Every industry in the world is always changing; whether it’s movies, music or sports. Celebrities have a limited shelf life as most get left behind once new faces come up to replace them. During their peak years, celebrities are able to net plenty of riches, but as the saying goes: more money, more problems.
Not every celebrity looks ahead to the future or plans for their upcoming adventures. Some tend to believe that the money will continue to roll in, but the sad reality is most names fail to maintain relevance for more than a few years. We’re always left dumbfounded when a celebrity loses all their fortune, especially as the details emerge about their bad spending habits.
Stars adore the lavish lifestyle as you can tell by their mansions and expensive cars, they feel the need to maintain a certain image for the public. Many of these stars grew up poor and struggled throughout their lives until they got their big break. It’s a difficult transformation to make, as some never adjust to handling their finances as they should.
We’ve gathered a list of 15 celebrities with different backgrounds who grew up poor and became rich, only to lose it all….again.
Pamela Anderson
The world fell in love with Pamela Anderson in the 90s as she was everywhere from TV shows, movies to magazines. She starred in major TV shows, including Baywatch and Home Improvement. Sadly, good times don’t always last and the 2000s weren’t as kind to the star.
It’s been reported for years that she faced financial troubles, owing millions in taxes. The rumors peaked in 2009 with several media outlets covering Pamela Anderson’s situation. Considering how big of a name she was during her prime years, it’s no surprise that Pamela Anderson loved to spend money. She was known for being extravagant, but can you really blame her?
In recent years, she managed to somewhat recover from her struggles after appearing on several shows, such as Dancing With The Stars. Anderson also makes an appearance in the Baywatch movie, which is based on the 90s hit show.
Courtney Love
Before she became the front woman for Hole, Courtney Love went through trials and tribulations; from being arrested for shoplifting to becoming an exotic dancer. Controversy would continue to follow her throughout her career, especially during her marriage to Kurt Cobain.
Although she has her own successful career, having Nirvana’s publishing rights meant that she was set for life. However, Courtney Love has admitted to mishandling her money, losing more than $27 million in the process. Thankfully for her, the Nirvana money will continue to roll for years to come.
Courtney Love is active on social media, which has kept her name in the news thanks to her outspoken tweets. She will also be starring in James Fraco‘s film, The Long Home, which will be released later this year.
Mike Tyson
There was a time when Mike Tysonwas arguably the most popular athlete in the world. The legendary boxer is another athlete who made great fortunes during his career, only to find himself struggling after retirement.
In 2003, Tyson filed for bankruptcy thanks to a hefty debt of $27 million. Tyson earned more than $300 million during his career, but he spent his fortunes on anything that you could think of; from mansions to Siberian tigers.
Tyson struggled during his younger years. By the time he was 13 years old, Tyson had already been arrested 38 times. He also lost both of his parents at a young age, and that certainly didn’t help matters. He’s considered to be one of the greatest boxers of all time with an impressive record of 50-6 with 44 knockouts.
Despite his money troubles in the early 2000s, Mike Tyson has managed to bounce back thanks to his status as a celebrity. For those who missed out on seeing Iron Mike in-ring action, they got to see him star on the big screen in The Hangover.
Lindsay Lohan
Lindsay Lohan‘s family struggled before she gained fame as a child star and made millions as a model, singer, and actress. For years, there were concerns about her financial standing. In 2016, there were reports that Lohan was at risk of bankruptcy after having failed to pay rent for her London apartment.
She’s another celebrity who fancied the rich lifestyle, spending her fortunes on mansions, expensive cars, clothes and custom jewelry. Movies like The Parent Trap and Mean Girls made Lindsay Lohan one of the highest paid actresses in the world for years. Although she’s only 31 years old, it seems highly unlikely that she will recapture her status in Hollywood.
More recently, she has been away from the spotlight after making the news for all the wrong reasons. Thankfully, she has been in better state as seen on her regularly updated Instagram account.
Michael Jackson
It’s hard to believe that Michael Jackson would find his way on this list, but even the King of Pop went through financial crisis in the latter years of his life. Following the 2005 trial, it’s been reported that he struggled to keep up with all the payments, owing more than $300 million.
In fact, Jackson hired a banker by the name of David Dunn to help him get back on his feet. Rumors have circulated that Jackson had spent over $1bn since the release of Thriller in 1982. From mansions to ATV music publishing, Michael Jackson was never too shy to spend major bucks.
Despite making it as a star at a young age, his childhood struggles are well-documented especially when it came to the relationship between him and his dad. Yet, Michael Jackson managed to become the third best selling artist of all-time, behind The Beatles and Elvis Presley.
50 Cent
50 Cent‘s official debut album was titled, Get Rich Or Die Tryin and he certainly got his wish. When you think of the early and mid 2000s, 50 Cent is one name that comes to mind. He dominated the rap scene for years, from music to clothing lines, movies, and even video games. His story is an inspirational one for many who go from rags to riches, as he did just that.
Despite not having been a prominent figure in music for years, 50 Cent’s name remains relevant thanks to his business ventures and involvement in Power. However, in 2015, he filed for bankruptcy following a series of lawsuits. Known for being flashy and rich, his image was certainly affected especially after telling the judge that he had been displaying fake money on Instagram. Thankfully, he has settled all his debt and seems to be back on his feet once again.
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