The Rise and Fall of Top 20 Celebrities

These stars lost everything and more. We’re spotlighting formerly successful top 20 celebrities who went from having a lot of money to having very little. Our list features individuals like Heidi Montag, MC Hammer, TLC, Gary Busey, T-Pain, and others who experienced financial struggles after reaching the heights of success. These celebrities faced drastic financial downturns despite their earlier prosperity.

Top 20 Celebrities Who LOST EVERYTHING

Greetings from Famereports! Today, we’re sharing our selection of the Top 20 Celebrities and their rise and fall.

In this rundown, we’re focusing on celebrities who were once quite successful but then lost all their wealth.

Feel free to share your thoughts in the comments about which of these stories you find most heartbreaking. We’d love to hear from you!

20. Doug Hutchison

While Doug Hutchison had built a respectable list of supporting film roles, his big break came in 1999 with “The Green Mile,” earning him critical acclaim and award nominations for his portrayal of a sadistic prison guard in the Stephen King adaptation. However, his career took a dramatic nosedive when, at the age of 51, he married the then-underage emerging singer Courtney Stodden.

Hutchison’s controversial marriage drew widespread criticism, leading to his alleged blacklisting in Hollywood and even estrangement from his own family. Consequently, his once-promising career came to a grinding halt, eventually pushing him to file for bankruptcy in 2017. Despite the challenges, the couple weathered the storm and remained together for several years, but they ultimately decided to part ways in 2020.

19. Heidi Montag

Heidi Montag was just 19 years old when she became a part of the MTV reality series “The Hills.” During her time on the show, she and her future husband, Spencer Pratt, were making a staggering six-figure income per episode. Together, they amassed a combined fortune of $10 million. However, their lavish spending habits and questionable financial choices eventually led to their financial downfall.

The couple openly admitted to splurging on extravagant shopping sprees and making unwise financial decisions that quickly depleted their wealth. Matters grew so dire that they had to leave their home and move in with Pratt’s parents. Fortunately, there’s a silver lining, as Montag has since made substantial lifestyle changes and reined in their unnecessary expenditures.

18. Sly Stone

Sly Stone became a prominent figure in the late 1960s, leading the band Sly and the Family Stone as their frontman and bandleader. Their groundbreaking blend of funk, rock, soul, and gospel, combined with their racially and gender diverse lineup, set them apart. Stone’s visionary talents propelled the group to commercial success, but his battle with drug addiction played a significant role in their eventual breakup in 1975.

In the years that followed, Stone attempted a solo career, which unfortunately failed to gain traction. Compounded by ongoing substance abuse issues and reported conflicts with his manager, he lost access to royalty payments for an extended period. This left him in dire straits, leading to a period of homelessness and dependence on welfare checks.

17. Kelly Rutherford

Kelly Rutherford has been a fixture on television screens since the late ’80s, starting with her role in the NBC soap opera “Generations.” Her career continued to rise with significant parts in “Melrose Place” and “Gossip Girl.” However, the substantial earnings she garnered from these shows eventually dwindled due to a challenging custody battle with her ex-husband, Daniel Giersch.

Their divorce, initiated in 2008, led to a protracted legal struggle over the sole custody of their two children. This battle incurred approximately $1.5 million in legal fees for Rutherford. Consequently, she filed for bankruptcy in 2013. Despite her efforts, the custody dispute persisted and culminated in Rutherford losing custody of both her children in 2015.

16. Teresa Giudice

Teresa Giudice has been a fixture on “The Real Housewives of New Jersey” since 2009. In the same year, both Teresa and her husband, Joe, faced significant financial challenges when they filed for bankruptcy, revealing over $8 million in liabilities. This bankruptcy filing marked the beginning of their troubles.

In 2013, the couple was hit with multiple fraud charges, some of which were connected to their 2009 bankruptcy case. They eventually pleaded guilty and were required to pay over $400,000 in restitution. Teresa Giudice received a 15-month prison sentence, which she served at the Federal Correctional Institution in Connecticut.

In 2020, Teresa filed for divorce from Joe, and the couple subsequently sold their long-time New Jersey mansion in the following year.

15. TLC

TLC, with their four Billboard number-one hits, numerous awards, and tens of millions of records sold, ruled the ’90s music scene. Their second album, “CrazySexyCool,” released in November 1994, was a massive success, selling over 15 million copies worldwide. However, the shock came when they filed for bankruptcy the very next year.

The reason behind their financial troubles was their seemingly exploitative record contracts, which left each member with less than $50,000 in annual payments. They managed to renegotiate their contracts and made a comeback with “Fanmail” in 1999. Unfortunately, the tragic and untimely death of Lisa “Left Eye” Lopes in 2002 led to a hiatus. They have since regrouped as a duo.

14. Sinbad

Sinbad, the comedian and actor, initially gained fame through “A Different World” and later his own sitcom, “The Sinbad Show.” Despite a successful career in stand-up comedy, movies, and TV, his spending habits grew as his stardom did, surpassing his income. To make matters worse, he repeatedly defaulted on his tax payments, resulting in a massive tax debt of $2.5 million.

In 2013, Sinbad filed for bankruptcy, revealing that he was in a staggering $11 million debt while only having $16,000 in monthly income.

13. Brett Butler

Brett Butler, known for her role as the lead character in the ABC sitcom “Grace Under Fire,” was a well-paid star, earning around $250,000 per episode. However, her battle with substance abuse played a role in the show’s cancellation in 1998. Post the series, Butler faced financial challenges and made some ill-advised financial decisions, depleting most of her net worth.

While she did return to television with recurring roles in “How to Get Away with Murder” and “The Walking Dead,” her financial situation didn’t seem to improve. By 2021, Butler’s financial struggles had worsened to the point where she was on the brink of losing her apartment. In a desperate move, she set up a GoFundMe page to save her home.

12. MC Hammer

MC Hammer’s journey from rags to riches and back to rags is a classic Hollywood story that unfolded over a decade. He gained worldwide fame with his hit single “U Can’t Touch This” from his third studio album, amassing a net worth of over $33 million as estimated by Forbes. However, his newfound wealth disappeared almost as quickly as it had come due to extravagant spending, a lavish mansion, and numerous financial dependents.

By 1996, MC Hammer’s music career had taken a nosedive, and he had to file for Chapter 11 bankruptcy, carrying a debt of over $13 million. Despite a few comeback attempts, the California rapper never fully recovered from his financial downfall.

11. Gary Coleman

Gary Coleman, known for his role as Arnold Jackson on the NBC sitcom “Diff’rent Strokes,” was once the highest-paid child actor on television. However, after the show ended in 1986, Coleman discovered that his parents, who had been responsible for managing his finances, had mismanaged his money. In 1989, he filed a lawsuit against them and a financial advisor, eventually winning $1.28 million in restitution.

As Coleman grew older, acting opportunities became scarce, leading him to file for bankruptcy in 1999. Later in life, he faced various health and legal issues, and tragically, he passed away in 2010 after suffering a fall that resulted in a brain bleed.

10. Amanda Bynes

Amanda Bynes had a successful start in the entertainment industry, with a four-year stint on the Nickelodeon sketch series “All That” and her own spin-off show, “The Amanda Show.” By the 2000s, she had become a teen idol with roles in films like “What a Girl Wants” and “Hairspray.” However, her life took a dark turn as she battled substance use disorder and faced numerous legal issues. With her acting career waning and mounting legal expenses, her finances suffered.

To make matters worse, Bynes was placed under a conservatorship, losing control of her financial affairs. Fortunately, Bynes has been on a path to recovery, maintaining sobriety and having her conservatorship terminated in 2022, showing signs of getting her life back on track.

9. Dennis Rodman

Dennis Rodman, known for his basketball skills and controversial image, achieved worldwide fame during his professional career. After retiring from the NBA in 2006, he ventured into wrestling, acting, and reality TV. Rodman’s financial downfall began in the mid-2000s when he fell victim to a conwoman named Peggy Ann Fulford, who posed as a financial advisor. Fulford scammed Rodman and several other athletes out of millions of dollars, severely impacting his finances. He struggled to meet his child and spousal support payments as a result.

Although Fulford was convicted, Rodman was awarded over $1 million in restitution, which, unfortunately, he may never fully recover due to the complexity of the situation.

8. Todd Herzog

Before appearing on the 15th season of “Survivor,” Todd Herzog worked as a flight attendant for SkyWest Airlines, traveling across the United States. His strategic gameplay on the show led to a victory, and he claimed the $1 million cash prize at the age of 22. However, behind the scenes, Herzog faced a significant challenge in the form of alcohol use disorder, which jeopardized his entire fortune.

Thankfully, he sought professional assistance and successfully turned his life around. Today, Todd Herzog is living a more peaceful life alongside his husband, Jess Hermansen, after achieving sobriety.

7. T-Pain

T-Pain made a significant impact on the music scene in 2005 and enjoyed a string of hit singles, amassing a fortune of over $40 million. However, instead of making prudent financial decisions, he splurged on a massive house and a $2.1 million Bugatti, which he later sold for a mere $800,000. It didn’t take long for his bank account to dwindle.

By 2019, the “Buy You a Drank” singer had no choice but to file for bankruptcy protection. However, there was a silver lining, as he won the first season of “The Masked Singer” the same year, and things are looking up for T-Pain these days.

6. Lil’ Kim

Lil’ Kim, widely known as the “Queen of Rap,” left an indelible mark on the rap scene and influenced generations of artists. She has sold over 30 million singles globally, and her life truly revolved around the Benjamins (referring to hundred-dollar bills). However, her career took a hit with declining album sales and a prison stint in 2005.

In 2018, she faced a financial freefall, declaring bankruptcy with a staggering $4 million in debt. A substantial portion of this debt was due to unpaid taxes and mortgage loans. To tackle her financial troubles, her $2.3 million mansion was auctioned off, with the opening bid set at a jaw-dropping $100.

5. Fantasia

Fantasia, the singer and actress from North Carolina, soared to stardom when she clinched the title of the third season of “American Idol” in 2004. Her debut single, “I Believe,” shot to number one in the U.S. and Canada, and her first album earned platinum certification. It seemed like the start of a promising career.

However, as the sole provider for her mother, siblings, and daughter, combined with the diminishing sales of her second album, Fantasia faced financial struggles. Her $1.1 million house was on the brink of being auctioned to cover an unpaid loan. In an interview with Oprah, Fantasia took responsibility for her financial setbacks, attributing them to poor financial decisions and her difficulty in saying no. In 2023, she announced her decision to return to school after dropping out as a teenager.

4. Gary Busey

At one time, Gary Busey was a prominent Hollywood figure. The Texas actor rose to fame for his leading role in the 1978 film “The Buddy Holly Story,” earning an Oscar nomination. He continued with successful appearances in movies like “Lethal Weapon” and “Point Break,” which were major box office hits. However, his financial downfall began in 1988 following a severe motorcycle accident that left him with permanent brain damage.

After the accident, Busey’s behavior became unpredictable both on and off the camera, which led to a struggle in securing roles in movies and TV shows. As his financial resources dwindled and his income diminished, Busey was compelled to file for Chapter 7 bankruptcy in 2012.

3. Kim Basinger

Kim Basinger was a prominent figure in Hollywood known for her iconic femme fatale roles in the ’80s and ’90s. However, her acting career faced significant setbacks that had a substantial impact on her finances during her peak. First, she made a costly investment by purchasing a small town in her home state of Georgia for $20 million, a decision that proved to be a financial disaster.

Then, she faced legal trouble after backing out of the ill-fated movie “Boxing Helena.” She was sued and ordered to pay millions of dollars in damages to the studio, ultimately leading her to file for bankruptcy. Adding to her financial woes, her divorce from Alec Baldwin ended messily and reportedly cost the Oscar-winning actress several million dollars. Unfortunately, Basinger never fully recovered financially from these setbacks.

2. Toni Braxton

It may seem astonishing that someone like Toni Braxton, who has sold over 70 million records worldwide, faced bankruptcy not once but twice. Just two years after her massive hit “Un-Break My Heart,” Braxton encountered severe financial difficulties and had to file for bankruptcy. Despite her music generating substantial income, Braxton saw very little of it due to specific clauses in her recording contract.

Although she managed to overcome her initial financial crisis, Braxton found herself in bankruptcy again in 2010 after her Las Vegas residency was canceled due to health issues. However, much like the Phoenix, she managed to rise from her financial struggles and has since produced and starred in the successful reality series “Braxton Family Values.”

1.  Burt Reynolds

Hollywood icon Burt Reynolds enjoyed a remarkable run as a top box-office star in the late ’70s and early ’80s. However, over time, his star power dwindled, exacerbated by the costly divorce from Loni Anderson and some unwise investment choices. As a result, the actor was forced to file for bankruptcy in 1996.

Reynolds made a triumphant career return with “Boogie Nights” in 1997, earning a Golden Globe and an Oscar nomination. However, by 2014, financial woes once again surrounded him as he auctioned off personal items and memorabilia. Despite his financial ups and downs, Reynolds resided at his Florida estate until his passing in 2018. The property had previously faced foreclosure but was ultimately acquired by his neighbor, who allowed him to live there at a reduced cost.

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Conclusion

In the world of fame and fortune, the rise and fall of celebrities’ financial status often mirror the ups and downs of their careers. These stories of once-flourishing stars who faced financial hardship teach us important lessons about the value of money and the need for prudent financial decisions.

From musicians to actors and reality TV personalities, we’ve seen how fortunes can be squandered through lavish spending, legal troubles, substance abuse, and sometimes just poor financial management. It’s a reminder that no matter how successful or wealthy you are, money can easily slip through your fingers if you don’t handle it wisely.

But what’s also clear from these tales is that financial setbacks don’t have to be the end of the road. Many of these celebrities, after hitting rock bottom, managed to turn their lives around, rebuild their careers, and regain their financial footing. It’s a testament to human resilience and the ability to learn from past mistakes.

So, as we delve into the rise and fall of these celebrities, let’s not just revel in their success or gawk at their downfalls. Instead, let’s take these stories as cautionary tales and reminders of the importance of financial responsibility, planning for the future, and the value of every dollar earned. Whether you’re a celebrity or an everyday person, financial stability and smart money management should always be a priority.