When MC Hammer filed for bankruptcy, it caused shock and awe to the little people. When they are on top, celebrities believe that incoming cash will never stop flowing. Everyone knows that fame can be here today and gone tomorrow. Unfortunately, they didn’t learn from Hammer’s mistakes and now they are learning the hard way. This article list broke and bankrupt celebrities who stood out for the year 2010.
Top 4 Broke and Bankrupt Celebrities of 2010: Nicolas Cage
Nicolas Cage avoided filing for bankruptcy, but that doesn’t mean he isn’t in financial trouble. Thanks to Cage’s outrages spending habits he had to sell off major assets for less than what they were worth. Cage blamed his business manager, Samuel Levin, for his financial woes. Nicolas Cage filed a $20 million lawsuit against Levin for damages. Levin counter-sued for $129,000 in un-paid services. It’s not clear if Levin was an unsuitable business manager. What is clear is that Nicolas Cage owned three castles, two islands, 50 cars, and a dinosaur skull worth $276,000. The price of up-keep on these items alone is enough to run Bill Gates into the poor house.
Top 4 Broke and Bankrupt Celebrities of 2010: Kate Jackson
In May 2010, Charlie’s Angels star Kate Jackson claimed she was broke thanks to her business manager. Kate was under the impression that she was worth $5.4 million. After buying a house in 2008, she found out that her assets were less than $3 million. Kate Jackson does not live an extravagant lifestyle, so she wasn’t irresponsible with her cash. However, Kate is an example of why celebrities should hire independent auditors. Independent auditors can look over celebrity manager’s and accountant’s work to make sure nothing shady is going on.
Top 4 Broke and Bankrupt Celebrities of 2010: Joe and Teresa Giudice
Real Housewives of N.J. star Teresa and her husband, Joe, filed for bankruptcy. Teresa spent an ungodly amount of money and Joe’s real estate investments hit bottom because of the recession. The couple has over $11 million in debt. The debt includes, but not limited to, $104,000 on eight different credit cards, $20,000 on three store credit cards, default payments of $1,280 on an Escalade, $2,300 phone bill, $12,000 for Joe’s vasectomy, $85,000 for home repairs, and $91,000 for materials used for their new home. The bank has foreclosed on the Guidice’s $1.8 million mansion and $279,00 Jersey Shore home.
Top 4 Broke and Bankrupt Celebrities of 2010: Stephen Baldwin
Actor Stephen Baldwin and his wife filed Chapter 11 in July 2009. Court documents showed the Baldwins owe $1.2 million in mortgages, $1million in taxes, and $70,000 in credit card debt.
Being a re-born again Christian, Stephen stopped doing roles that paid $1 to $2 million dollars because of bad language and sexual content. He is commended for his commitment to Christ; unfortunately it cost Baldwin his home. Baldwin makes only a fraction of what he use to placing him and his wife in financial ruin.
All is not lost for Stephen Baldwin. A Christian ministry created a website for Baldwin asking for donations to “Restore Stephen Baldwin.” In an April 2010 interview with Mike Hess, Baldwin stated he didn’t have anything to do with the website. The ministry approached Baldwin and asked his permission to use his image. Not thinking anything of it at the time, Stephen agreed. Baldwin was surprised to learn the ministry created a website to help him. However, donations that are currently being made have not hit Baldwin’s account, yet. Donations are being placed in an account that Baldwin does not control. It is not known when the donations will be turned over to Stephen.
The youngest Baldwin brother told Mike Hess that he takes responsibility for screwing up his finances. It takes a real man to admit that he messed up. It’s nice that a Christian organization wants to help a famous born again Christian. However, why can’t Stephen’s brothers give him a loan until a nice clean movie role comes along?
Gabrielle Rice, “Former Charlie’s Angel Star Kate Jackson Claims She’s Broke,” Association Content.
Alan Duke, “Nicolas Cage Caused His Own Financial Ills,” CNN.
BANG Showbiz, “Nicolas Cage Lavish Spending,” Boston.com
“NJ Housewife Teresa Giudice: Bankruptcy Is a Fresh Start,” People.com
Jessica Wakeman, “Teresa Guidice is $11 Million in Debt,” The Frisky.
Mike Hess, “Stephen Baldwin Explains RestoreStephenBaldwin.org,” Popeater.com
Shubha, “Top 5 Celebrities Who Have Gone Bankrupt,” Luxury Launches.
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