt relief for him just yet.

Kim Basinger

Kim Basinger was of Hollywood’s most bankable actresses for a time with an Oscar to her credit. She was truly at the top of world and probably felt invincible when she pulled out of filming Boxing Helena in 1993. This decision turned out to be a bad one as she breached her contract, which resulted in the studio suing her for $8.1 million in damages. With the help of her attorneys, she managed to pay a settlement of $3.8 million. Still, she ended up filing for bankruptcy afterwards.

Wayne Newton

Wayne Newton is a Las Vegas institution of sorts as one of its longest, most successful, and highest earning acts. However, he was also living a high-flying Vegas lifestyle which any financial advisor would disapprove of. Not only that, he made an investment in an attempt to own the Aladdin Hotel. As a result, he found himself in debt for about $20 million and it took 5 long years for him to recover.

Tionne “T-Boz” Watkins

The ‘T’ in popular 90’s girl band TLC, T-Boz had millions of dollars in her bank account at some point. After a series of unfortunate events, however, this was soon depleted. She found out that she had a brain tumor but had to pay for surgery out of pocket as she had no health insurance. She then ended up defaulting on her car loan and mortgage, which led her file for bankruptcy in 1995.

Tammy Wynette

To this day, Tammy Wynette remains a legend in the country music scene with massive success that spanned over 20 years. It was a surprise, therefore, that she went bankrupt in the late 80’s after investing in 2 shopping malls in Florida which went bust. Fortunately, her career was intact and she was able to recoup some of her losses.

Warren Sapp

Warren Sapp was a huge NFL star back in the day. Even in retirement, he remains a respected name in the sport as a member of the hall of fame. In 2012, however, he had to file for bankruptcy when he depleted his bank account due to excessive spending. Some of his most lavish purchases included $6,500 worth of Air Jordan sneakers, as well as a lion skin rug.

Walt Disney

Before his massively successful movies and theme parks, Walt Disney struggled for years to make ends meet. It didn’t help that he made bad investments in several failed ventures, including Laugh-O-Gram, the precursor to the Walt Disney Studios of today. In 1923, he had to file for bankruptcy. However, he started Walt Disney Company soon after, and the rest, as they say, is history.

Cyndi Lauper

Cyndi Lauper undoubtedly ruled much of the music industry back in the 80’s. However, she did have an epic struggle to get to the top. She started out as the front woman for a band called Blue Angel, which was then sued by their ex-manager for $80,000 after disbanding. This left Cyndi in bankruptcy, and she had to take on jobs at IHOP while singing in clubs on the side. She finally got her big break when she was signed as a solo artist.

50 Cent

Rapper 50 Cent, real name Curtis Jackson, had an estimated net worth of about $50 million. Unfortunately, he owed just as much, making his moniker a completely ironic one. Not only that, he was sued by Lavonia Leviston for releasing an adult video that they made, and despite his lawyers’ best efforts, he was made to pay $5 million in damages. He filed for bankruptcy soon after.

Dylan Sprouse

Dylan Sprouse is the other half of the Sprouse twins who starred alongside his brother Cole in The Suite Life of Zack and Cody. While Cole went on to continue acting, Dylan all but dropped out of the limelight. After earning his university degree, he reportedly lost all his money to his gaming habit. He was later spotted working as a waiter in New York. However, it looks like he has since recovered as he now runs a relatively successful business.

Dustin Diamond

You may recognize actor Dustin Diamond as the kid who played fan favorite Screech in Saved by the Bell. When the hit sitcom ended, his career also pretty much ended. Despite the massive payroll he enjoyed, however, it came to light that he was actually broke as his parents spent most of his money. He was even unable to pay his mortgage, and in order to save his home from foreclosure, he had to raise money by selling custom t-shirts with his face on it to nostalgic fans.

Mark Twain

Mark Twain is undoubtedly the man who shaped American literature as it is now. He was so successful back in the day that his earnings would have been equivalent to millions of dollars today. However, he had very poor financial planning and made a bad decision by investing on the Paige typesetting machine. Not only that, he transferred his copyrights to his wife. He ended up filing for bankruptcy.

Tom Petty

Tom Petty was one of the most successful musical acts of all time. He was also one of the smartest. In 1979, he filed for bankruptcy, but not because he ran out of money in his bank account. It was a calculated move that allowed him to change record labels as there was a loophole in his active contract that rendered it null and void following such an act. They had no choice but to let him go, and he was able to switch to the label he preferred. A bold move, indeed.

Mick Fleetwood

Mick Fleetwood needs no introduction as the drummer and founder of legendary band Fleetwood Mac, which enjoyed massive success in the 70s and early 80s. Despite the best selling albums and the numerous hits they released, Mick filed for bankruptcy in 1986. At that time, he had assets amounting to $2.4 million. Unfortunately, he owed a lot more than that at $3.6 million. There was no debt relief in sight for Mick, and the court eventually allowed his assets to be seized, as well as a percentage of his share of the royalties.

Jon Gosselin

Reality star Jon Gosselin of the reality show Jon & Kate Plus 8 was in a real financial quandary when the show was discontinued following his separation and divorce from Kate. He was sued by a previous employer for a million dollars. He also couldn’t pay his rent and was evicted. He has since been working odd jobs like DJ-ing and banking on his modest fame.

Joe Francis

Joe Francis is the infamous guy that everyone loved to hate in that equally obnoxious show Girls Gone Wild. He got into trouble because most of the girls filmed on the show were underage, so he needed a criminal attorney to bail him out. He also owed millions in taxes and the IRS tax attorney went after him for that. Finally, he incurred a gambling debt amounting to $2 million. Not only did he file for bankruptcy, he also went to prison.

Don Johnson

Actor Don Johnson was a true institution in 80’s television as the star of Miami Vice. The payroll from the show alone helped his net worth skyrocket to millions of dollars. Unfortunately, even his millions couldn’t keep up with his lavish lifestyle, and he ended up declaring bankruptcy not once, not twice, but 4 times!

Sly Stone

You may know Sly Stone as the very colorful frontman of the band, Sly & The Family Stone, which is one of the most famous and successful funk bands of all time. Unfortunately, it was discovered in 2014 that he was practically destitute, living in a camper van in Los Angeles. Apparently, he lost most of his assets and the money in his bank account due to mismanagement. He won a lawsuit against his former managers and financial advisors and was given back the $5 million in royalties that was due to him.

Corey Haim

Corey Haim shot to fame in the 80’s when he starred in The Lost Boys, becoming one of the most popular teen stars of that time. His career waned as he grew up, however. Worse, he also developed a problem with drug addiction, which led to his death by overdose in 2010. By this time, he was completely penniless, and his family had to appeal to the public to fund his funeral.

Margot Kidder

Many will know Margot Kidder as the original Lois Lane, who starred opposite Christopher Reeve in the Superman movies of the 80’s. It was quite a surprise, therefore, when she was reportedly found homeless and sleeping on the streets on cardboard boxes. It was then found that she showed signs of depression and schizophrenia and desperately needed mental help.

Randy Quaid

Randy Quaid is best known as the brother of Dennis Quaid, but he is also a prolific character actor who enjoyed moderate success. Despite this, he got into trouble in 2010 after he and his wife ran away from a $10,000 hotel bill. Later, he was found squatting on a property that he used to own but had since sold. Just as the law closed in on them, the pair then ran off to Canada. They have since been extradited to the US where they are working with attorneys to get them out of this bind.

Tyler Perry

Tyler Perry is one of today’s most popular and successful comedians, thanks to his Madea series of movies, which proved to be a real hit. Before that, however, he had to live in his car for a while when he lost all his money writing and producing I Know I’ve Been Changed, which flopped spectacularly. He has since gotten back on his feet with an even more spectacular net worth, so his days of homelessness are well behind him.

Wesley Snipes

Wesley Snipes was one of the biggest action stars in the late 80's and early 90's with countless blockbuster movies, such as Blade to his credit. Unfortunately, he wasn’t able to fight his way to tax relief and he ended up spending 3 years in prison when the IRS finally caught up to his $12-million tax debt.

Ray Williams

Ray Williams will go down in history as the man who led the New York Knicks to glory in the 1979/80 season. Decades later in 2010, he lost his home after being unable to pay his mortgage and had to live in his car. He was also diagnosed with colon cancer soon after and was unable to get cancer treatment because of his lack of health insurance, which led to his demise in 2013.

Barbara Payton

Barbara Payton was one of Hollywood’s most promising bombshell actresses in the 50’s. She was even touted to be the next Marilyn Monroe at some point. Unfortunately, she had severe alcoholism, which ruined her career and her finances. She then became an entertainer in order to support herself but passed away due to liver disease at only 39 years old.

Willie Aames

Willie Aames was a young star in the late 70’s and 80’s who starred in sitcoms like Eight is Enough and Charles in Charge. By the time the 90’s rolled around, he had no career to speak of. Unable to pay his mortgage, his home was seized and he was discovered sleeping in bushes and parking garages.

Burt Reynolds

Burt Reynolds was a real Hollywood legend. Despite his considerable clout and the number of movies he made throughout his long career, however, he was only worth a paltry $3 million when he passed away earlier this year. He fell on hard times in the 90's when his debt reached an all-time high of $9.4 million, prompting him to file for bankruptcy. Thankfully, he managed to recover some of his fortune before his death.

John Drew Barrymore

Yes, John Drew Barrymore is Drew Barrymore’s father. What most people don’t know is that he was also an accomplished actor from the late 50’s to 60’s. However, his career was marred by substance abuse and bad financial planning, which led to his ruin. He even spent some time in prison and was homeless at some point.

Eric Williams

Eric Williams is a former NBA player, but he will probably best remembered for his abusive language when he hurled insults at his wife in the reality show, Basketball Wives. When the couple divorced, he lost most of his money as he had to pay child support amounting to $24,000 per month. He was soon unable to pay his mortgage and ended up homeless.

Paula Jai Parker

Actress and comedian Paula Jai Parker had roles in films like Hustle & Flow and Friday to her credit, among others. However, she never really went mainstream as an actress. Unable to get more acting jobs, she ended up homeless when her condo was foreclosed after she defaulted on her mortgage. She’s been living in a motel since.

Cappadonna

The Wu-Tang Clan was one of the most popular rap groups of the 90’s and 2000’s, and Cappadonna was one of its members. He chose to leave the group and attempt a solo career, which was a bad gamble as he was soon plagued with financial problems. He got divorced and accumulated a huge credit card debt. He ended up working as a taxi driver too.

Michael Maronna

Michael Maronna is one-half of the hit show, The Adventures of Pete and Pete, with the role of Big Pete to his credit. When the show ended, however, so did his career. Soon enough, his bank account dried up. He then started taking on jobs as an electrician on film and TV sets.

Natasha Lyonne

Natasha Lyonne became a breakout teen star when she was cast in American Pie. Unfortunately, her newfound fame led her to make some very bad life choices, including needing lawyers to get her out of trouble and even several medical alerts. She finally managed to turn her life around when she landed a job as a series regular in the massively popular series Orange is the New Black.

Chris Owen

It’s easy to recognize Chris Owen as the guy who played the Shermanator in the American Pie series of movies. Unfortunately, he was unable to land acting jobs after that, so he was forced to look for other income streams to keep his credit score respectable. He was last reported working as a sushi waiter in Santa Monica.

Dennis Rodman

Dennis Rodman was a former NBA superstar who rode on the coattails of NBA legend Michael Jordan both in fame and financial success. He even had a brief career in movies. However, he soon suffered financial troubles following his divorce, owing $50,000 in spousal support and a whopping $800,000 in child support, which led him to file bankruptcy.

Terrell Owens

NFL superstar Terrell Owens made a whopping $70 million throughout his career. This would have been all well and good, except that he really liked the ladies. So much so, in fact, that he ended up having 4 children from 4 different women, which he had to support with a monthly stipend of $50,000 each. Sure enough, he blew through his savings account pretty quickly.

Stephen Baldwin

Stephen Baldwin may have been relegated to making B-movies throughout his career, but he still enjoyed relative success and an often massive payroll. Still, he had to file for bankruptcy in 2009 as a way to get debt relief as he surely wasn’t getting help from his estranged and much successful older brother, Alec.

Nikki Blonsky

Nikki Blonsky was a real scene-stealer in the 2007 film Hairspray in which she starred opposite John Travolta. She never landed another big role after that, however, so after appearing in bit roles in various movies and TV shows, she decided to switch careers. She now makes a living as a makeup artist in New York.