Most of us imagine that celebrities bathe in champagne, drive around in Lamborghinis and take vacations whenever they please.
But just because they appear rich and famous, it does not mean that their life is always glamorous.
In fact, most of the Hollywood celebrities are unable to sustain their lavish lifestyle and hence live in debt. This article shares information of 5 celebrities that have major debt.
1. Charlie Sheen
Despite his $150 million net worth, Charlie Sheen has an accumulated debt of $12 million.
After leaving Two and a Half men, sheen claims that his income reduced from $613,000 to $87,834 a month leading to his debt.
According to reporters, Sheen pays a child support for his son to his ex wife Brooke Mueller amounting to $55,000 monthly, morgages, taxes and medical expenses amounting to $25,000 that are not covered by insurance.
His attempt to reduce his growing debts by selling a number of mansions and profits participation right to Two and a half men have been futile.
2. 50 Cent
Entrepreneur, Rapper and produces 50 Cent became famous after producing his first hit single In Da Club.’ He then founded G-Unit record and bought a share in Vitamin Water a deal that he made about $150 million after mineral water was sold to Coca Cola for $4.1 billion.
Despite this success, in July 2015, 50 Cent filed for bankruptcy with a debt of $32 million.
Just like other Hollywood celebrities, 50 cent debt rose from mortgages expensive lifestyle and legal dispute that cost the rapper over $17.2 million not to mention sex tape law suit that cost him 4% million.
Currently, his net worth is about $15 million down from $150 million in 2014.
3. Kanye West
Kanye West is the recent celebrity to join the debt club after announcing in feb that he has a debt of $53 million. Though his net worth is still at $145 million, the implication of his debt may have an effect on his net worth.
West massive debt has mainly been caused by multiple failed attempts to make it in the fashion industry. His fashion label, Pastelle failed to take off in 2009 and so didi his high end line, Kanye West.
4. Mike Tyson
Famous for being the youngest heavyweight champion in history, Mike Tyson filed for bankruptcy 17 years later into his career. In spite of making over $400 million, Tyson had an accumulated debt of $23 million in 2003 including $13.4 to IRS in 2003 when hefiled for chapter 11 bankruptcy. According to New York Times, criminal charges and lawsuits are the major contributors to Tyson’s his massive debt.
This compelled him to wipe out his luxury purchases like mansions, jewelry, cars and motor cycles. Yet, despite retiring from boxing, tax bills and other debts, Tyson still has a net worth of $3 milliom.
5. Toni Braxton
Toni Braxton, famous for her contribution in the music industry also has a share of money troubles. Despite selling over 40 million albums, she run into financial issue that led her to file for bankruptcy in 2008 when she found herself in $5 million debt.
Although she recovered, she filed again in 2010 owing a total of 50 million to Neiman Marcus, IRS, AT&T and Tiffany & Co.
Her massive debt is said to be a result of absurd spending on clothes and cosmetics. Also, she suffered health issues that forced her to cancel most of her performances.