Even celebrities aren’t immune to financial woes, and some of Hollywood’s biggest stars have faced serious financial struggles, losing the fortunes they amassed throughout their careers. Here’s a look at some actors who lost it all and the surprising circumstances that led to their money troubles.
1. Nicolas Cage
Nicolas Cage was once one of the highest-paid actors in Hollywood, earning millions for blockbuster roles. However, his extravagant lifestyle—purchasing multiple mansions, rare artifacts, a haunted mansion, and even an island—led to his financial downfall. The IRS claimed he owed millions in back taxes, forcing him to sell off many of his prized possessions. Cage continues to act prolifically, likely to recover from his financial losses.
2. Kim Basinger
Kim Basinger’s financial woes began when she bought a town. Yes, in 1989, she invested $20 million to purchase Braselton, Georgia, hoping to turn it into a tourist attraction. The venture failed, and shortly afterward, she backed out of a movie role, resulting in a lawsuit that left her in debt. Basinger ultimately declared bankruptcy in 1993 and had to sell off her investment in the town.
3. Stephen Baldwin
Stephen Baldwin, the youngest of the Baldwin brothers, also experienced financial hardship. After struggling with high mortgages, unpaid taxes, and failed business ventures, he declared bankruptcy in 2009. Despite his debts, Baldwin has worked to rebuild his finances by taking on various roles in TV and film, as well as reality shows.
4. Gary Coleman
Gary Coleman, known for his role on Diff’rent Strokes, earned substantial wealth as a child star, but poor financial management, legal battles, and health issues drained his fortune. Despite earning millions from his work, Coleman struggled with medical bills and eventually filed for bankruptcy in 1999. His story highlights the challenges child stars can face without proper financial guidance.
5. Burt Reynolds
Burt Reynolds was a Hollywood icon in the 1970s and 80s, but overspending on luxury properties, failed investments, and an expensive divorce from Loni Anderson left him deeply in debt. Despite being one of the highest-paid actors of his time, Reynolds filed for bankruptcy in 1996. He continued to work in smaller roles until his death, reflecting his need to manage his debts.
6. Debbie Reynolds
Debbie Reynolds was known not only for her incredible talent but also for her financial troubles. After a failed marriage to businessman Richard Hamlett and investments in her Las Vegas hotel and casino, Reynolds found herself in financial ruin. She declared bankruptcy in 1997 but managed to rebound, partly by auctioning off her collection of Hollywood memorabilia.
7. David Cassidy
David Cassidy, the beloved Partridge Family star, faced a series of financial challenges due to failed investments, unpaid taxes, and personal issues. His financial troubles were compounded by battles with alcoholism, which impacted his ability to work consistently. Cassidy declared bankruptcy in 2015 and continued to perform to cover his debts until his death in 2017.
8. Sinbad
Comedian Sinbad experienced financial setbacks after years of tax debt and unsuccessful business investments. He filed for bankruptcy twice, once in 2009 and again in 2013, citing millions in debt. Sinbad worked steadily in comedy to regain financial stability, demonstrating his resilience in the face of financial adversity.
9. Mickey Rooney
Mickey Rooney’s career spanned over nine decades, yet his finances dwindled in his later years. Mismanagement, exploitation by family members, and elder abuse left him nearly penniless. Despite his legacy in Hollywood, Rooney struggled financially in his final years, a reminder of the vulnerability that can come with fame.
10. Zsa Zsa Gabor
Zsa Zsa Gabor’s extravagant lifestyle and legal battles left her with significant debt. She faced numerous lawsuits and medical expenses later in life, which depleted her finances. Gabor’s lavish spending on luxury items and legal fees contributed to her financial challenges, though she managed to maintain her celebrity status until her passing.
11. Gary Busey
Gary Busey’s career suffered after a severe motorcycle accident in 1988, followed by addiction issues. Medical expenses, failed investments, and legal troubles led Busey to file for bankruptcy in 2012. Despite his financial struggles, he continued to work in various roles to regain stability, underscoring his enduring popularity.
While each of these actors had a unique path to financial ruin, their stories share common themes: high spending, failed investments, personal struggles, and legal issues. Even in the glamorous world of Hollywood, financial security isn’t guaranteed, and these actors’ experiences serve as cautionary tales about the complexities of wealth and fame.