Turns out even with millions of pounds in your bank account you can still lose it all in a short space of time. Here are 15 celebrities who have gone from rich to broke by spending their fortune on bad investments and living the high life.
Nineties rapper MC Hammer had amassed more than $13m debt in 1996, despite having made an estimated $33m during his career. He filed for bankruptcy that year.
After getting himself into £18m of debt after a series of ill-fated property investments, Westlife singer Shane Filan declared bankruptcy in 2012.
Atomic Kitten star Kerry Katona has declared bankruptcy not just once, but twice (in 2008 and 2013 respectively!). There were even rumours of a third filing after more financial troubles in 2014.
Rapper DMX filed for bankruptcy in 2013 claiming he had just $50,000 in assets and between $1 and $10 million in debt. But a federal New York judge denied his bankruptcy filing, leaving him in the hands of his creditors.
Movie star and former model Kim Basinger lost an $8 million lawsuit to Main Line Pictures for backing out of Boxing Helena, and was consequently reduced to bankruptcy in 1993.
Former world heavyweight champion Mike Tyson filed for bankruptcy in 2003 after squandering his fortune on partying, mansions, jewellery and cars.
75% of Blue
Three of boyband Blue’s four members have suffered serious financial woes. In 2013 Simon Webbe was declared bankrupt weeks after bandmate Duncan Blue. Anthony Costa narrowly avoided filing for bankruptcy, but was forced to live on £45 weekly allowance in 2014 after running out of money.
In 2009 Oscar-winning actor Nicolas Cage skipped out on his $6m taxes, but managed to avoid bankruptcy by putting several properties on the market. But apparently the salary from most of his films is still going to creditors…
Spencer Pratt/ Heidi Montag
These former “Hills” stars came close to filing for bankruptcy in 2011 after Montag spent $30,000 on plastic surgery.
Although singer Kelis never filed for bankruptcy, she officially ran out of money in 2009 after her divorce from rap legend Nas.
Lindsay Lohan hit rock bottom AGAIN in 2012 when the IRS seized her bank accounts after she skipped out on paying over $900,000 in taxes. Luckily Charlie Sheen was there to hook her up with $100,000.
Former Baywatch star Pammie was officially broke in 2009 after owing $800,000 to a construction company and being hit with a $1.7m tax bill. She was forced to move into a trailer park with her sons.