Thursday 27 July 2017

Celebrities who filed for bankruptcy

With bankruptcy claims trading slowing down in the month of August we take a look at a collection of Celebrities who once filed for bankruptcy and managed to bounce back.

Celebrities who filed for bankruptcy

Anna Nicole Smith

Anna Nicole Smith, the former Playmate model, filed for bankruptcy in 1996, following the death of her billionaire husband J. Howard Marshall.

Sarah Ferguson

Duchess of York Sarah Ferguson has recently became the first senior royal to ever seek debt relief. Ferguson is reported to be $7.9 million in debt

Mike Tyson

The hundreds million earned during his boxing career were not enough for Mike Tyson and his lavish lifestyle. Tyson filed for bankruptcy in 2003, owing a debt of $27 million.

Nicolas Cage

Facing bankruptcy in 2009, Oscar-winning actor Nicolas Cage was forced to put several of his properties on the market after failing to pay $6 million in taxes to IRS. Most of Cage's recent movie roles have been seen as "paycheck gigs" taken only because of his pressing debt.

Larry King

Talk show host Larry king was unable to pay his $352,000 debt in 1978 and had declare bankruptcy. King struggled to get back on his feet and finally has become one of the most famous American anchor.

Natalie Cole

Singer Natalie Cole went bankrupt in 1997.

Cyndi Lauper

Singer Cyndi Lauper filed for bankruptcy after splitting with her band Blue Angel in 1980. In spite of her financial struggle, Lauper kept working and released her hit "Girls Just Want To Have Fun" in 1985.

Michael Jackson

The world's biggest pop star Michael Jackson, known for outrageous spending sprees, was in a heavy debt before his tragic end in 2009, rumored to owe about $500 million to different creditors. Jackson's most famous residence, the amusement park-like Neverland Ranch, was close to foreclosure.

Zsa Zsa Gabor

In 1993, Actress Zsa Zsa Gabor had to file for bankruptcy after being sued for libel and ordered to pay more than one million dollars to actress Elke Sommer.

David Crosby

David crosby was bankrupt in 1985 because of his solo career's fail, forcing him to sell his sailboat where most of his famous songs were written.

Donald Trump

The Trump organization has filed for bankruptcy three times over these past twenty years. In 1991, Donald Trump found himself $900 million in debt and had to give up ownership holdings of the Trump Taj Mahal and Trump Plaza Hotel. The 2009 financial crisis didn't leave Trump unscathed and he was bankrupt for the third time.

Bjorn Borg

Retired Swedish tennis player Bjorn Borg is known for his bad business decisions. Borg’s company, Bjorn Borg Design Group, filed for bankruptcy in 1989 and Borg was forced to sell his house to pay off his debt. In 1997, Borg's friends helped him avoid bankruptcy after eleven creditors demanded him to pay more than $1 million owed from the failed clothing company. One of Borg's major issues was that he lived in Sweden where tax rate is pretty high. Finally Borg moved to tax-free Monaco.

Francis Ford Coppola

Francis Ford Coppola was shooting "Godfather III" when his Zoetrope company production filed for bankruptcy in 1990 because of the "One from the heart", "Rumblefish", "The Outsiders" successive fails.

Kim Basinger

In 1993 Kim Basinger lost a lawsuit and was ordered to pay over $8 million that caused her bankruptcy.