5 Celebrities that were once rich and are now flat broke

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5 Celebrities that were once rich and are now flat broke
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We always admire the lavish lives of celebrities, but believe it or not; they can go broke. Some of them squander their fortunes, while some make bad investments. In other cases, there are those who live beyond what they can afford. So, if you see a celebrity living in Hollywood, do not assume that they are rolling in the good life. Some of the most famous stars have gone broke in one or two occasions.

In the list we are going to go through, you might be surprised by some names that you will see, while other names will be common knowledge. Now, keep in mind that some of the celebrities made some poor choices in their lives. Although many celebrities went broke in their hay days, we are going to look at five names:

Toni Braxton

Toni Braxton is a woman with a golden voice. She has had tremendous success in her life, but she seems to have overestimated her fame. After she started receiving royalties on her songs, she started spending big. She couldn’t stop even when her royalties dried up. Her luxurious expenditures led to two reported bankruptcies in less than five years. Rumor has it that she was allowed to purchase a $3 million home while she was in a $50 million debt. Now, it is highly likely that she is undergoing bankruptcy number 3 soon.

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Nicolas Cage

One of Hollywoods biggest stars is Nicholas Cage. In 2009, he earned $40 million but he spent is as fast as he earned it. He purchased many automobiles, homes, and rare artifacts. The IRS placed tax liens on several of his properties and this process made Cage hand over more than $6 million to the IRS for failing to pay his 2007 tax bill. His unsettling financial situation led him to take many film roles, and sell some of his treasured belongings like his iconic comic book collection.

Lindsay Lohan

If there is a lady, who likes to party, its Lindsay Lohan. Her addiction to drugs, partying and lack of common sense led her to plummet to what is supposed to be a flourishing career to many years of financial drought. After her appearance in “Mean Girls,” she virtually went rogue, but she appeared from time to time in tabloids. Her partying lifestyle led her to file for bankruptcy in 2012. Although she owed less than most people in this list, she never banked a paycheck for quite a long time.

Marvin Gaye

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#MarvinGaye, everyday

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Marvin Gaye is a name that is popular across the globe. Although most people know his amazing songs, most do not know that he has been broke for years. Among the rich celebrities, he has one of the worst habits. He spent more money that he could make. After filing for bankruptcy, he lived in his friend’s houses. It does not matter if you write beautiful love songs; you have to know how to manage your money.

Brendan Fraser

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Speak up @gq #fraserheads

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“The Mummy” was a success and most of his movies. It is easy to think that this would solidify his future, but that was not the case. Hollywood is, unfortunately, keeping its distance from him. Now, he has to take any roles that spring up.

Conclusion

The celebrities we see on Tv are not always running on a highway to success. Many celebrities have learned that a strong role in one movie will not support them in their lifetime.

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