Easy come, easy go! That’s one lesson many celebrities don’t seem to grasp.
Actors, musicians, and athletes who were once on top of the world never considered their revenues might run dry one day.
Even when confronted with the stark reality of bankruptcy, some of them keep acting like they’re made of money and refuse to moderate their expenses, trying to borrow left and right and maxing out their credit cards.
Let’s have a look at the most spectacular celebrity downfalls, and yes, they’re still in the news, and everyone treats them like royalty instead of telling them what they need to hear: ‘You’re broke, man. Broke!’
If the name rings a distant bell, that’s because rapper DMX was prominent in the 1990s and early 2000s. His first major-label album, It’s Dark, and Hell is Hot (1998), sold five million copies.
The following ones took him over the 30 million copies sold mark, and DMX sure enjoyed the high life: properties, fast cars, drug-fueled parties, women.
One thing the 49-year-old rapper didn’t think to invest in condoms! He has to pay child support for his 15 children with various women.
Not to mention the money he has to pay back to credit card companies. According to the latest numbers, he’s $10 million in debt!
9 Tori Spelling
The American actress rose to fame with her role as Donna in the 1990s hit series Beverly Hills, 90210, a show made by her daddy, Aaron Spelling.
The little princess thought money and fame would last forever, but sadly all she got after that were minor parts.
She didn’t make it big but lives the life of an A-lister, with extravagant parties for her four daughters. Even with borrowing money from mom and dad, Tori Spelling still owes millions in unpaid debts and taxes.
8 Nicolas Cage
Ever wondered how come you’ve seen Nicolas Cage in so many crap movies lately? Well, he’s broke, so he has to take whatever parts he can get, most of them unworthy of his considerable talent.
Some broke doesn’t even begin to describe it. Just ask the IRS how many millions Cage owes in unpaid taxes for his properties.
Cage made $40 million in 2009, and this prompted him to spend like there was no tomorrow – 15 residences, including the most haunted house in the US and two castles in Europe, a fleet of 22 cars, nine of them Rolls Royces, jewelry, art, and exotic items, like a dinosaur skull.
7 Teresa Giudice
Before 2009, she was a nobody, but a desperate wannabe. An extra in two movies was all her claim to fame before Teresa Giudice was cast in the hit show The Real Housewives of New Jersey, which propelled her to ‘television personality’ status. And the spending spree began.
Five years later, Teresa Giudice and her husband were charged with a string of felonies, including bankruptcy fraud, and it was alleged they pocketed more than $5 million.
You’d think going to jail would act as a wake-up call, but not for Giudice, who bought herself a $90,000 Lexus as a coming home present. She still has millions, not in her account, but outstanding debts.