From Riches to Rags [Infographic]
They once had it all, but to some celebrities money is but a distant memory. Not taking things for granted goes for everyone in every walk of life, you never know when you’ll lose everything. Some of the biggest names in Hollywood have seen their fair share of ups and downs, so why don’t we take a look at those who went from riches to rags.
Mc Hammer quickly found that people really could “touch this” when he had to file for bankruptcy in 1996 when he was facing $13.7 million in debt. Hammer found himself in such a predicament when he bought a $20 million mansion and maintained people on his payroll of $500,000 a month.
In 1992 Wayne Newton declared Chapter 11 bankruptcy in 1992 due to his estimated $20 million of debt. This debt also included an IRS lien of more than $300,000. Following his bankruptcy in 2005, he was sued by the IRS, which claimed he and his wife owed $1.8 million, partly for failing to report the sale of a horse. That’s right, a horse.
Check out the infographic below presented by paydayloan.co.uk to see more of the musicians who lost it all.