10 Millionaires That Went From Rich To Flat Broke
Money is not the easiest thing to maintain, that’s why clever people hire private accountants to manage their money. Not a lot of people stay normal when they make it big, most of them want to change lifestyles, three or four mansions, private jets, traveling the world and before you know it you are spending more than what you get. Then the bills and taxes roll in and leave you worse than when you started. The most common reason why people go from rich to rags is when it’s new money and they don’t have knowledge on how to handle it and sometimes it’s simply because of bad investment.
Here are some of the most shocking riches to rags stories.
1. Mike Tyson– The once famous world heavyweight champion lost about $400m due to overspending and a messy divorce. After three years in prison for sexual assault, he had a failed come back when he bit off Holyfield’s ear.
2. MC Hammer– The 90’s rapper filed for bankruptcy in 1996 with $13m in debt. Overspending and a lawsuit of infringement of copyright which was disclosed out of court left him ll broke. Hammer is now a born again pastor who lives on a ranch in California.
3. Marion Jones– The former fastest woman in the world lost her fortune of about $7m when the world found out she used performance enhancing drugs. She attempted to revive her career by joining WNBA in 2010.
4. Pamela Anderson – The former Baywatch babe went broke in 2009 after receiving a $1,7m tax bill. Owing over $800, 000 for her house which forced her to move into a trailer park.
5. Courtney Anderson– The singer lost her fortune when she found out that people close to her stole over $20m from her
6. Lindsay Lohan– From earning more than $5m a movie, Lindsay’s expensive lifestyle, many rehab visits and lawyer bills made her broke. The IRS took over her bank account after she neglected to pay back taxes.
7. Toni Braxton-Tony Braxton has filed for bankruptcy twice in her career. She owes $50m in debt, maybe she should make a remix called un-break my bank.
8. Chris Tucker– After being named Hollywood’s highest paid actors in 2007 from his sequel rush hour movie, Chris was left broke and forced to sell all his houses to pay back $11m in taxes.
9. Laurin Hill– After failing to pay taxes on over $1,8m earned between 2005 and 2007, Hill spent 3month in prison and told the judge she lives a pretty modest life.
10. Bow Wow-From being one of the richest child stars to having only $1,500 in his bank account. Lil Bow wow’s bank account was belittled due to baby mama dramas and overspending.
