Those who think that only normal people with normal earnings get into debt would be surprised at these 5 celebs. With fame come the big bucks – and the big spends. It’s not just us mere mortals who may struggle with our money… the list of celebrities in debt is a long one.
Donald Trump makes it to the top for irony. The most famous real-estate developer in the country has struggled with huge debts since the ‘90s, forcing him to corporate bankruptcy and near personal bankrupt. An economic recession and huge bank loans cost the Taj Mahal Hotel (the flagship of his empire) $1million in debt. Donald was forced into bankruptcy and, in 1992, the Trump Plaza was also forced into bankruptcy. Although he did manage to pay off a staggering $900 million in personal debt by 1994 and recovered somewhat, his empire (Trump Hotels and Casinos) were forced into bankruptcy for the third time.
The King of the Ring Mike Tyson may have been a world class fighting machine but he couldn’t easily fight his way out of debt. The boxer earned an astonishing $300million in his career, which he spent on cars, homes, clothing, food and his two pet tigers. He racked up $27 million in debt and owed $13 million in taxes to the US Government at the height of his 400k a month lifestyle.
But not even Iron Mike could compete with the most well-known celebrity spender of all time. The late Michael Jackson, who was reportedly $500million in debt. He was rumoured to have spent $6million in a few short hours and spent $20-£30million a year more than he earned. Famously, Jackson was said to have willy-nillying said “I’ll have that, that, that and… have I got that already? I’ll have it anyway,” – and not just on a shop in Asda!
MC Hammer’s accountant should have probably pointed at his money and said ‘can’t touch this’. The star’s spending spree was well documented and talked about even after he was clear. He had a $12million estate, gold-plated ‘Hammertime’ gates, nearly 20 expensive cars, 2 swimming, a number of ranches and an impulsive spending lifestyle. He admitted that he had gone through nearly $20million on lavish items and even more through generosity to his friends and family. He filed for bankruptcy in 1996 and was drilled relentlessly by interviewers and TV shows for years to come about his financial state.
Even royalty is not unscathed by debt. The Duchess of York (or apparently the Duchess of Debt) has been told the only realistic way to pay off her £5million (and counting) debt crisis is the file bankruptcy. No senior royal has ever been declared bankrupt, and it’s not the first time for the Duchess after facing £4million previously.