As you can imagine, living the life of a celebrity comes with quite a few perks. Not only do you have the love and admiration of millions of people across the world, most of which can recognise your face in an instant, there’s also the fact that movie stars, athletes, and other artists in the entertainment business can earn quite a bit of money.
A lot of your favourite celebrities live in massive mansions, wear the best clothes and travel in complete comfort, but sometimes, those celebs can pick up some unhelpful spending habits, which may one day lead them to financial ruin. You probably know the following celebrities; you probably know that at one point, they went broke. But did you know that they lost their money for these ridiculous reasons?
1. Nicolas Cage blew hundreds of thousands on a dinosaur skull… only to realise that it had been stolen
2. MC Hammer was at his peak in the early 90s, but over spending on personal staff to the tune of $500,000 a month left him penniless in just a few short years
3. Antoine Walker spent the first two years of his retirement buying several homes and expensive cars in Chicago, as well as racking up considerable gambling debts
4. Marvin Gaye built up an impressive fortune during his heyday in the 70s, but became so broke that he was ordered by the court to record a new album just to pay off debts to his ex-wife
5. Pamela Anderson once spent $3 million for platinum tiling at a house she wasn’t planning on living in on the way to massive debt
6. Comedian Sinbad ended up investing and lending money to people he didn’t even recognise. At one point, he owed the IRS 2.5 million dollars
7. Courtney Love, the wife of Nirvana frontman Kurt Cobain, had to sell off Nirvana’s publishing rights (worth $27 million) to pay off several lawsuits
8. Famed writer Mark Twain invested in a string of failed inventions and died penniless
9. Thomas Jefferson, the third President of the United States, spent a fortune on expensive French wines and house renovations
10. Gary Coleman lost his Diff’rent Strokes money after a series of legal issues with fans and allegations of domestic abuse
11. Toni Braxton got paid in advance for her music albums, and went broke when she stopped producing hits but kept spending
12. Mischa Barton lost everything on a false accusation against her mother and manager for mismanagement of funds
13. Terrell Owens was worth $80 million at some point, but spent a great deal on an entertainment centre in Alabama that Owens didn’t realise was illegal
14. Dennis Rodman spent a crazy amount of money on all of his piercings
15. 70s heartthrob Leif Garret ended up losing his money as part of the Church of Scientology
16. Dave Foley owes so much money in child support he’s no longer allowed in his native Canada
17. Allen Iverson reportedly spent $10,000 a month on groceries. That’s some expensive milk
18. Michael Jackson spent a massive amount on crazy projects like Never Land and a theme park for cows
19. Mike Tyson owns 110 cars, a $2 million bathtub, as well as three Bengal tigers. Who needs that many tigers?
It’s fair to say that each of these celebrities managed to waste more money than I will make in my lifetime. If, however, I’m lucky enough to become a celebrity, I’ll do my best to keep my fortune, and if I do end up broke, I’ll try to ensure it’s for a good reason. Maybe I’ll only invest in two Bengal tigers instead of three.