Celebrity Finance Mistakes – These Celebrities Went from $100 Million to

Celebrities lead a luxurious and lavish life. At least, that’s what social media portrays. However, the truth behind the curtain is a lot more shocking. Many celebrities make terrible mistakes that cost them a fortune and also make them go bankrupt. As it turns out, a lot of money is a problem in itself. Here are some top celebrities who could not hold on to their wealth and lost it due to financial mistakes that one should avoid at any cost.

Michael Jackson

Michael Jackson has left an indelible mark on entertainment, from his unforgettable music to his iconic dance moves. However, his financial legacy is just as noteworthy, although not for the right reasons. Despite earning an astonishing $100 million annually during the peak of his career, the King of Pop’s finances spiraled out of control in the later years of his life.

One of the biggest financial mistakes that Michael Jackson made was his excessive spending on a lavish lifestyle that included houses, cars, and zoo animals. He famously poured millions of dollars into his Neverland Ranch, a decision that ultimately proved to be a financial burden. Moreover, Jackson’s love for the arts resulted in him funding numerous video projects that cost a whopping $65 million.

In addition to these costly decisions, Michael Jackson’s legal troubles further affected his finances. Throughout his career, he was embroiled in several lawsuits, including the highly publicized child molestation case in 2005. The King of Pop reportedly spent over $20 million on legal fees to defend himself against the allegations.

Despite his astronomical earnings, Michael Jackson’s lavish lifestyle saw him consistently living beyond his means. By his untimely death in 2009, he was reported to be $300 million in debt.

Nevertheless, his brand remains strong even today. His estate has resolved the financial issues. He has been the top-earning dead celebrity for five consecutive years, boasting a posthumous net worth of $500 million – making his estate the richest on this list. Michael Jackson’s music may have stopped, but his legacy lives on.

Nicholas Cage

Nicholas Cage was once one of Hollywood’s highest-paid actors, earning $40 million in 2009 alone. With such wealth, he lived a lavish lifestyle, including purchasing numerous homes, rare artifacts, and even a private island in the Bahamas, costing him $3 million. Cage also owned four luxury yachts, with a total cost of $20 million.

However, Cage’s excessive spending and numerous expensive lawsuits led to his financial downfall. In 2009, he was forced to declare bankruptcy, resulting in the loss of millions of dollars. The IRS also hit Cage with several years of unpaid tax bills totaling $13.3 million. He had no option but to sell his personal belongings, including a treasured comic book, and take on many film roles to pay off his debts.

However, the actor’s net worth has since risen to $25 million, and he has been working hard to pay off his IRS debts. Cage’s story is a reminder that no matter how wealthy one may be, it’s essential to manage finances wisely and avoid overspending.

Johnny Depp

Johnny Depp is one of the most famous actors in Hollywood, known for his iconic roles in films such as Pirates of the Caribbean and Edward Scissorhands. He reportedly earned around $650 million throughout his career. However, despite earning millions, the actor who once charged $20 million per movie was in a dire financial situation due to poor financial decisions.

One of Depp’s most significant financial mistakes was his spending on leading a lavish lifestyle. The actor reportedly once spent over $30000 per month on wine alone! His possessions included private jets, luxury yachts, and several properties worldwide.

Depp also paid $ 3 million for an event in 2005 to blast late journalist Hunter S. Thompson’s ashes out of a cannon. He also spent an exorbitant amount of money on collectibles, such as rare books and art, which he reportedly lost in a divorce settlement with his ex-wife Amber Heard.

In addition to his lavish spending, Depp also found himself in legal battles, which added to his financial troubles. The actor was involved in a costly divorce settlement with Heard, reportedly costing him millions. His former business managers sued him for mismanaging his finances, which resulted in Depp paying $25 million in the settlement.

Despite his financial troubles, Depp continues to work in the film industry and has appeared in several successful movies. However, his once-massive fortune has significantly dwindled, and he has been forced to sell off several of his assets to pay off his debts.

Mike Tyson

Mike Tyson, a former professional boxer and undisputed heavyweight champion is known for his incredible rise to fame and wealth and subsequent financial downfall. Despite earning an estimated $300 million throughout his career, Tyson filed for bankruptcy in 2003 with a reported debt of $23 million.

One of Tyson’s biggest…