10 Celebrities Who Went BROKE

Top 10 Celebrities Who Went Broke

Welcome to WatchMojo, and today we’re counting down our picks for the Top 10 Celebrities Who Went Broke.

For this list, we’ll be looking at the most famous faces who lost their massive fortunes at some point in their storied careers and see what went wrong.

Did we miss anyone on the list? Let us know below!

#10: Gary Coleman

Gary Coleman burst onto the scene as the adorable Arnold Jackson in “Diff'rent Strokes,” a role he regularly portrayed over his career in various shows. Despite his career success, Coleman would wind up suing his adoptive parents and former business advisors for mishandling his assets. Four years after the lawsuit, in 1993, Coleman was awarded close to $1.3 million in damages. Unfortunately, these funds would quickly run dry. Legal fees are not cheap! At one point, Coleman had to work as a security guard to pay the bills. And, by 1999, he officially declared bankruptcy.

#9: TLC

In the music world, TLC was one of the biggest R&B groups around, especially in the ‘90s. They were releasing one hit single after another and shipping out boatloads of albums. As with most things, however, all that glitters is not gold. In 1995, Lisa “Left Eye” Lopes, Tionne “T-Boz” Watkins, and Rozonda “Chilli” Thomas collectively applied for bankruptcy with debts of $3.5 million. Some of the financial woes reportedly stem from Lopes’ insurance payouts after committing arson against her ex and Watkins’ medical bills for sickle-cell anemia. But, TLC claimed the real issue was being conned by their management and record labels who charged the group every expense under the sun, leaving each band member with an annual sum of $50,000 despite their massive success.

#8: Shane Filan

For years in the pop world, the Irish boyband Westlife was everywhere. They sold out arenas and created one hit single after another. But, by 2012, the group was doing a final farewell tour before going their separate ways. And, that’s when everything went wrong for Filan. Since 2004, he had amassed a hefty property portfolio in Ireland under the company Shafin Developments, which he ran with his brother. However, after being loaned millions from the banks, the company collapsed. This left Filan with a bill of £18 million, roughly $28 million USD at the time. Filan had to file for bankruptcy. On the plus side, the 2012 farewell tour was said to reportedly help out tons in the singer’s financial department.

#7: Meat Loaf

In terms of the greatest rock ballad performers in music, Meat Loaf is definitely high up on the list. Unfortunately, few years after striking it out as a solo artist, problems began to mount. On top of abusing substances and poor finance handling, Meat Loaf was also facing many lawsuits, including some from his regular collaborator Jim Steinman. Altogether, the suits amounted to $80 million! So, in 1983, Meat Loaf filed for bankruptcy. In the process, the singer lost his home to the court and even the publishing rights to his music. Meat Loaf would later claim his former record label owed him $14 million in unpaid royalties.

#6: Lady Gaga

The “Poker Face” singer is one of the most award-laden artists in the world. On top of a host of Grammys, Gaga also has an Oscar for her work in 2018’s “A Star Is Born.” Yet, she only achieved all this after coming back from the brink of financial ruin. After her breakout in 2008, she went off on her iconic Monster Ball Tour across the globe the following year. While performing her songs, there were financial rumors that disturbed Gaga. So, she spoke to her management. They confirmed she had a massive $3 million debt from financing the tour! Thankfully, the popularity of her work, followed by several high-profile spots, put Gaga’s balance back in black soon enough.

#5: Dennis Rodman

As much as his career was impressive on the basketball court, Rodman’s life outside the sport was just as colorful. After amassing millions of dollars at his peak, Rodman’s finances were a mess. On top of various run-ins with the law and hefty fines, he was also the victim of professional con artist Peggy Ann Fulford, who claimed to be a financial advisor. After granting her access to his finances, Rodman quickly saw problems. Bills were missed, large amounts were spent at stores he hadn’t visited, and he couldn’t afford to pay child support. If you’re wondering if karma ever caught up to Peggy Ann Fulford, it did. By 2018, she was sentenced to ten years in prison for transporting stolen goods.

#4: Kim Basinger

After appearing in acclaimed films like 1986’s “9½ Weeks” and Tim Burton’s 1989’s “Batman,” Basinger signed on to be in “Boxing Helena” after Madonna backed out. But, as the filming date approached, Basinger also left the project. In retaliation, the studio took her to court and Basinger lost the case. She was ordered to pay the studio a total of $8.9 million. In the aftermath, Basinger filed for bankruptcy and appealed the judgment, which would result in a settlement of $3.8 million instead of the initial almost 9. Meanwhile, the film didn’t go down too well upon its release. Director Jennifer Lynch received a Golden Raspberry Award for Worst Director in 1994.

#3: Burt Reynolds

Considered one of the most iconic actors on the big screen, Burt Reynolds seemed to have it all: A slew of credits in successful films, an album, and various businesses. But, by 1996, the “Smokey and the Bandit” actor was struggling financially. After some shoddy investments, a pricey divorce from Loni Anderson (with lawsuits thrown in), and his lavish lifestyle, Reynolds had to file for bankruptcy. According to reports, he was a whopping $13 million in debt! Some of his pricey purchases include multiple properties, a private jet, and spending $100,000 on toupees. He also claimed that punching director Dick Richards cost him $500,000. His money troubles meant Reynolds had to continue working later in his career, sometimes taking on more unreliable roles.

#2: MC Hammer

From the ‘80s to the ‘90s, MC Hammer and his legendary parachute pants were everywhere. Thanks to hits like “U Can't Touch This,” at his peak, he was bringing in $33 million a year. However, by 1996, the rapper declared bankruptcy after falling $13 million in debt. He soon sold his $30 million California estate for a vastly reduced $5.3 million to make some cash. According to reports, Hammer splashed $500,000 per month on a staff the size of a small army. He also owned luxury cars, a private jet, and two personal helicopters. On top of this, Hammer was sued for copyright infringement to the tune of $16 million, which was later settled out of court.

#1: Judy Garland

Nowadays, Garland is seen as a cultural icon from the Golden Age of Hollywood. After bursting onto the scene as a teenager in 1939’s “The Wizard of Oz,” life seemed set for the performer… at least it did from the outside looking in. For starters, there were rumors of embezzlement by Garland’s management. There were also accusations that filmmakers at MGM had forced dieting pills on Garland. This led to a life-long struggle with substance use disorder and mental health issues. Combined, all of this ended up destroying her financially. Near the end of her life in late 1968, Garland was reportedly broke, owed the IRS thousands of dollars, and was only earning $100 a night singing in London bars.