It’s hard to believe that famous people can end up being poor. Still, it happens. From lavish spending to expensive divorces, you might be surprised how fast a celebrity can burn through millions of dollars. It seems to always catch us off guard when we hear about the latest famous person falling from grace and going broke. Curious to see who these famous people are? These are 25 rich and famous people that ended up poor.
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Much like Francis Ford Coppola, Billy Joel has filed bankruptcy three times due to financial and relationship troubles. Due to three divorces and a brother-in-law who mismanaged his millions, Joel ended up owing $90 million. He had to go on tour a lot to make up for all the debt.
Renowned baseball player Curt Schilling went on to create and invest in the video game company 38 Studios. After putting in all he had, he lost $50 million and the company went bankrupt. He never once received a paycheck.
David A. Siegel
The subject of the documentary “The Queen of Versailles,” David Siegel and his wife lived the American dream. Siegel owned the largest time-share company in the world. Never satisfied, their greed took on new forms and they wanted to build the largest house in the world, a 90,000 square foot mansion in Orlando, Florida. They planned to model it after the French palace of Versailles. But once the American economy tanked, they weren’t immune to its far reaches. He halted the housing project and funneled all his remaining money into saving his company.
Once one of the best-known entertainers in the world, Wayne Newton made a number of bad investments leading to a massive amount of debt. He had to file bankruptcy when he owed $20 million.
Due to mismanaged earnings and bad advice, Willie Nelson, famed country singer and songwriter, owed $32 million to the IRS. They seized all his assets until he could pay them back. He settled his debt with the IRS at $9 million and paid most of it by releasing a two-disc recording called “The IRS Tapes: Who’ll Buy My Memories.”