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Sunday, November 25, 2012

Celebrities Gone Bust- 5 Celebrity Bankruptcies

Toni Braxton (Bankrupt in 1993 and again in 2010)

After her album Secrets went platinum with No. 1 hits “You’re Makin’ MeHigh” and “Un-Break My Heart,” Braxton shortly declared bankruptcy thanks to free-spending ways beyond her success. Apparently NOT learning her lesson— by 2010, the R&B singer was bust a second time. 

Stan Lee (Bankrupt in 2001)

Despite the massive success of comic book heroes like Spider-Man, The Incredible Hulk and The X-Men, Stan Lee was a dot-com disaster. His web-based comic book venture of the era, the eponymous Stan Lee Media, quickly burned through its capital like so many other firms inflated by the tech bubble. Adding insult to injury was that Lee’s partner, Peter Paul, was accused of securities fraud, too.

Mike Tyson (Bankrupt in 2003)

After legal troubles relating to sexual assault charges, the former boxing champ was bankrupted by lawyer fees — and lavish spending on cars, mansions and Bengal tigers. This was before facial tattoos and ear biting, but no less embarrassing

Donald Trump (Business bankruptcies in 2004 and 2009)

Not to split hairs ( no pun intended) over the fact that he personally hasn't gone bust; but the fact remains that Trump’s Atlantic City hotel and resort company filed Chapter 11 bankruptcy twice this decade to reorganize debts related to construction still speaks a great deal.

Stephen Baldwin (Bankrupt in 2009)

Stephen Baldwin, youngest in the famous acting family, never quite made the same amount of money as his brothers; but that didn't stop his free-spending ways. Baldwin and his wife filed bankruptcy in New York in early 2009 and suffered foreclosure. At the time, he owed more than $2.3 million — and his New York property was valued at only $1.1 million. Talk about underwater mortgages …

selected from 10 Most Embarrassing Celebrity Bankruptcies of All Time.

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