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Riches to Rags

Riches RAGS FROM MC HAMMER Filed for bankruptcy in 1996 $13.7 MILLION IN DEBT Bought a $20 million mansion and maintained people on his payroll of $500,000 a month. to 9 MUSICIANS WHO LOST IT ALL MARVIN GAYE Wayne Newton owed his wife Declared Chaper 11 bankruptcy in 1992 approximately (est) $20 MILLION IN DEBT $600,000 including an IRS lien of more than $300,000 FILED FOR BANKRUPTCY IN 1976 His divorce ultimately caused his debt In 2005 he was sued by the IRS, which claimed he and his wife owed $1.8 million, partly for failing to report the sale of a horse TONI BRAXTON tom petty in 1998 had debt of around $500 THOUSAND Filed for bankruptcy in 1998 $3.9 MILLION IN DEBT Petty self-financed his next album for around Creditors tagged and marked for sale her personal possessions (including her music awards) to help pay off her debt. $500,000, refused to let the label put it out and declared bankruptcy to help get him released from his contract. (He When his record label was Filed for again in 2010 claiming to owe up to sold, Petty disliked his contract simply being transferred from one label to ten then re-signed to the SI SAME label, MCA, for better terms. another without his having $50 MILLION any say in the matter. Michael Jackson WILLIE NELSON Filed for bankruptcy in 2007 after not being able to pay back a $25 million loan on his home, Neverland Ranch When he owed $2 million in taxes, his lawyers & accountants recommended borrowing $12 million to invest in cattle for the tax write-off, which the IRS ended up not allowing. $500 MILLION IN DEBT This ended up in him owing back taxes of $32 million. after his death Even after signing a nearly $1 billion recording contract in 1991 and selling more than 750 million records, Jackson had just 0.05% of his net worth in accessible cash. Billy Joel Meat fonf Has lost approximately $90 MILLION While attempting to create a follow-up to his hit album, Bat Out Of Hell, he lost his voice, Has claimed backruptcy because of his in 1983 had debt of around 3 TIMES $1.6 MILLION ex-brother-in-law and was not able to record who managed until 1981, when he was no his money longer popular. The album only ended up making a fraction of what its predecessor made, causing him to declare bankruptcy. paydaylöan WHEN YOU'VE GOT IT ALL do your best to keep it.. PRESENTED BY THE FW: DEVELOPED BY N NOWSOURCING

Riches to Rags

shared by NowSourcing on Oct 04
Some celebrities go from having everything to losing it all. Find out the biggest names that have fallen in this infographic.


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