Fortune follows fame ??? the saying holds true only until that fortune is not squandered foolishly. But for the larger than life celebs flaunt is more important than fortune. And who doesn???t love hearing tales of celebs squandering money like water. So learn from the celebs listed below how to turn riches into rags.
1. Michael Jackson
Nobody; let me come again, really ???nobody??? can ever beat Michael Jackson when it comes to squandering. He spends outrageously! Ten Sony AIBO dog robots for $ 5000 each, what worthwhile use did he put those all to? But this is not a big deal; monthly expenditure on just the maintenance of his home is $200,000. Was he like deliberately wanting himself to go bankrupt when he spent $ 6 million in a matter of an hour for a documentary, ???Living with Michael Jackson???. If it was so, his dream probably came true.
He had to auction his 2000 belongings from his famous Neverland Ranch in order to avoid bankruptcy. But, he had left very little scope for that, so had to abandon his most beloved Neverland Ranch in 2008.
2. Britney Spears
Britney???s whopping commercial success ever since she debuted at the age of 16, earned her enough wealth to last long.
However, the pop princess got all the success and fame so instantly and effortlessly, that she didn???t even think a little before making exorbitant wasteful expenditures. Despite a monthly income of $737,000 she hadn’t saved or invested a single dime. Extremely extravagant pop queen used to take her dog to Picasso restaurant in the Bellagio Hotel in Las Vegas and order him a $180.00 steak. Maybe she was hoping of similar impendent dog life.
Result: To date, Britney has been struggling hard to recover from her worst financial woes, which in a way are also responsible for the her career downfall. Drug, alcohol, depression and frequent rehab visits all followed in Britney???s life after she had squandered two thirds of her $32 million fortune. She spent astounding $ 21 million in 2 years before 2007 and had almost gone kaput.
3. Lindsay Lohan
Lindsay closely trails Britney in substance abuse and rehab visits, for more or less same reason??? financial sob tale. The ???Mean Girl??? ruined her $7 million dollar fortune on her filthy cocaine addiction, a $1 million hotel bill, legal fees, and rehabs. The Drama Queen hasn???t reached much significant height in her career yet cannot compromise with anything below a superstar???s lifestyle. Lilo spent millions on clothing and $700,000 on tanning and her hair.
It often takes a hard blow to wakeup to any reality. Being unable to mange her mortgages, Lindsay was forced to abandon her $2.85 million apartment in Los Angeles and a $ 1 million apartment in New York City. Tabloids said that she???s totally broke and was begging for work. But the 22-year-old celeb intoxicated with whatever little stardom, cared a damn and went on partying hard. Broken and tattered Lohan is dangerously underweight now, drugs and alcohol are her permanent companions, do we need any more evidence of her bankruptcy?
4. Kim Basinger
The ???Never Say Never Again??? girl Kim Basinger must have said ???always say never again??? after she lost her fortunes to her wild desire to own a small town in Georgia called Braselton. However, the model turned actress didn???t take any lesson from this and continued deteriorating her financial health herself. She moved out of a movie Boxing Helena, and was sued for $8-million for breach of contract. $ 20 million on Braselton plus this $8 million blow were enough to reduce her to rags. Now there was no option left for her but to file for bankruptcy, which she did and also sold the town.
5. MC Hammer
MC Hammer who???s well regarded as one of the godfathers of the entertainment rap took the tag too seriously and chose to live life king size. He boasted of his $ 30 million mansion and had 40-member entourage that cost him $500,000 per month. Probably, he was so indulged into extravagance that as a rapper he performance lost command on his fans. His album sale plunged down increasingly leading to a $13.7 million debt. Ultimately, his kingly lifestyle came to an end when he filed for bankruptcy in 1996.
6. Kerry Katona
Former Atomic Kitten singer, Kerry Katona is literally living a life of extremes. She would have hardly believed her fortune until she turned into a pop sensation from a stripper. Happily married to the Westlife boy Brian McFadden, Kerry had it all ??? wealth, fame and love.
Her life took a U-turn; London High Court declared Kerry as bankrupt in 2008, after she failed to deliver the A$175,320 of a A$892,000 tax bill. Kerry had to leave the girl group when it had just begun topping the charts and in 2004, her 2-year-long marriage had also ended. Since then, she has been into drugs, depression and had also ended up in rehabilitation center. But where did her millions go? Well, even Kerry doesn???t have the answer to this. Supposedly, dodgy financial advisor ransacked her wealth. Poor Kerry; I wish you had some brains to chose a financial adviser who was not known to be a former crook.
7. Mike Tyson
Image: NBC Sports
It???s extremely disheartening and annoying to see someone iconic like Mike Tyson to squander away so callously all the hard earned and truly deserved fortunes. The legendary heavy-weight boxing champion gained wealth worth $300-million over all the years of his long and successful career, all to dump in his wasteful expenditures. His starry lifestyle cost him $400,000-per-month and spent $9 million in legal fees to get divorce from his second wife. He spent foolishly on cars, jewelry and all sort of luxuries. His list of creditors was taller than his height. Robust body of Tyson was now burdened down with tax bill of $13.3 million plus $27 million debt. He eventually kneed down to his self-caused irreversible financial damages and filed for bankruptcy in 2003. Tyson now lives in a rental house in Phoenix, Arizona, thankfully at least he???s can stay out of prison, which has been his second home.