Top 10 Celebrities Who LOST EVERYTHING

#10: MC Hammer

Also in:

Top 20 Celebrities Who LOST EVERYTHING

Over the span of a decade, MC Hammer became the quintessential rags to riches and back to rags Hollywood story. After releasing two moderately successful albums, Hammer achieved worldwide fame with his hit single “U Can’t Touch This” from his third studio album. At the time, Hammer’s net worth was valued at over $33 million by Forbes. This seemingly overnight wealth was soon sucked up by his lavish spending, extravagant mansion and numerous dependents. By 1996, Hammer’s musical success had plummeted and he had to file for Chapter 11 bankruptcy, as he was over $13 million in debt. The California rapper never quite recovered from his fall, despite a few comeback attempts.

#9: T-Pain

Also in:

Top 10 Celebrities Who Lost It On Live TV

Since bursting onto the scene in 2005, T-Pain has racked up a slew of hit singles, and accumulated a fortune of over $40 million. However, instead of making wise financial investments, he bought a massive house and a $2.1 million Bugatti, which he later sold off for just $800K. It certainly didn’t take too long for that bank account to go “low low low.” By 2019, the “Buy You a Drank” singer was left with no option but to file for bankruptcy protection. He did win the first season of “The Masked Singer” the same year, and things seem to be looking up for T-Pain nowadays.

Prior to being cast on the 15th season of “Survivor,” Todd Herzog traveled across America as a flight attendant for SkyWest Airlines. His highly calculated run on the show culminated in him winning the season and taking home the $1 million cash prize at just 22 years old. But while he triumphed on the screen, Herzog’s entire fortune was in jeopardy, as he was struggling with alcohol use disorder. After seeking professional help, Herzog was able to turn his life around. He has since attained sobriety and now lives a rather quiet life with his husband Jess Hermansen.

This North Carolina singer and actress was propelled to stardom after winning the third season of “American Idol” in 2004. Her first ever single “I Believe” went straight to number-one in the U.S. and Canada, and her debut album was certified platinum. Things seemed to be off to a good start for Fantasia, but due to her sole breadwinner status among her siblings, mother, and daughter, and the declining sales of her second album, she soon found herself struggling. Her $1.1 million house was set to be auctioned off to cover an unpaid loan. In an interview with Oprah, Fantasia owned up to her mistakes, blaming her misfortune on her financial decisions and inability to say no.

Once upon a time, Gary Busey was a mainstream Hollywood star. The Texas actor gained national attention for his leading performance in the 1978 bio film “The Buddy Holly Story,” which earned him an Oscar nomination. He followed this up with starring roles in movies like “Lethal Weapon” and “Point Break,” which were certified box office hits. His financial downturn came in 1988 when Busey was involved in a serious motorcycle accident that left him with permanent brain damage. The once bankable Hollywood player became erratic on and off camera, and soon struggled to find roles in movies and TV shows. With most of his money gone and not enough coming in, Busey had to file for Chapter 7 bankruptcy in 2012.

#5: Lil’ Kim

Also in:

10 Celebrities Everyone Lost Respect For

Widely regarded as the “Queen of Rap,” Lil’ Kim inspired a generation of rappers with her music and has sold upwards of 30 million singles globally. Life really was all about the Benjamins for the hip-hop star. However, following dwindling album sales and a prison stint in 2005, Lil’ Kim found herself in a free fall. In 2018, she declared bankruptcy, claiming to be about $4 million in debt, with unpaid taxes and mortgage loans taking up a large chunk of that figure. In order to pay off her debt, the Queen Bee’s $2.3 million mansion was auctioned off, with the opening bid being $100. Yep, you heard that right.

#4: Kim Basinger

Also in:

10 Celebrities Who Lost EVERYTHING Due to Addiction

Kim Basinger became a Hollywood fixture for her notable femme fatale roles throughout the ‘80s and ‘90s. But, at the height of her acting career, Basinger faced multiple setbacks that severely impacted her finances. First, she paid $20 million to acquire a small town in her home state of Georgia, an investment that backfired tremendously. Next, she backed out of the doomed movie “Boxing Helena,” for which she was sued and forced to pay millions of dollars to the studio. This resulted in her filing for bankruptcy. To top it all off, her marriage to Alec Baldwin ended in a messy divorce that reportedly cost the Oscar-winning actress another few million dollars. She never quite recovered financially.

In the late 1990s, Aaron Carter became a teen idol before he was even a teenager. The younger brother of Backstreet Boys singer Nick Carter, Aaron started performing from as early as seven years old and had reportedly amassed more than $200 million before the age of eighteen. According to Carter, all of this money was mismanaged by his parents, and when he crossed into adulthood, he had accumulated back taxes to the tune of $4 million. With no more hit singles and fast-selling albums, Carter declared bankruptcy in 2013, in an effort to pay off most of his debt. The former teen heartthrob seems to be on the right path now, as he has fully eliminated his debt and even bought a house in 2019.

For someone like Toni Braxton, who’s sold more than 70 million records worldwide, it’s hard to imagine how she could go bankrupt twice. Just two years after her smash hit “Un-Break My Heart,” Braxton found herself in dire straits and had to declare bankruptcy. While her music generated millions, Braxton barely got any of it due to specific clauses in her recording contract. She managed to dig herself out of that hole but ended up filing for bankruptcy again in 2010 after her Vegas residency was canceled due to her health issues. But just like the Phoenix, she was able to rise from her financial ashes, and has since produced and starred in the successful reality series “Braxton Family Values.”

Hollywood legend Burt Reynolds was a top box-office draw in the late ‘70s and early ‘80s, but he gradually lost his bankability as the years progressed. This, coupled with his costly divorce from Loni Anderson and some poor investment choices, led to the actor filing for bankruptcy in 1996. He made a career comeback soon after with “Boogie Nights” in 1997, which earned him a Golden Globe and an Oscar nomination. By 2014, Reynolds was auctioning off personal items and memorabilia, which rekindled news of bankruptcy. Until his death in 2018, Reynolds lived at his Florida estate which once faced foreclosure, but was then bought by his neighbor, who let him live on the property at a low cost.