You don't know what you've got 'til it's gone, right? Donald Trump, 50 Cent, MC Hammer and several other celebrities have declared bankruptcy at one point in their lives. Click through to see which other wealthy stars went from riches to rags.
While the 2016 Republican presidential candidate hasn't personally gone bankrupt, four of his casinos and businesses have declared bankruptcy over the years, making him the top filer in recent decades, according to Bankruptcy.com. Trump Taj Mahal and Trump Castle Associates filed for bankruptcy in 1991 and 1992, respectively. Trump Hotel & Casino Resorts and Trump Entertainment Resorts later filed in 2004 and 2009.
The "U Can't Touch This" rapper, who Forbes estimated was worth $33 million in 1991, filed for Chapter 11 bankruptcy in April 1996 due to excessive spending. He also reportedly owed the IRS $779,585 in back taxes from 1996 and 1997, but tweeted in December 2011 that he had already paid off his debt.
The iconic talk show host was arrested and charged with grand larceny in 1971 after he allegedly stole $5,000 from Wall Street business partner Louis Wolfson. Seven years later, King declared bankruptcy. That same year, he was offered the opportunity to host his long-running eponymous CNN show, Larry King Live, allowing him to successfully recover.
Mr. Las Vegas filed for Chapter 11 bankruptcy to reorganize an estimated $20 million debt in 1992. He was financially stable again by 1999, but in 2005, the IRS sought $1.8 million in taxes and penalties from him. Newton subsequently opened his 52-acre Sin City estate, Casa de Shenandoah, for public viewing.
The Grammy winner declared Chapter 7 bankruptcy in March 2013, citing mismanagement of her funds by her "handlers." She reportedly owes $7 million to the IRS for the years 1991 to 1999, in addition to more than $3 million in taxes to the state of California. Warwick's publicist said she actually paid the taxes, but that penalties and interest added up.
The R&B singer filed for bankruptcy in 1998 and 2010. Braxton told 20/20 in a 2012 interview that her financial troubles were due in part to her first recording contract, which gave her only $1,972 in royalties despite massive hits, and her bad spending habits. In July 2013, she settled the second case by reportedly paying $150,000 to a trustee. Six months later, she purchased a $3 million house in Calabasas, California.
The L.A. Confidential actress filed for Chapter 11 bankruptcy in May 1993 after she pulled out of the controversial 1993 film Boxing Helena, leading the movie's producers to sue her. They were awarded $8 million, according to the Los Angeles Times. Basinger later settled the case for $3.8 million, the Associated Press reported.
The child star declared bankruptcy in November 2013, claiming in legal documents obtained by TMZ to have a mere $8,232 in assets and $2.2 million in liabilities. In February 2016, he opened up about the turmoil on Spike's Life or Debt, saying, "Financially, I'm in a terrible position … I filed a Chapter 7 bankruptcy last year; now I'm already over $100,000 in debt."
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