Thursday | February 09, 2012
Celebrities Spending Badly
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By
Rebeca Fernandez
11 May 2009
Oops, She Spent It Again! Britney Spears
Britney Spears makes $737,000 a month but according to the Associated Press she isn’t saving or investing a penny of it. She spends $100,000 each month on entertainment, gifts and vacations alone. Her father has taken control of her spending. Let’s hope he’s a little smarter with money management.
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Blade IV: Revenge of the Tax Man
Wesley Snipes didn’t pay $15 million in taxes. His “brazen defiance” of tax laws landed him his most realistic role yet: three years in prison and a $5 million fine.
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Homeless in Hollywood: Ed McMahon & Evander Holyfield face foreclosures
I guess no one has knocked on Ed McMahon’s door with an oversized check lately. He’s $664,000 behind in payments on his house and is currently facing foreclosure. Evander Holyfield made over $200 million dollars during his career. He recently defaulted on a $10 million loan to Washington Mutual. Bet both McMahon and Holyfield wish they had opted for the smaller model mansion.
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Can’t Keep This: MC Hammer
By now everyone knows about the $12 million estate (complete with two swimming pools, tennis courts, $2 million marble bathroom floor, and two gold-plated “hammertime” entrance gates) that MC Hammer lost during his 1996 bankruptcy. He also had 17 cars, two helicopters and a thoroughbred horse ranch. Oh yeah, he had 200 people on his staff. Together they went through $500,000 each month. In 1997, he confessed to Oprah that he spent almost $20 million. We’re not sure which is more shocking: that he spent that much or that so many people actually listened to his music.
Next: From Baldwin to bankrupt
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From Baldwin to Bankrupt: Kim Bassinger
Here’s a lesson for you, no matter how famous you are, no one needs his or her own town. Bassinger purchased Braselton, a development town in Georgia, for $20 million. Her next smart move was to back out of her contract for Boxing Helena, lose for breach of contract in court, and get ordered to pay $8 million. She lost the town and filed for bankruptcy.
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Down for the Count: Mike Tyson
Anyone who bites off ears should not be left in charge of his own finances. Tyson accumulated $27 million in debt, including $13 million in back taxes. This is pretty impressive considering he earned $300 million during his career. He spent all of this (and, apparently more) on homes, cars, clothes, food, and, of course, a pair of pet tigers. (In case you’re wondering a pair of pet tigers costs $8000.) Spending over $400,000 a month Tyson managed to completely K.O. his bank account.
Next: What you talkin’ ’bout, bankruptcy?
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What You talkin’ ’bout, Bankruptcy? Gary Coleman
In 1999, Coleman filed for bankruptcy protection. He had less than $20,000 to his name. Considering how the rest of the Different Strokes cast turned out that’s not bad at all.
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Burt (& No-Earnings) Reynolds
Burt Reynolds racked up $10 million in debt after his divorce to buxom babe Loni Anderson. That’s after starring in almost 150 films. Of course anyone who buys a dinner theater might deserve to have it taken away. Luckily, he’s been able to continue acting, even winning a Golden Globe for Best Supporting Actor in Boogie Nights. We hope he’s learned his lesson about overspending, dinner theater, and prenups.
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You’re Bankrupt: Donald Trump
Yes, folks, the star of The Apprentice has declared bankruptcy three times. He filed corporate bankruptcy when his Atlantic City hotel the Taj Mahal ended up over $1 million in debt. Then, in 1992, the Trump Plaza followed down the bankruptcy trail. In 1995, Trump Hotel’s and Casino’s had racked up over $2 billion in debt and he declared bankruptcy a third time. Let’s hope the celebrities on his newest reality show take his advice with a grain of financial salt.
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Material Mistake: Madonna
Madonna must have really been in love. She didn’t have Guy Ritchie sign a prenuptial agreement and now her $600 million fortune may be up for grabs. No matter how “forever” you think something might be, make sure you cover yourself. Come on, Madonna, you’re not even like a wedding virgin, what were you thinking?
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Snorting Away a Fortune: Lindsey Lohan
If your A-list Hollywood friends start asking you for money think twice before lending it. Anyone who can’t stay out of debt while making millions has a serious problem. In April 2009, Lohan told Nylon magazine that she is having money problems and struggling to pay her mortgage. She hasn’t made a movie since the 2007 flop I Know Who Killed Me. Her personal appearance fees are the only thing keeping her afloat, but, thanks to all of her negative press, constant cancellations and a little thing called the recession, that’s drying up too. How can someone who makes so much have so little? Two words: excessive spending. Apparently Li-Lo spends twice what she makes. But none of this is new news.So where has all the money gone?
According to a 2007 story in News of the World Lohan spent:
• A million dollars on one hotel bill
• $137,000 in rehab costs, racking up bills of $30,000, $45,000 and $62,000 for each stint.
• Thousands in legal fees after multiple drink driving convictions.
• $350,000 on luxury Mercedes and BMWs
• A million on clothes
• $70,000 on tanning and hair-styling
• Well over $500,000 on partying
Next: Breaking the will of bad behavior
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The Will of Bad Behavior: Paris Hilton
Most of us will agree that it’s about time that the Hilton heiress has been cut out of her grandfather’s will. That’s a substantial loss just for her embarrassing behavior. Hotel magnate Barron Hilton announced that he’s leaving 97% of his wealth to charity. Paris, who would have inherited $100 million or more, may only get $5 million. How will she ever survive?
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