Famous People Go Bankrupt Too
Going bankrupt is a horrible thing to happen to anyone. However, you shouldn’t think that it is something which only happens to a few people. The truth is that the number of bankrupts across the world is so high now that it is no surprise to find that they come from all walks of life.
There are a few famous names on the list of people made bankrupt over the years. Of course, some of these famous people recovered from their bankruptcy to become financially very successful in life while others seem to lurch on from one cash crisis to another.
I have seen pictures of this guy’s face on my niece’s bedroom wall countless times but only just found out his name. He was a singer with Westlife who invested a huge amount of money in property in Sligo, flash cars and even a helicopter. Things went wrong when the Irish property market went downhill and he was declared bankrupt. He explained recently how he couldn’t afford to buy a £30 toy for his son, how he lost his wedding ring in the bankruptcy proceedings and how he had just £470 in his bank account following the hugely successful Westlife farewell tour. He seems to be doing better now and has confirmed that his family now sticks to a more sensible budget. Shane has a new record out and I imagine that my niece has already helped him out by buying a copy.
One of the more tragic cases of a star becoming insolvent involves Gary Coleman. The diminutive TV star was one of my favourites when I was growing up and even now I occasionally repeat his “What you talking bout Willis?” catchphrase from Diff´rent Strokes, to the bafflement of my younger relatives. He was said to have been worth about $7 million (over £4 million) at one point. Bad advice, medical expenses and dodgy agents and lawyers led to him being declared bankrupt in 1999. He stood for governor of California in 2003 and was still well known until his death in 2010, although he seems not to have ever fully recovered from his money problems.
This mother of four and I’m a Celebrity…Get Me Out of Here winner had already been made bankrupt once when she was declared bankrupt again this year. Kerry was quoted recently as saying that her money problems have stopped her getting married, while she has now pulled all but one of her children out of private school. Her money problems first came to light in 2008, when she failed to pay £82,000 of a tax bill and ended up bankrupt because of it. While researching this I only just found out that she is back with Atomic Kitten again, so some good has come out of it anyway.
We need to go back a few years to discover about the bankruptcy of film star Burt Reynolds. It is worth doing this, as it shows us how easy it is to owe money no matter how much you earn. This hugely successful film and TV star was made bankrupt in 1996, owing $100,000 to his wig maker among other debts. Since then, he has run into one financial problem after another. He tried to sell his massive Florida estate for $8.9 million in 2009 but it got repossessed by his bank a couple of years later. The 4 acre property has a private beach, a hair salon, a boat dock and a cinema but Reynolds was said to have missed mortgage payments on it for over a year. In fact, he had 2 mortgages on the house and it remains to be seen whether he can get back into financial shape after this latest setback.
Other Broke Stars
Peter Stringfellow, Kim Basinger, Larry King and even Eddie the Eagle have all gone bust in the past too, with some of them recovering to go on to greater financial success.
Do you know of other stars who went bust?