7 Weird Stories of Celebrities Who Went From Riches to Rags

We’ve all heard about the lifestyles of the rich and famous.

There’s no shortage of stories about fancy cars, beautiful women, and lavish parties. But for every Leonardo DiCaprio, there are hundreds of Charlie Sheens.

It’s ridiculous the amount of money some celebrities make. What’s even weirder are stories of celebrities who went from riches to rags.

They might have fallen victim to drugs and alcohol, reckless spending, or downright awful decisions. Regardless, plenty of celebrities have crashed and burned in epic fashion.

The following celebrities are more familiar with bankruptcies and foreclosures than they are the red carpet. Here are seven celebrities who have fallen from the top of the mountain. Read on to learn more.

1. Nicolas Cage

Does it seem like Nicolas Cage has been everywhere lately?

Nicolas Cage was once revered for his roles in critically acclaimed films like Raising Arizona and Leaving Las Vegas. Now? His IMDB features unknown roles in films like Pay the Ghost and Ghost Rider: Spirit of Vengeance.

There’s a reason Cage’s agent has been saying yes to pretty much every role. Cage is a poster child for lavish spending and poor money management.

Once valued at over $150 million, Cage currently has a $25 million net worth to go with $14 million of debt.

How does a leading man go from riches to rags? Cage is a notorious spender on everything from real estate to exotic pets.

He purchased European castles, a Bahamian island, pet octopus, and even a dinosaur skull before going broke. He’s also lost millions on foreclosures and real estate taxes. Let’s just hope he figures it out before Ghost Rider 3.

2. R. Kelly

Before the celebrity photo hack, there was another celebrity scandal that dominated headlines.

R. Kelly was once known as the soul-filled singer behind hits like “Ignition” and “I Believe I Can Fly.” That is until he got into legal trouble for inappropriate relations with an underage girl.

The R&B singer has been a riches to rags story ever since. He’s been in such financial turmoil that he had to auction off his mansion back in 2013. The multi-million dollar mansion was eventually auctioned off for only $950,000.

Making matters worse is a recent viral video that emerged during Kobe Bryant’s last basketball game. R. Kelly posted a video of himself watching the game to show support. However, the Twitterverse couldn’t help but laugh at the small size of R. Kelly’s TV.

3. Courtney Love

Courtney Love was once one half of the most famous couple in rock & roll.

Love was mostly known for being the spouse of late-Nirvana frontman Kurt Cobain. The lead singer of Hole fell on some hard times after Cobain’s suicide in 1994. She claims to have lost over $25 million dollars after falling deep into a crack and cocaine addiction.

She also amassed hundreds of thousands of dollars on her home after refusing to make mortgage payments. The house was later put up for public auction.

Love also claims to have lost millions of dollars in fraud. Let’s hope this riches to rags story has a happy ending.

4. 50 Cent

Curtis Jackson, better known as 50 Cent, had a meteoric rise to success.

He was an instrumental hip-hop figure in the 2000s thanks to hits like “In Da Club”, “Candy Shop” and “P.I.M.P.”

In addition to an illustrious rap career, 50 Cent became an icon and mogul. His net worth grew to over $150 million by the 2010s. He was truly a rags to riches story.

All good things come to an end, though. 50 Cent made a string of poor investments while also facing a $5 million sex tape lawsuit.

Eventually, 50 Cent had to file for Chapter 11 bankruptcy. Thankfully, this move allowed him to repay his over $20 million in debt. Time will tell if 50 will get rich again (or die trying).

5. Mike Tyson

Mike Tyson has a reputation for lavish spending.

The famous boxer once brought in over $30 million for a single fight. However, his knack for spending is well chronicled. He was known to spend his earnings on everything from luxury cars to expensive jewelry and exotic tigers.

So it came as no surprise that Mike Tyson filed for bankruptcy in 2003. At the time, Tyson’s debt sat at over $25 million.

The main culprit in Tyson’s demise was taxes. He owed over $17 million in tax liabilities to go with an expensive divorce and lawyer fees.

Tyson has since bounced back after selling many of his assets. Maybe he can also pick up an extra paycheck in The Hangover 4.

6. Michael Vick

No list of riches to rags stories is complete without the NFL.

The National Football League is a multibillion-dollar organization that employs no shortage of millionaires. It’s no secret, however, that many of the NFL’s players experience financial hardship after they hang up their cleats.

One such player is Michael Vick. Vick was a star quarterback for the Atlanta Falcons. For much of the early 2000s, he experienced on-field success and helped revolutionize the quarterback position.

Vick is perhaps best known, however, for running a dog fighting ring out of his Virginia home. Vick went to prison for nearly two years after authorities raided his house.

His legal troubles were only the beginning. Vick racked up over $50 million in debt thanks to extensive spending and a lengthy lawsuit from a contract dispute.

Vick filed for bankruptcy in 2008. He later went on to play for the Philadelphia Eagles before announcing his retirement in 2017.

7. Aaron Carter

Before there was Justin Bieber, there was Aaron Carter.

Aaron Carter was a household name and teen heartthrob in the early 2000s. The toe-headed singer experienced huge success thanks to songs like “Aaron’s Party” and “That’s How I Beat Shaq.”

Carter fell on hard times, however, and eventually filed for bankruptcy in 2013. At the time, he owed millions in back taxes to the IRS.

Carter’s team blamed his situation on the poor financial management of his assets while he was still a minor. It sounds like Carter could use some Bonsai Finance help.

More Riches to Rags

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