Famous people who faced financial ruin, but bounced back to make a fortune
Charlotte Irwin
18 July 2018
The comeback kids
Celebrities may seem like they live charmed lives, but many of the rich and famous have faced major financial trouble. But some, through true grit and determination and often a slice of luck, have gone on to make a fortune. Take a look at our list of the most inspirational celebrity comebacks.
MC Hammer: $2 million (£1.4m)
In the 80s and 90s MC Hammer, whose real name is Stanley Kirk Burrell, was earning millions from songs such as U Can't Touch This. His net worth estimated at $33 million (£24m). He soon frittered his fortune away, reportedly spending $500,000 (£363k) a month on his 200-person staff, and was declared bankrupt in 1996 with debts of $13 million (£9.4m).
MC Hammer: $2 million (£1.4m)
The star used his entrepreneurial spirit to get himself out of debt, launching several record labels, investing in tech start-ups, and taking on the role of CEO of Alchemist Management, an athlete management and marketing firm specialising in mixed martial-arts fighters. He also used his celebrity status, starring in his own reality television show Hammertime in 2009. His estimated networth today is $2 million (£1.4m).
Mike Tyson: $3 million (£2.1m)
At the height of his boxing career, Tyson had an estimated net worth of $400 million (£292m). However, in 2003 Tyson found himself in $23 million (£16.8m) of debt. He owed money to the IRS, British Tax Authorities, Lawyers, and other personal staff. He also owed $9 million (£6.5m) in a divorce settlement.
Mike Tyson: $3 million (£2.1m)
Tyson declared bankruptcy and spent time in prison and rehab. Despite his retirement from boxing, the star is now back in the green with a net worth of $3 million (£2.1m). Tyson now owns California-based cannabis company The Ranch Company which helped rebuild some of his lost fortune.
Ray Winstone: $5 million (£3.6m)
Actor Ray Winstone may have an estimated net worth of $5 million (£3.6m) now, but in his twenties he was declared bankrupt twice. Why? Because he didn't pay his taxes.
Ray Winstone: $5 million (£3.6m)
But the star of Sexy Beast and The Departed finally realised the error of his ways. "The second time I was made bankrupt, I made a decision that I was going to work as hard as I could to get out of this mess. I just wanted to be able to open the front door without worrying who might be there," Winstone told The Telegraph in 2014. Nothing beats a bit of hard work.
Dorothy Hamill: $5 million (£3.6m)
American figure skater Dorothy Hamill won gold at the 1976 Winter Olympics. The win led to a career of television appearances where she was earning up $1 million a year. However, after years of excessive spending on jewellery and bad investments, the skating star was declared bankrupt in 1996.
Dorothy Hamill: $5 million (£3.6m)
As you would expect from a sporting star Hamill didn't give in. She toured the professional ice skating circuit to pay off her debts, and wrote her autobiography A Skating Life: My Story, which reached the New York Times bestseller list. Since then she has also been a contestant on the 16th series of Dancing with the Stars. Today her estimated net worth is $5 million (£3.6m).
T Pain: $10 million (£7.3m)
T Pain said that he once had $40 million (£29.2m) in the bank but lost it due to bad investments and spending habits. The rapper said at one point he was borrowing money to feed his family.
T Pain: $10 million (£7.3m)
The artist has earned some of his wealth back via music, touring, and television. In 2019 he appeared on the Masked Singer TV show, winning the competition. He now has an estimated net worth of $10 million (£7.3m).
Lena Headey: $12 million (£8.7m)
Today Lena Headey is a massive television actress, best known for her iconic role as Cersei Lannister in the HBO hit ‘Game of Thrones'. Her estimated net worth is $12 million (£8.7m). Things weren't always so smooth sailing for the star...
Lena Headey: $12 million (£8.7m)
In 2012 her divorce left her with just $5 (£3) in the bank. She was relying on credit cards to pay for her living expenses.
Kim Basinger: $20 million (£14.5m)
Actress Kim Basinger was forced to file for bankruptcy after a series of financial troubles. In 1989, the actress bought the town of Braselton, Georgia, for $20 million (£14.5m). She planned to turn it into a tourist attraction was later forced to sell the plot at a loss for just $1 million (£727k) in 1993. The same year Main Line Pictures sued her for $8.1 million (£5.8m) for breach of contract for pulling out of the film Boxing Helena.
Kim Basinger: $20 million (£14.5m)
However, Basinger settled with Main Line Pictures out of court. She paid less than half the money it demanded. Basinger then got back to work to replenish her fortune. Later, she won an Oscar for LA Confidential, appeared in 8 Mile, and signed a lucrative modelling contract at 60 years old. She now has an estimated net worth of $20 million (£14.5m).
Willie Nelson: $25 million (£18m)
The country singer may be worth $25 million (£18m) now, but in the 80s he faced a tax bill of $16.7 million (£12.1m). Though this was whittled down to $6 million, the singer still couldn’t pay. His assets including his home were seized.
Willie Nelson: $25 million (£18m)
How did he pay back the bill? Nelson partly used the proceeds made from his humorously-titled 1992 album The IRS Tapes: Who’ll Buy My Memories?
Nicolas Cage: $25 million (£18.1m)
Nicolas Cage is no stranger to financial problems. At the height of his career Cage was earning a whopping $40 million (£30.5m) a year, and had a fortune of $150 million (£109m). But his spending habits reflected the size of his wealth, and the star used it to buy eccentric purchases, including a $150,000 (£109k) pet octopus, a real dinosaur’s skull and shrunken heads…
Nicolas Cage: $25 million (£18.1m)
But it was a series of bad real estate investments across a portfolio of 15 properties, including two castles, an island in the Bahamas, and one of the most haunted houses in America that led to his downfall. The actor also received a $6.3million (£4.5m) property tax bill. The star returned to acting, taking as many jobs as he could to rebuild his wealth and pay off debts. It's estimated that the actor is now worth around $25 million (£18.1m).
Mick Fleetwood: $30 million (£21.8m)
As an original member of Fleetwood Mac, drummer Mick Fleetwood earned a fortune. But he soon lost it, filing for bankruptcy in 1984. Impulsive property investments, a failed restaurant venture, and a pricey drug habit were blamed. More bankruptcy followed. “In the end I’ve lost count (of the bankruptcies),” he says. “I’m like Donald Trump. I think he’s been bankrupt about seven times. You pay off what debts you can. You do what you are told by your accountant," he told The Telegraph in 2014.
Mick Fleetwood: $30 million (£21.8m)
However, despite several setbacks, Fleetwood finally turned it around with the help of the band that first made his fortune. The group released more successful albums and kept touring. Mick now has an estimated net worth of $30 million (£21.8m).
Meat Loaf: $40 million (£29m)
Meat Loaf's Bat Out of Hell was a global phenomenon in the late 70s, but at the time the star barely saw any of the money from it as he faced lawsuits from songwriting partner Jim Steinman and music company Sony. "At one point I had 100 million dollars’ worth of lawsuits against me," he told the Daily Mail. "I had to file bankruptcy. It was the only way to get my affairs in order and protect myself."
Meat Loaf: $40 million (£29m)
But the Texan native bounced back, releasing more successful albums including Bat Out Of Hell 2: Back Into Hell, and venturing into acting. The indefatigable rocker is now thought to be worth $40 million (£29m).
Kevin Bacon and Kyra Sedgwick: $45 million (£32.7m)
The Footloose star and his actress wife Kyra Sedgwick were unwitting victims of New York financier Bernie Madoff’s $65 (£47.2bn) billion Ponzi scheme in 2009. The financier was sentenced to 150 years in prison, but Bacon and Sedgwick were reportedly left without their life savings...
Kevin Bacon and Kyra Sedgwick: $45 million (£32.7m)
Bacon got back to work, starring in X-Men: First Class; Crazy, Stupid, Love; and the TV series The Following, as well as many TV commercials. Bacon's net worth is now estimated to be $45 million (£32.7m).
Cyndi Lauper: $50 million (£36m)
The singer-songwriter was forced to file for bankruptcy in 1981 after her first band Blue Angel failed. But that didn't put the Girls Just Wanna Have Fun singer off a career in the industry...
Cyndi Lauper: $50 million (£36m)
She worked in shops and sang in a Japanese restaurant before her 1983 hit album She’s So Unusual propelled her to fame. The 62-year-old is now estimated to be worth $50 million (£36m).
Johnny Depp: $150 million (£109m)
At the height of his career, the 'Pirates of the Caribbean' star was the highest-paid actor in the world. However, it was reported in 2016 that Depp had blown his $650 million (£474m) fortune and was on the verge of bankruptcy. His management team had failed to file taxes for 17 years. His lavish spending habits were also blamed for the loss, including a reported $35 thousand (£25k) a month expense on wine.
Johnny Depp: $150 million (£109m)
Depp has faced more troubles in recent years, including his public divorce and defamation lawsuit against a British newspaper. The star also claimed in a recent interview that Hollywood was boycotting him. However, his current estimated net worth is $150 million (£109m).
Francis Ford Coppola: $300 million (£218m)
The legendary director has had his fair share of money troubles. After his 1982 musical One From The Heart flopped, Coppola spent much of the 80s in bankruptcy. In 1990, his Zoetrope production company went bust, and he was declared bankrupt for the third time in 1992.
Francis Ford Coppola: $300 million (£218m)
Since then, Coppola has branched out into wine, hotel resorts and even pasta sauces, while still working as a successful producer in order to rebuild and secure his wealth. His net worth is now estimated to be somewhere around $300 million (£218m).
George Foreman: $300 million (£218m)
When George Foreman retired from boxing he moved back to Texas, became a preacher, and opened a youth centre for troubled children to play sport. However, he soon faced bankruptcy and to keep the centre afloat he had to go back into boxing 10 years after he had last been in the ring...
George Foreman: $300 million (£218m)
His return was a success and he won the world heavyweight title at 45 – the oldest fighter to do so at the time. He was also approached by Salton Inc. to put his name to the Lean Mean Fat-Reducing Grilling Machine. Sceptical at first, he agreed when he realised how good the grill was. By 2012, 100 million grills had been sold, and Foreman had a net worth of $300 million (£218m).
Will Smith: $350 million (£254m)
Will Smith first found fame in the music industry as a rapper. Fame led to fortune and Smith went on a spending spree. He then faced a $2.8 million (£2m) bill from the Internal Revenue Service (IRS). This forced him to give up nearly everything he had earned to pay it off...
Will Smith: $350 million (£254m)
Luckily his musical persona attracted the attention of television producers who cast Smith as a version of himself in the Fresh Prince of Bel Air in 1990. This kick-started his acting career, and Smith went on to a develop a successful film career starring in movies such a Men In Black, Hancock and Bad Boys. Today his net worth is estimated at $350 million (£254m).
Elton John: $500 million (£365m)
Despite being one of the most successful musicians of all time, Elton John declared bankruptcy in 2002. It’s reported that the star had a spending addiction and had racked up millions of pounds worth of credit card debt thanks to his lavish parties and lifestyle.
Elton John: $500 million (£365m)
The 'Rocket Man' singer made a strong recovery. In 2021 he was named the 4th wealthiest musician with an estimated net worth of $500 million (£365m). The majority of his wealth was earned via his lucrative music career.
Simon Cowell: $600 million (£436m)
Now worth $600 million (£436m), life wasn’t always so rosy for Simon Cowell. His record label Fanfare collapsed in 1989, making him almost bankrupt and forcing him to live back at his parents’ house.
Simon Cowell: $600 million (£436m)
But within the very same year the aspiring music mogul got a job with BMG, and by 2002 he was in a position to found Syco Records. He has since achieved success and notoriety in reality TV, acting as the nasty voice of reason on shows including The X Factor, American Idol and Britain's Got Talent. His annual salary is estimated at $95 million (£69m).
Donald Trump: $2.4 billion (£1.7bn)
The former US President is today worth $2.4 billion (£1.7bn). However, Trump has filed for bankruptcy four times.
Donald Trump: $2.4 billion (£1.7bn)
These corporate bankruptcies were connected to his casinos and hotels. Trump lost $900 million (£654m) of his own fortune in the 90s. He sold businesses to cover the loss and his personal wealth has grown since. Trump served as the US President between 2017 and 2021.
Comments
Be the first to comment
Do you want to comment on this article? You need to be signed in for this feature