April 24, 2012
Lifestyles of the not so rich and famous: 5 top ways stars lose all their cash
Last week Gary Busey passed a mandatory online financial management course in an attempt to convince a U.S. Bankruptcy court he’ll start sensibly managing his money.
The veteran actor recently filed for Chapter 7 bankruptcy. But in Hollywood, going broke is just about as as common as a leaked nude photos; just ask Toni Braxton, Larry Wilcox, Vince Neil, Mike Tyson, and Stephen Baldwin, all of whom have recently filed for bankruptcy.
Not to mention Zsa Zsa Gabor‘s husband, who was forced to put their Bel Air mansion on the market last year to pay the ailing star’s medical bills; Wesley Snipes, who was imprisoned for three tax-related misdemeanor convictions; and Nicolas Cage, who lost one of his homes to foreclosure and has been plagued by IRS issues.
So how is it that some of the most well-paid people on the planet can end up with next to nothing? We talked to financial management experts and they ticked off the top five ways rich celebs lose it all (or close to it).