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Stars who have squandered their millions

SOME celebrities just aren’t great with money.

They’ve learned the hard way that being famous doesn’t always mean you’ll have a fortune sitting in your bank account.

Here are some stars who have squandered their millions:

MC HAMMER

The rapper went on a spending spree when his 1990 album Please Hammer, Don’t Hurt ‘Em went straight to number one.

Forbes estimated that in 1991 he had a net worth of $US33 million, but it didn’t take MC Hammer long to burn through his cash.

“I took my money and employed 200 people in my community,” he said to Oprah Winfrey.

“I had a payroll of a million dollars a month at times.”

Hammer reportedly bought 17 cars, a Boeing 727, a racehorse and built himself a six-bedroom mansion near San Francisco that had two pools and two saunas.

 

But by 1996, his money was gone and he was in debt to the tune of $US13 million.

The rapper, whose real name is Stanley Kirk Burrell, filed for bankruptcy that year and sold his mansion a year later for just $US5.3 million.

Nowadays not only does Hammer still perform but he’s also an ordained minister who officiates weddings.

The prolific tweeter is also a self-confessed “super geek” who invests in internet start-ups and helps develop iPad apps.

MC Hammer in Sydney during launch of the new Xbox 360 in 2013.

MC Hammer in Sydney during launch of the new Xbox 360 in 2013.Source:News Limited

MIKE TYSON

It’s estimated that the former world heavyweight champ made more than $300 million during his boxing career, but somehow he managed to blow it all.

In 2003 Tyson filed for bankruptcy with $US23 million in debts and revealed that he’d been in financial distress since 1998.

So what did he spend his money on?

According to documents filed in his 2002 divorce case f-rom his second wife, Monica Turner, the boxing champ spent $US400,000 a month to maintain his lifestyle.

At one stage he also owned 62 cars, two homes in Las Vegas and a couple of Bengal tigers that cost him $US8100 per month to maintain.

He also once misplaced a suitcase with $US1 million in it.

“I had had a rough night in the city and had forgotten whe-re I left it,” Tyson said, before adding that one of his staffers found the missing suitcase a week later.

In his autobiography, Undisputed Truth, Tyson revealed that he hired new accountants in 2000 who told him that he was $US3.3 million in debt.

That year he went on to earn $65.7 million, but “the problem was that I spent $62 million that year”.

Nowadays Mike Tyson is busy performing his one-man stage show in at the MGM Grand in Las Vegas.

Mike Tyson has lived a crazy life.

Mike Tyson has lived a crazy life.Source:Getty Images

MICHAEL JACKSON

Over his years in the spotlight, the King of Pop is estimated to have made $US1 billion f-rom record sales, promotional deals and regular tours.

In 1991, he signed a $US65 million contract with Sony, which at the time was the largest record deal in history.

But when Jackson died aged 50 in 2009, his finances had been completely eroded and he was reportedly in $US500 million debt.

Whe-re did it all go?

No one knows for sure, but his Neverland ranch, which he bought for $US17 million in 1987, allegedly cost him $US4 million per year to maintain.

In 1985 he paid $US47.5 million for the ATV music catalogue which owned the copyright to some Beatles songs.

In 1993 he settled a civil lawsuit for more than $US20 million after 13-year-old Jordy Chandler accused the singer of molesting him.

But the biggest drain of all on Jackson’s finances was interest expense, with a forensic accountant revealing in court in 2013 that the singer was paying $US30 million each year in debt payments.

Luckily for MJ’s three kids though, the people in c-harge of the late singer’s estate have turned his fortunes around and have made more than $US2 billion since Jackson’s death.

Michael Jackson with his best buddy, Elizabeth Taylor.

Michael Jackson with his best buddy, Elizabeth Taylor.Source:AFP

NICOLAS CAGE

The National Treasure star was once one of the highest paid actors in Hollywood, but a lavish lifestyle and trouble with the US tax department saw his millions disappear.

In 2009 Cage, whose real name is Nicolas Kim Coppola, filed a lawsuit claiming his former business manager led him “down a path toward financial ruin”.

The actor wanted $US20 million but the business manager, Sam Levin, countersued and said that Cage squandered his wealth.

“Coppola spent most of his free time shopping for high ticket purchases, and wound up with 15 personal residences, most of which were bought against Levin’s advice,” Levin said in his complaint according to CNN.

“Levin advised Coppola against buying a Gulfstream jet, against buying and owning a flotilla of yachts, against buying and owning a squadron of Rolls Royces, against buying millions of dollars in jewellery and art.”

In 2007 alone, Cage’s former business manager alleged that the actor went on a spending spree with purchases including: “Three additional residences at a total cost of more than $US33 million; the purchase of 22 automobiles (including 9 Rolls Royces); 12 purchases of expensive jewellery.”

Last year Cage had to return an ancient dinosaur skull that he paid $A381,000 for after it was revealed that the item was stolen f-rom Mongolia.

Nicolas Cage introduces Guns N' Roses inside the Hard Rock Hotel & Casino in 2014.

Nicolas Cage introduces Guns N' Roses inside the Hard Rock Hotel & Casino in 2014.Source:Getty Images

TONI BRAXTON

She sang Un-Break My Heart but ended up breaking her finances ... twice.

Braxton’s albums may have made more than $US170 million in worldwide sales, but the singer claimed in a 2012 interview with 20/20 that she only ever received a check for $US1972.

“What happens is they give you advancement on the next record and then the next record ... So you kind of stay in debt, in a sense,” Braxton said.

The measly check coupled with her outrageous spending spree on home decor products forced her to file for bankruptcy in 1998.

“I love dishes and house things so I kind of lost it a little bit on the house ware,” Braxton said on 20/20.

“One-thousand thread-count sheets, that’s what I indulged in. I’m a little odd.”

After the bankruptcy, Braxton signed a new record deal, performed at the Superbowl and then self-funded her own show in Las Vegas.

But then things went belly up for the singer again when she was diagnosed with microvascular angina and lupus and had to cancel her Vegas show.

“I just renewed all my contracts with all my vendors, and then a month later I got sick,” Braxton said.

With debts of more than $US50 million, Braxton filed for bankruptcy for a second time in 2010.

“You’re supposed to be smarter,” Braxton said, “People expect for you to be smarter”.

The singer has made millions back in the years since thanks to regular private gigs for wealthy Europeans.

“The money is lovely,” Braxton said about the private concerts, “I can’t deny the money is yummy”.

Toni Braxton has won seven Grammy Awards.

Toni Braxton has won seven Grammy Awards.Source:Supplied


Author: News Australia

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