Whether from drugs, tax evasion, crooked business deals, or old-fashioned splurging, these celebrities have seen tough times. Below are 7 superstars who lost it all, some of whom have never bounced back.
Mike Tyson
Despite jabbing and uppercutting his way to nearly a half billion over two decades, The Baddest Man on the Planet blew it all on various investments including a stash of jewellery, a $2 million bathtub, and Bengal tigers, presumably as a reflection of himself. Kid Dynamite filed for bankruptcy in 2003, but has since made a comeback, not in the ring, but on the big screen.
Toni Braxton
The voice behind “Unbreak My Heart” had to unbreak her bankruptcy not once, but twice. The first fall happened in 1998, when a shady business deal converted the singer’s 40 million record sales into a mere $2,000 in royalties. Braxton filed again in 2010 after a series of show cancellations caused her to owe millions.
Corey Haim
Drugs and unbridled spending brought the ’80s movie star crashing back down to earth, and hard. Haim owed hundreds of thousands in debts when he filed in 1997. He was so broke that he tried to auction his hair and teeth to stay afloat. Haim’s poverty lasted all the way until his death in March 2010.
Michael Vick
The promising American football star’s fortunes evaporated after lax spending and legal fines imposed when he was found guilty of hosting a dog fighting ring in 2007. Vick served 21 months in prison and filed for Chapter 11 upon his release. Today, Vick is nearly debt-free.
Chris Tucker
When he wasn’t starring alongside Jackie Chan, Chris Tucker found trouble with the IRS to the tune of nearly $12 million. Despite joking that he would never again consult Wesley Snipes (who served three years in prison for tax fraud), for tax advice, Tucker has since made great progress in paying his dues.
Larry King
The face of CNN for nearly four decades, Larry King nearly lost it all when his former business partner and Wall Street mogul Louis Wolfson sued him for theft. King was forced to file in 1978, but regained his riches after a few smart investments.
Nicolas Cage
Hollywood icon and star of National Treasure, Nicolas Cage lost nearly all of his treasure when the IRS foreclosed and auctioned off three of his homes to settle the $6 million in income taxes owed. Today, Cage is still one of the highest-earning actors in Hollywood.