" Money did n’t have a purpose for me ; I did n’t really know what it was . I just knew that I had it and did n’t care about it . "
1.Years ago,Nicolas Cagewas one of the highest-paid actors in Hollywood. However, hespentmuch of his fortune on wild purchases, including a $150,000 octopus and a $276,000 dinosaur skull (which he ended up returning to the Mongolian government because it turned out to be stolen). At one point, he owned 15 homes around the world, including two European castles. Eventually, he owed the IRS $6.3 million and faced foreclosures on multiple properties.
2.On an episode ofThe Breakfast Club, T-Pain recalled being “mega-rich,” losing it all, and then becoming wealthy again. The singer once had $40 million in the bank, but bad real estate investments and poor spending decisions — like buying a Bugatti and returning it five months later for $400,000 less than he paid — left him broke. “I had to borrow money to get my kids Burger King,” he said.
3.After becoming a household name withThe Parent Trap,Lindsay Lohancatapulted to teen idol with hits likeFreaky FridayandMean Girls. Then her career suffered as she dealt with years of legal trouble and personal issues. According toRefinery29, her net worth peaked at about $28 million but tumbled during this tough period of her life. Now the actor is in her comeback era: She recently cameoed in the newMean Girlsmovie and starred in the Netflix rom-comIrish Wish.
4.With songs like “Un-Break My Heart,” Toni Braxton is one of the best-selling female musical artists in history. But she filed for bankruptcy twice, tellingABC Newsthat it was partially due to the setup of the music industry. Apparently, she only received a $1,972 royalty check from her first recording contract. However, she admitted having a serious home decor obsession: “I love dishes and house things, so I kind of lost it a little bit on the houseware.” She said she lost touch with reality while indulging in the “girly things.”
5.Heidi Montag and Spencer Pratt shot to stardom on MTV’sThe Hills. At the height of their fame, they brought in $2 million per year, according toPeoplemagazine. However, the couple also spent lavishly: $1 million on clothing for Heidi, another $1 million on a crystal collection for Spencer, and expensive dinners with $3,000 bottles of wine. “We were keeping up with the Joneses, but we were going against Tom Cruise and Katie Holmes,” Spencer said. “We should have stayed in our reality TV lane.”
6.In 2009, Stephen Baldwin — Hailey Bieber’s father — filed for bankruptcy. According toABC News, he reportedly owed $2 million between his house, credit card debt, and taxes. In 2013, hepleadedguilty to failing to file his taxes for three consecutive years and agreed to pay $300,000 in back taxes.
7.After the wild popularity of “U Can’t Touch This,” Forbes, per CNN,estimatedMC Hammer’s income in 1990 at $33 million. But he enjoyed an extravagant lifestyle and built a custommansionon 12.5 acres with two swimming pools, a nine-car garage, four dishwashers, and a rehearsal hall. He filed forbankruptcyin 1996 with debts totaling at least $10 million.
8.Despite being one of the most successful country artists of all time, Willie Nelson found himself in deep trouble with the IRS for not paying taxes. In 1990, his property — including a golf course and recording studio — wasseizedacross six states. The singer hilariouslystrucka deal with the government and recorded the albumThe IRS Tapes: Who’ll Buy My Memoriesto pay off his $16 million debt. While it didn’t cover the full amount, it made a dent, and he paid it all off later.
9.After gaining fame inDef Comedy JamandFriday, Chris Tucker made the big bucks with theRush Hourfranchise; he earned $25 million for thethirdmovie alone. But in 2021, he wassuedby the IRS for $9.6 million in unpaid tax liabilities for the years 2002, 2006, 2008, and 2010. Last year, he reached a settlement deal and agreed to pay $3.6 million.
10.In 1989, Kim BasingerpurchasedBraselton, Georgia — a one-stoplight town with just 500 residents — for $20 million. She reportedly planned to revitalize the town and build a movie studio there. However, the actor backed out of a film she’d agreed to star in, and the studiosuedher for breach of contract. When Kim was ordered to pay over $8 million, she filed for bankruptcy and later reached a settlement.
11.Without a doubt, 50 Cent was one of the biggest rappers of the 2000s. But afterlosinga multimillion-dollar lawsuit, hefiledfor bankruptcy in 2015 with $36 million in debts and assets of less than $20 million. In a 2020 interview with theGuardian, he said, “Businesspeople will do [bankruptcy] in a heartbeat before losing money. Because it means they have the ability to be secure and invest again.” Apparently, bankruptcy gave him the ability to start fresh, paving the way for his hit showPowerand a lucrative deal with a TV network.
12.Francis Ford Coppola is perhaps best known for directing theGodfathermovies andApocalypse Now, but he also directed the infamous 1982 filmOne From the Heart.He was so passionate about the project that his own production company financed it; however, it only earned about$600,000, compared with its $26 million budget. This led to deep financial trouble over the next decade, and hefiledfor bankruptcy three times.
13.And finally, Christy Carlson Romano was a Disney Channel star best known forEven Stevens. However, two years ago she posted a candidYouTube videoabout her financial journey. The actor recalled spending on shopping trips, expensive cars, and a psychic who “managed to get a lot of money from me.” She continued, “I had this money at my disposal. I was never told how much money I was making. Money didn’t have a purpose for me; I didn’t really know what it was. I just knew that I had it and didn’t care about it. That’s a problem.”
