Seven Unlucky American Celebrities Facing Financial Woe (Pictured)

Written by Gemma Thomas

Celebrities like Kanye West and Chris Tucker seem to have it all – beautiful homes, luxury cars and lucrative contracts with top sporting, fashion and lifestyle brands. However, the old adage that having money costs money, is all too true in the case of many actors and entertainers, who can fall prey to excessive spending, or exercise bad money management skills. These are just a few celebrities who aren’t as well off as you think; who knows, though? The next million may be just around the corner, via the next book, album or endorsement deal…

Kanye West: The self-dubbed “Greatest Artist in the World” once tweeted that he was $53 million in debt. His net worth may stand at around $145 million, but he still felt the need to ask Mark Zuckerberg (again via Twitter) for $1 billion to finance his brilliant ideas. Soon, his wife, Kim Kardashian West, would brag about the millions she made, and announce her plans to transfer $53 billion into her joint account with Kanye. According to Vanity Fair, the rapper’s financial woes began in 2009, when his clothing line, Pastelle, folded in 2009. His high-end female fashion line, called Kanye West, never made it to the clothing racks, putting him out a whopping $30 million. More recently, West incurred around $16 million in debt in launching the first season of his Adidas clothing line. Don’t feel too sorry for this artist, though; he may have incurred considerable debt, but he is also a talented musician with millions of fans. Over the past five years, he has made a total of $72 million thanks to his successful albums. Who knows? Kanye’s cry for help to settle debt may have been his way of garnering attention from ‘the big leagues’, who may just be tempted to finance interesting creative projects which are currently just a vision in Kanye’s mind.

Mike Tyson: Despite winning a string of prestigious heavyweight boxing titles, Mike Tyson filed for bankruptcy in 2003, owing in no small part to a big debt owed to the IRS, but also to his expenditure on items such as luxury cars, mansions, jewelry, etc. His divorce and various lawsuits also ate into his savings though Tyson still has a net worth of millions.

Also See: Drake Makes Forbes Five Hip-Hop's Wealthiest Artists of 2016

Nicolas Cage: The 2008 financial crash had dire effects on Nicolas Cage’s investments, as did his IRS bill of over $13 million in back taxes. Cage is like thousands of investors around the world who nearly lost it all in one of the most serious economic crashes in the past few decades. Nic also had some pretty expensive hobbies, including collecting dinosaur skulls, one of which is valued at over $300,000! Cage also bout a 40-acre island near Nassau for no less than $7 million! However, despite his notorious spending and massive IRS bill, he still boasts a net worth of $25 million.

MC Hammer: This rapper was one of music’s biggest stars in the 1980s, yet his luxurious lifestyle put him into debt, to a tune of $13 million! It has taken him many years to bounce back, but as of 2014, he is said to have reduced his debt to just $1 million.

50 Cent: Despite his luxurious appearance and his intent to Get Rich or Die Trying, rapper 50 Cent recently declared bankruptcy, though bankruptcy documents obtained by Daily Mail Online showed that he actually has over $64 million in assets and property! The rapper does have some serious losses to settle – he was recently ordered by a judge to pay Lastonia Leviston $7 million for a leaked sex tape. 50 seems to be doing better than we expected, frequently posting photographs of himself surrounded by stacks of dollar bills.

Willie Nelson:

This country singer is a true example of the fickleness of fortune. In 1990, he lost nearly everything he had to settle a debit with the IRS. However, he is said to have made back all his losses through the sales of his 1992 album, The IRS Tapes: Who’ll Buy My Memories?

Toni Braxton: She has a velvety smooth voice that has sold millions of records yet in 1998, she was forced to file for bankruptcy owing to an accrued debt total of approximately $50 million. Her family pooled together to help, starring alongside the chanteuse in the show Braxton Family Values. Thankfully, Toni is now said to be on the mend!