8:20 a.m. PDT, Apr 11, 2019
If you thought the stars of the 1980s and 1990s had all done it, think again. Wonderwall.com takes a look at the celebrities who have made it through those decades to spend too much money and go broke. Read on to see who lost a lot of money, starting with Joey Lawrence. Joey was a teenage pin-up when he starred in “Blossom” in the early 90s. He enjoyed a resurgence in popularity as an adult when he starred in “Melissa & Joey” from 2010 to 2015. But less than two years after that sitcom ended, he and his wife Chandie were living beyond their means. The couple filed for Chapter 7 bankruptcy in July 2017. Us Weekly reported that the couple’s spending left them $ 18,000 in the hole each month and their debts included $ 132,000 in credit card bills, $ 88,000 in arrears of tax, $ 32,000 in unpaid loans and $ 54,000 in delinquencies. rent, and they owed almost $ 100,000 for their cars. In March 2018, they settled their Arkansas bankruptcy case. Documents seen by Us Weekly revealed that once it’s all said and done, Joey and his wife only had $ 52,547.88 to pay off all of their creditors – and that many, including the IRS, would only get ‘a small chunk of what they are owed while others, like Capital One, BMW, Ford Motor Company, and American Express, would get nothing at all.
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In 2009, Pamela Anderson, formerly of “Baywatch”, was reportedly indebted to more than a million dollars for renovations to her home in Malibu, plus state taxes. “The house just wrapped me up financially and I didn’t know how to handle it,” she told The Sun in 2013. “It happens to a lot of people in Hollywood. It was a very stressful few years.”
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According to Forbes, Nicolas Cage made $ 40 million in 2009. But the actor, who had a prominent film career in the 1990s, struggled with spending and owed the IRS $ 6.2 million. federal income tax dollars for 2007 and another 350,000 dollars in unpaid taxes from 2002 to 2004. Nic sued his commercial director in 2009, but the director claimed the star spent at least $ 33 million ( including spending $ 276,000 to purchase an exotic dinosaur skull). Houses, cars, and jewelry weren’t enough to pay off his debts, so Nic started selling assets, including his copy “Superman Action Comics No. 1” in an online auction. It grossed $ 2.1 million.
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“Full House” star Jodie Sweetin is thriving these days, but in 2008 she was going through some rough times. The actress, who has previously struggled with a methamphetamine addiction, was forced to close her home after her ex-husband Cody Herpin failed to find a job. Ouch.
Toni Braxton had musical successes in the 90s including “Another Sad Love Song” and “Breathe Again”. But in 1998, she broke with her music company and filed for bankruptcy, which forced her to sell her Grammys and other awards. However, this was not the end of his financial difficulties. She sued her former manager in 2007, alleging he owed her $ 10 million. She then filed for a second bankruptcy in 2010 and claimed up to $ 50 million in debt.
She was one of the most prominent actresses in the ’80s and’ 90s, but Kim Basinger was not without financial difficulties. In 1989, she and other investors bought the city of Braselton, Georgia for $ 20 million with the intention of making it a tourist destination, but had to sell it five years later at a huge loss. In 1993, a court rendered an $ 8 million judgment against the Oscar winner after she withdrew from the movie “Boxing Helena”. She had to file for bankruptcy that year, but appealed, resulting in a settlement of $ 3.8 million instead.
Gary Coleman was once one of the highest paid stars in television with $ 7 million in the bank, but his finances were in tatters towards the end of his life. The “Diff’rent Strokes” actor, who died of a brain injury in 2010, filed for bankruptcy in 1999 after spending much of his money on medical bills and a long legal battle with his foster parents.
Like her “Diff’rent Strokes” co-star Gary Coleman, Dana Plato also struggled financially after the series ended. In 1988, the actress assigned a power of attorney to an accountant who disappeared with the majority of her money, leaving her with no more than $ 150,000. Dana quickly began to fight against poverty, drugs and homelessness. She was arrested for robbing a video store in 1991 and unfortunately overdosed three years later.
“Diff’rent Strokes” star Todd Bridges was also hit financially after the show ended. The actor, who once made $ 15,000 to $ 30,000 a week, has lost almost all of his money due to persistent drug addiction. Things got so bad that at one point he was only making $ 22,500 a year as an actor.
Model Janice Dickinson’s fame peaked in the 1980s, but her financial success did not last. The controversial beauty ended up filing for bankruptcy in 2013 after racking up nearly $ 1 million in debt.
Wesley Snipes filed for bankruptcy in 2006 when he was charged with tax evasion. The ’80s and’ 90s film actor owed the IRS more than $ 12 million over six years and spent three years in prison for it.
The late Michael Jackson was the biggest music star of the ’80s thanks to hits that raised millions. But his income couldn’t keep up with his lavish spending and his home, Neverland Ranch, was nearly auctioned off in 2008 after Michael failed to repay a $ 24 million loan, Rolling Stone reported. (Instead, he sold it to Colony Capital just before his death in 2009.) But MJ’s financial situation was far more serious than that. William R. Ackerman testified on behalf of AEG Live in a wrongful death lawsuit filed by the mother of the King of Pop in 2013 and explained that Michael owed between $ 400 million and $ 500 million at the time of his death. “His biggest expense was always interest expense,” William said. In June 2015, TMZ reported that in the six years following Michael’s death, his estate had earned almost $ 2 billion, but that’s money he never got to enjoy.
In 2004, Don Johnson filed for bankruptcy after City National Bank asked him to return a million dollars he owed them and demanded that his multi-million dollar house in Aspen be auctioned off to pay them back. The “Miami Vice” star had borrowed money to boost his business, Timber Doodle Glade Equity Venture LLC. In 2004, he filed a Chapter 11 petition on behalf of his company to avoid the sale of his house.
Comedian Sinbad was once broke like a joke. The star of “The Sinbad Show” in the early 1990s filed for bankruptcy in 2009, then filed a new case in 2013. In his second filing, he claimed he had nearly $ 11 million in debt, including $ 8 million to the IRS for back taxes. At the time, his record showed that he was making $ 16,000 a month.
Dustin Diamond sold t-shirts with his picture on them in an attempt to raise $ 250,000 so he wouldn’t lose his house to foreclosure in 2006. The actor, who played Screech in “Saved By the Bell “from 1989 to 1993, also filed for bankruptcy in 2001.
Tionne “T-Boz” Watkins is a member of the 90s band TLC. TLC’s second studio album, “Crazy Sexy Cool,” sold over 23 million copies worldwide, but money was still an issue for her. In 2011, T-Boz filed for bankruptcy with debts of approximately $ 800,000. Billboard reported that her financial troubles began as early as 1995, when she initially filed for bankruptcy with TLC.
In the 1980s, Marvin Lee Aday, better known as Meat Loaf, asked his friend Jim Steinman to help him write his songs. Jim then sued for insufficient royalties. As a result, Meat Loaf went bankrupt and filed for bankruptcy. He then wrote his own songs.
The late Anna Nicole Smith was a model-turned-reality star who rose to prominence in the ’90s. Her marriage to 86-year-old billionaire J. Howard Marshall also made headlines in the’ 90s, especially afterward. her death just three months after their wedding in 1995. Anna Nicole filed for bankruptcy a year later after a former employee sued her for sexual harassment and won over $ 800,000.
Cyndi Lauper landed a recording contract as a solo artist in 1983, but before that times weren’t so fun. After the separation of his group Blue Angel, the interpreter of “Girls Just Want to Have Fun” filed for bankruptcy. With hits from her solo album “She’s So Unusual” including “Time After Time” and “She Bop”, Cyndi got her money back – and more.
La Toya Jackson enjoyed a life in the limelight thanks to her famous family, and her solo career flourished in the 1980s following the release of her self-titled debut album in 1980. Although she met with moderate success, her popularity – and her bank account balance – declined in the 90s, which led to her filing for bankruptcy in 1995.
Gary Busey starred in several huge movies in the 80s and 90s but owed a lot of money in 2012! He filed for Chapter 7 bankruptcy that year and reportedly had less than $ 50,000 in his name and debts of up to $ 1 million. Its creditors included the IRS, a UCLA medical facility, and the Wells Fargo bank, to name a few.
“Stop! Hammer blow ! MC Hammer is said to have earned over $ 30 million in the early 1990s. But he lived such a lavish lifestyle that he quickly found himself in debt of $ 13 million. He filed for bankruptcy in April 1996.
The late Corey Haim was an ’80s idol who appeared in films like “The Lost Boys” and “License to Drive”. Sadly, the star struggled financially when he transitioned from teenage idol to adult actor and in 1997 was forced to file for bankruptcy after being in debt with medical bills and back taxes.
“Eight Is Enough” star Willie Aames struggled to find his financial footing after investing in a bad coal mine deal in its heyday. The television actor, who once made $ 1.6 million a year, soon owed the IRS $ 400,000, which led to his homelessness.
“Baywatch” star Nicole Eggert struggled financially in 2015. The actress was forced to sell her Los Angeles home for $ 1.15 million to cover her growing bills.