6 Stars Who Went From Riches To Rags: Donald Trump, Larry King & More [PHOTOS]
There's never a dull moment in the entertainment industry. Whether it's good news or bad news, expect to always see myriads of celebrities making headlines for all the right (and wrong) reasons!
Today, we're focusing the spotlight on the celebrities who went broke and had to give it all up. It just goes to show that earning millions doesn't do much to deter bankruptcy.
Donald Trump
The Republican forerunner is valued at nearly $3-B. However, his various corporate entities have previously filed for bankruptcy four times: in 1991, 1992, 2004, and 2009. Each company filed for corporate bankruptcy, not personal. As a result, Trump had to give up almost 50% of his stakes in the Grand Hyatt Hotel, Trump Airlines and his mega yacht. Fortunately, Trump's a very good businessman who knows how to separate his personal wealth from his corporate one.
Kim Basinger
Her decision to back out of a film caused Basinger an enormous part of her fortune. Back in 1993, she pulled out of the film, Boxing Helena and was later on sued by Main Line Pictures and made to pay damages of more than $7 million. She later appealed to the court and brought the amount down to $3.8 million. She filed for bankruptcy the same year and couldn't push through with her investment to develop the town of Braselton, Georgia.
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50 Cent
Despite all the blings and flashy cars he's parading, rapper 50 Cent filed for bankruptcy last year. He used to be one of the five wealthiest rappers in the biz but because of bad investments and a lawsuit, it's been pretty rough for the "In Da Club" hit maker. His debts were estimated at between $10 million and $50 million and sadly, his assets were estimated at the same range.
Toni Braxton
It hasn't been the easiest life for the "Unbreak My Heart" singer after filing for bankruptcy twice, one in 1998 and another in 2010. She allegedly received very low royalties from her sold records and also had to cancel a Vegas show after finding out she was ill.
Larry King
Larry King used to be one of the television's biggest talking heads. However, his journalism career was briefly derailed after being sued for criminal charges and piled with financial troubles. Back in 1978, he went broke and filed for bankruptcy after discovering he was $300,000 in debt. The charges were dropped but it didn't end without King's professional reputation being tainted.
Aaron Carter
One-time heartthrob apparently forgot to pay his taxes, which amounted to over $2 million in debt. After filing for bankruptcy, his paltry assets included a flat-screen TV, a Louis Vuitton backpack, and $917 in his checking account. The "Candy" singer has recently made headlines for allegedly beefing with Justin Bieber's lawyer. He hinted at a comeback with a new solo album, which will hopefully get him out of the rut.
This list just made us feel like having a 9-5 job isn't that bad after all. Thoughts?
[All pics via Getty Images]
