Top 17 Celebrities who went from Riches to Rag in no time

Updated on August 15, 2022 17:42 PM by Emma Alice

The majority of industries include a lot of strutting, where you have to strut your riches in order to maintain your stardom. You will have to buy expensive shoes, fashionable clothing, bags, and jewelry that costs lakhs of rupees, whether you like it or not.

These are funded by the performers' appearances in films, on stage, in commercials, and in other media. However, celebrities frequently make poor career decisions that put them in a predicament where they may still have their celebrity status but lack the resources to flaunt it.

Bret Butler

Butler recently acknowledged that she is a homeless shelter resident despite having played in the ABC smash series Grace Under Fire. She described her battle with addiction by saying, I was dying of it. She went from Riches to Rags.

She is currently attempting a comeback by performing stand-up comedy. "I don't consider what I managed to endure. I hope I can forgive and be forgiven, and I'm just extremely happy that I find things amusing in general.

Brett Butler is an American actor, writer, and stand-up comedian who was born on January 30, 1958. She is best known for starring as Grace Under Fire in the ABC comedy series from 1993 to 1998, for which she was nominated for two Golden Globe Awards.

Anthony Ciccone and Madonna

One of the most well-known sisters in the world, Anthony Ciccone, just acknowledged that he is homeless and sleeping on the streets of Michigan. His wealth was transformed into rags. Think I haven't talked about it a trillion times why my sister is a multibillionaire and I'm a homeless person on the streets?

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American Idol, Fantasia Barrino

After winning the third season of American Idol, Fantasia Barrino ought to have everything under control. Free Yourself, her debut album, earned her three Grammy nominations.

However, if the singer couldn't pay back the debt she took out against her $1.1 million North Carolina property in 2009, it was scheduled to be put up for auction. Before the auction began, the attorneys were able to come to a consensus. She went from riches to rags.

Ed McMahon

The longtime sidekick of Johnny Carson gave away millions in sweepstakes prizes, but he never seemed to be able to manage his own finances. In 2008, lenders pursued him for the $644,000 owing on a $4.8 million mortgage.

How did he get bankrupt? To Larry King, he clarified: You know what happens if you spend more money than you make. He went from Riches to Rags. Couples of divorces and other similar events were also included. You want everything to be great, but the economy, my little injury, and my current situation prevent that from happening. And everything came into place.

Michael Jackson

While Michael Jackson's renowned Neverland Ranch, a 2,900-acre estate with an amusement park and animal residents, was once a well-kept fantasy place. However, the singer vowed to never visit the home again after being exonerated of child molestation charges, and it fell into chaos as a result.

When the artist owed over $23.5 million in debts on the home in 2007, Neverland Ranch entered the foreclosure process He went from Riches to Rags. . However, a private equity company bought the loan prior to it being put up for auction. He gave Sycamore Valley Ranch Company LLC the title in 2008.

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Nicolas Cage

At one point, Nicolas Cage, one of Hollywood's highest-paid actors, owned residences all around the globe, including a castle in Germany. The IRS claimed that Cage owes more than $6.2 million in back taxes for the year 2007 in a 2009 complaint.

His mansions in New Orleans, Bel Air, and Nevada were foreclosed upon and auctioned off while Cage sued his former business manager for mishandling his money. He went from Riches to Rags.

Willie Aames

The former Charles in Charge and Eight Is Enough actor admitted that after going bankrupt and having his home foreclosed upon, he slept in parking lots and under bushes. He went from riches to rags.

He previously remarked, At the height [of Eight Is Enough,] I was making a little over a million dollars a year. Then all of a sudden, there was no wife, no child, no bank account, and no work. I never imagined it would occur so quickly.

Willie Aames, an American actor, director, producer, and screenwriter, was born Albert William Upton on July 15, 1960. His most well-known roles are Buddy Lembeck on the 1980s sitcom Charles in Charge, the titular role in the direct-to-video series Bibleman, and Tommy Bradford, one of Tom Bradford's children on the 1970s television series Eight Is Enough (played by Dick Van Patten) (1995–2003).

Burt Reynolds

The Smokey and the Bandit and Cannonball Run actor filed for Chapter 11 after divorcing Loni Anderson in public. Reynolds faced foreclosure on his Florida house as late as August 2011, owing Merrill Lynch Credit Corp.

About $1.2 million and being accused of not having made a mortgage payment in a year. Burt went from riches to rags. American actor and sex idol Burton Leon Reynolds Jr. (February 11, 1936 – September 6, 2018) was born in the United States.

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Natasha Lyonne

The But I'm a Cheerleader and American Pie actress appears to have recovered from a difficult period a few years ago during which she apparently experienced homelessness and was admitted to the hospital for major health problems.

She went from riches to rags. Lyonne was reportedly getting methadone therapy at the time and was claimed to be dealing with hepatitis C, a heart infection, a collapsed lung, and other conditions. Methadone is normally used to treat heroin users. She has also experienced a string of legal issues, yet is still receiving plaudits.

Marvin Gaye

Following the dissolution of his marriage to Anna Gordy, the sister of Motown's founder Barry Gordy, the singer of "Mercy, Mercy Me" and "What's Going On" filed for bankruptcy. Gaye consented to record a new album, subsequently titled "Here, My Dear," and give Gordy all proceeds in place of alimony. He went from riches to rags after getting divorced.

Marvin Pentz Gay Jr., also known as Marvin Gaye, was an American singer and composer who lived from April 2, 1939, to April 1, 1984. He helped define the sound of Motown as an internal session musician in the 1960s and then as a solo performer with a string of successes, earning him the titles Prince of Motown and Prince of Soul.

M.C Hammer

According to a 1990 Forbes valuation, the rapper was worth $33 million. Six years later, having spent close to $20 million creating a custom residence, he filed for Chapter 11 protection. It's time to shut off old business and stop being the lottery for folks who see MC Hammer as this gigantic personality with a limitless pit of aspirations for people, he remarked in an interview with THR.

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Mike Tyson

The former heavyweight champion managed to spend all of his $400 million over a 20-year period on things like Bengal tigers, a $2 million bathtub, and millions of dollars worth of jewelry. In 2003, he made a Chapter 11 filing. Since then, the fighter has made a comeback and launched a new career in film. His most recent film role was in The Hangover II. He went from riches to rags.

Michael Gerard Tyson, a former American professional boxer (born June 30, 1966), competed from 1985 to 2005. Tyson is regarded as one of the best heavyweight boxers of all time. Early in his career, Tyson went by the aliases Iron Mike and Kid Dynamite before subsequently earning the moniker The Baddest Man on Earth. He held the undisputed heavyweight title from 1987 till 1990.

Toni Braxton

The "Unbreak My Heart" singer attributes her financial difficulties to poor business dealings, expensive medical care, and ongoing health problems. She filed for bankruptcy for the first time in 1998, claiming that after selling more than 40 million records, she only received $2000 in royalties.

She went riches to rags in no time. In 2010, with millions of dollars in debt owing in part to the cancellation of a number of Las Vegas concerts, she once more filed for the company and personal bankruptcy.

Willie Nelson

Willie Nelson, a country music singer-songwriter, was targeted by the IRS in 1990 for $16.7 million in unpaid taxes, and the agency took the majority of its assets to help with the debt. The next year, the singer issued the double album The IRS Tapes: Who'll Buy My Memories? with all proceeds going to the IRS. The singer had previously declared bankruptcy. He went from riches to rags.

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Corey Haim

According to a friend, Corey Feldman, the 1980s movie star and heavy drug user was broke when he passed away in March 2010 he didn't even own a car.

The Canadian actor filed for bankruptcy in 1997 as a result of his financial difficulties, owing the IRS $100,000 and another $100,000 in debt. He attempted to generate money in 2001 by selling a tooth and some of his hair on eBay. He became riches to rags at a faster rate.

Don Johnson

Don Johnson, star of the television series Miami Vice, came within hours of losing his 17-acre mansion in Woody Creek, Colorado, to a foreclosure auction in 2006. At the last minute, he paid the D.A. $14.5 million in past-due debts to keep his house. Don went riches to rags.

Kim Basinger

After losing an $8.1 million lawsuit against Main Line Pictures for pulling out of the movie Boxing Helena, the actress went for bankruptcy in 1993. She went riches to rags. She also had to sell out on a $20 million investment she had made in the Georgia town of Braselton.

Many people who work in an industry climb the success ladder and occasionally top their profession, but things don't always go as planned for others. Despite having achieved great success and celebrity, occasionally everything backfires and things go disastrously wrong.

People frequently end up back where they began or even worse. In this article, we have discussed how celebrities went from riches to rags after receiving lots of fame in their careers.