Being a celebrity comes with many perks and most of our favorite stars live lavish lifestyles. The rich and famous own numerous home and cars. Most of them have the income to support such extravagant purchases but there are those celebs who mismanage their money in one way or another and can no longer afford to lead a glamorous life.
Some of these Hollywood stars spent their money carelessly. From paying for a 40-person entourage to follow them around to buying exotic pets, these actors and actresses were way too frivolous with their cash and ended up squandering away their fortunes. From a shrunken head collection to a haunted mansion, the sky's the limit when it comes to strange purchases.
Other times, they are given bad financial advice from money managers and make poor investments. Many of these broke celebrities were forced to file for insolvency or sell household items just to stay afloat. Then there are the celebs who lie on their taxes and end up with a hefty bill from the IRS. Even famous people have to pay what they owe the government!
Please enjoy this list of 20 former A-listers who can’t afford the rich life anymore.
20 Lindsay Lohan
Lindsay Lohan was a child star best known for her roles in The Parent Trap and Freaky Friday. Her transition into adulthood was bumpy and she’s had some serious money troubles over the years. According to the NY Daily News, Lohan racked up $600,000 in credit card debt in the year 2010.
Things got worse two years later when she settled a $93,000 bill with the IRS. Then, she was evicted from her London apartment in 2016 for owing $137,000 in unpaid rent. Let’s hope she has a triumphant return to the spotlight with her current show, Lindsay Lohan's Beach Club.
19 Teresa Giudice
The Real Housewives of New Jersey star Teresa Giudice and her husband, Joe, found themselves in trouble with the law. The couple was sentenced to 15 months and 41 months of jail time for mail, wire, and fraud, as reported by People.
The Giudices had been ordered by the court to appear with probation reports thoroughly filled out, but according to Esther Salas, who was presiding over the case at the U.S. District Court in Newark, there were still missing items totaling $75,000.
Teresa served her time but Joe is still doing so. She settled her case in 2016 and is paying back taxes.
18 Kim Basinger
Kim Basinger was one of the most successful actresses in Hollywood but she’s had some financial trouble over the years. According to Business Insider, Basinger invested $20 million for property in Georgia in the hope of creating a theme park. She ended up declaring insolvency and was forced to sell the property.
Then in 1995, she settled with Main Line Pictures after she dropped her role in the film Boxing Helena. At the time, Basinger owned three homes and spent an exorbitant amount of money on clothes but somehow failed to pay maintenance fees for her Los Angeles home.
17 Curtis "50 Cent" Jackson
50 Cent first found fame as a rapper but tried his hand at building a business empire. Things went south for him in the financial department when his stocks took a dive during the 2008 recession. He racked up debt worth $32 million in 2015 thanks to various lawsuits and unpaid child support payments.
The Wall Street Journal reported his monthly expenses that led to him filing for insolvency. He paid $3,000 a month for meals and entertainment, $3,000 on wardrobe, $2,000 on travel and $1,000 on personal grooming. His biggest monthly expense was his $17,400 mortgage, and he also spent $9,000 on “security and protection.”
16 Lisa Marie Presley
Lisa Marie Presley may have inherited her father’s fortune but she publicly criticized her ex-money manager Barry Siegel in court documents. According to The Daily Mail, she said Siegel had been whittling down the $100 million trust set up by Elvis until it was a mere $14,000. Siegel paid himself a $700,000 salary while he was in charge of the trust.
Presley also said that he made bad investments and covered up her dire financial situation. "Siegel repeatedly led Lisa to believe she was in 'good shape' with her finances," the documents stated. He is countersuing and blamed Presley for squandering her fortune on bad spending habits.
15 Lauryn Hill
Lauryn Hill was handed a huge tax bill and pleaded guilty to not paying federal taxes on $1.8 million earned between 2005 to 2007. She was sentenced to a three-month stay behind bars for failing to file and pay taxes on time.
Hill said in her court statement, “I was put into a system I didn't know the nature of. ... I'm a child of former slaves. I got into an economic paradigm and had that imposed on me… I sold 50 million units ... now I'm up here paying a tax debt. If that's not likened to slavery, I don't know what is,” as reported by Forbes.
14 Pamela Anderson
Pamela Anderson proved that being a blonde bombshell can’t get you out of paying your taxes. The Baywatch alum had financial trouble when she faced a $259,395 federal lien filed in 2012 and a second tax lien for $112,118 for the 2011 tax year, according to E! News, for a grand total of $371, 513 owed.
This wasn’t the first time that Anderson skipped on her bills and also owed more than $493,000 in personal income taxes in 2010. She hasn’t let her tax worries cut into her lifestyle and still lives her best life, although we suspect that she can’t really afford it.
Who could forget when Tyga bought Kylie Jenner a brand new Ferrari for her 18th birthday? Of course, the couple has long since split and Tyga went totally broke. According to People, the rapper has mounting financial and legal woes.
From owing more than $280,000 for unpaid jewelry to having a six-figure bill from his landlord, Tyga seems to be out of control with his spending. Not to mention that his ex Blac Chyna criticized him on social media about missed child support payments for his son, King. On top of all this, he owes $890,183.87 in missed taxes.
12 Courtney Love
Courtney Love is another celeb that seems to have trouble paying her taxes. The Hole singer paid nearly $320,000 to settle old tax bills from 2012. Soon after she paid that off, Love had another tax lien that totaled $568,674.62 and gave the IRS roughly $266,000, as reported by People magazine.
The rocker was left a fortune by her late husband, Nirvana frontman Kurt Cobain. She lost $27 million paying legal fees. “I know that’s a lifetime of money to most people, but I’m a big girl,” Love explained. “It’s rock 'n roll, it’s Nirvana money, I had to let it go.”
11 Brendan Fraser
Brendan Fraser was a favorite in the 1990s with films such as Encino Man and The Mummy. He quit acting and left Hollywood, leaving him with very little income. Problems really started for Fraser when he divorced his wife, Afton Smith, in 2009. The exes share custody of their three kids, Griffin, Holden, and Leland.
According to Huffington Post, Fraser went to a Connecticut court in 2013 in an attempt to reduce his annual $900,000 child support payment. The actor claimed that he couldn’t find work due to health issues. His ex-wife accused him of lying. He has since revamped his career.
10 MC Hammer
MC Hammer found fame in the 1990s with his hit song "Can’t Touch This." He had $30 million in the bank but spent way beyond his means. He filed for insolvency in 1996, was in 13.7 million debt and down to just $9.6 in assets.
It appears that his lavish lifestyle totally caught up with him. CNN reported on Hammer’s exorbitant spending habits, saying, “The singer's paid entourage was said to number 40 people, he owned at least 17 cars, and he kept a stable of racehorses.”
The rapper has since become a televangelist and paid off his debts.
9 Mike "The Situation" Sorrentino
Mike “The Situation” Sorrentino was indicted in September 2014 for tax offenses and conspiring to defraud the United States after not paying taxes on $8.9 million of income from 2010 to 2012. According to People, The Jersey Shore alum and his brother, Marc, were also charged with tax evasion and structuring and falsifying records.
“I want to put this behind me and move forward. The comeback is always greater than the setback,” Sorrentino said. “The Situation will reveal himself in 2019. Currently under construction, but will be revealed. Under new management now.”
He finished by saying, “There is nothing more to say. Just take me to jail."
8 Chris Tucker
Chris Tucker may be a comedian but there is nothing funny about his financial burdens. He was given two tax liens that totaled $14.5 million, as reported by Forbes. The funnyman accumulated seven years' worth of back taxes that totaled a whopping $14,068,047.50.
Tucker’s rep said, "Chris Tucker has not incurred any new tax years. The current lien filing by the IRS was the result of an audit that lasted for four years which stemmed from poor accounting and business management."
In the end, Tucker reached an agreement with the IRS and the case was settled.
7 Abby Lee Miller
Abby Lee Miller’s secrets came to light when she was charged with hiding $775,000 of income that she earned from her show Dance Moms and other projects. According to People, Miller hid the money in secret bank accounts between 2012 and 2013.
To make matters worse, she asked friends to carry portions of $120,000 in their luggage in August 2014, even though there is a law that states people must report bringing amounts larger than $10,000 of foreign currency into the U.S.
The reality star served one year and one day behind bars in a federal penitentiary.
6 Aaron Carter
It can’t be easy to be the younger brother of Backstreet Boys’ Nick Carter. Aaron Carter worked hard to carve out a name for himself and even had his own hit song, Aaron’s Party, which sold three million copies in the U.S., according to AV Music.
Despite his success, Carter joined the list of celebrities that became insolvent when he had an estimated debt of $2 million in unpaid taxes in 2013. He’s managed to stay in the public eye, though. He was a contestant on Dancing with the Stars in 2018 and has also been in several Broadway productions.
5 Joey Lawrence
Joey Lawrence may have found fame on Blossom and Melissa & Joey but the actor has faced some financial woes over the years. According to People, he filed for insolvency in July 2017.
At the time, he and his wife Chandie Yawn had just $8,000 in the bank and $60 in cash after accumulating $355,517.27 worth of liabilities. They had racked up $132,000 in credit card bills, $100,000 owed for automobiles, $88,000 in back taxes, $54,000 in unpaid rent and $32,000 for an unpaid loan.
To make ends meet, the couple sold clothing, furniture, and household items on eBay.
4 Toni Braxton
Toni Braxton may be a Grammy-winning singer but that hasn’t helped her escape the clutches of financial worries. Despite the fact that she sold millions of dollars in albums, she was only given $2000 in royalties, as reported by ABC News.
Braxton was forced to declare insolvency in 2010 and then again in 2013. She went on to star in the reality TV show Braxton Family Values alongside her sisters. "My [money] situation worked out really great for me," she said in an episode of the program. "I have to monitor myself because I'm definitely on a budget."
3 Nicolas Cage
Nicholas Cage could write a book about how to squander a fortune. The actor made a handful of bad decisions that landed him in financial trouble. He spent his money on strange and extravagant purchases like exotic pets and a shrunken head collection. Beyond his poor spending habits, he owed $14 million in back taxes to the IRS, as reported by ABC News.
Things got worse in 2009 when his ex handed him a $13 million lawsuit, then his real estate company sued him for failing to repay millions of dollars in loans after purchasing multiple castles and private islands.
2 Tori Spelling
Tori Spelling was heartbroken to discover that her late father, Aaron Spelling, whose net worth was estimated at roughly $500 million, left her just $800,000 in his will. The 90210 alum is now married with five children and the bills are adding up.
According to People, Tori and her husband have poor spending habits. In 2016, the couple faced a federal tax lien for $707,487.30 in unpaid federal taxes for their 2014 bill alone. They also have credit card woes and were sued for an unpaid balance of $87,595.55.
This couple definitely can’t afford to pay for their lavish lifestyle.
1 Johnny Depp
Johnny Depp has some serious debt. The Pirates of the Caribbean actor is in the red for $40 million and he blamed his financial troubles on his advisors for paying his taxes late and taking out high-interest loans without his knowledge.
Yet, Rolling Stone told a different story and reported that Depp’s debt came about from his careless spending habits. When his previous money manager said in court documents that Depp spent $30,000 a month on wine, he was quick to correct the statement.
“It’s insulting to say that I spent $30,000 on wine,” Depp said. “Because it was far more.”
Sources: AV Music, Forbes, Rolling Stone, People, ABC News, Huffington Post