Celebrity bankruptcies: 12 famous faces, and flame-outs
Celebrities, they’re just like us: broke. Not all of them and not all of the time, of course, but even those who live lives of wealth and renown sometimes find themselves short of the former. At which point, like so many other individuals and corporations before them, they file for bankruptcy. The reasons for celebrity bankruptcy vary, of course. There are the classics: extravagant divorce and creative accounting. There are also more novel explanations, such as entourage bloat or the financial burdens that arise from buying a small town.
-- Brendan Buhler
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Celebrity bankruptcy: Mike Tyson( Chris Pizzello / Invision/Associated Press / July 25, 2013 )
The legendary (and legendarily troubled) heavyweight boxing champion (shown here with Spike Lee), filed for bankruptcy in 2003. By 2004, he was down to little more than $1,200 in cash. His debts, at that point, were estimated at around $38 million. His fortune had once been estimated at more than $400 million and had been spent on, among other things, 110 cars, six mansions, two white Bengal tigers and one $2-million bathtub. Ever since, the ear-chomping champ has been on a quest to restore his public image, admitting to alcoholism and a host of personal sins.