Debt is an issue that can affect anyone, even the rich and famous. We’ve compiled a list of some well-known celebs that you might be surprised to learn have experienced financial difficulties.
• Shane Ritchie: East Enders star Richie is a household name in the UK after a lengthy career in show business. However, Ritchie’s extravagant lifestyle landed him firmly in the red. The star had to turn to friends and to help keep up £8,000 monthly mortgage repayments for his £2 million home and avoid bankruptcy.
• Mike Tyson: Fearsome Mike Tyson’s professional boxing career pocketed him a staggering £165 million. At the peak of his career, Tyson splashed out on a number of mansions and an impressive collection of cars. However, back in 2003, the courts declared the ex-boxer bankrupt, owing in excess of £70 million.
• Kerry Katona: The former Atomic Kitten and recent reality TV star Katona has long had her exploits reported in the press. In 2009 she declared herself bankrupt due top unpaid tax bills. Her hit and miss career did not earn her enough for her extremely lavish spending habits, pushing her further into the red. She was reported to spend £1.5 million on a luxury home and nearly £300,000 on a collection of cars and motorbikes.
• Joe Swash: The second East Ender to make our list is Joe Swash. The TV personality was reported as failing to pay a £20,000 tax bill and was declared bankruptcy. Extravagant lifestyle outweighed his less than modest earnings, showing again that the rich and famous don’t always live within their means.
• M.C Hammer: Stanley Burrell, more commonly known as M.C Hammer reached the dizzy heights of stardom in 1990 with his super hit ‘U Can’t Touch This’. However, the rap star was pronounced bankrupt by the courts due to his over-spending on multi-million dollar mansions and a fleet of luxurious cars.