The word celebrity is synonymous with fame and fortune. Then how is it the case that some celebs have become so broke they nearly (or do!) have to file for bankruptcy? The reasons for why some of these celebs are dead broke may surprise you.
Nicolas Cage
Kim Basinger
Kim Basinger may have made many good decisions in her life, but buying a small town in Georgia to begin her own tourism hub was not one of them. Basinger had to sell her $20 million town (to which she only received a fraction of her investment) to pay the $8.1 million lawsuit she lost to Main Line Pictures for dropping the film Boxing Helena. While the film was an eventual flop, we can't help but think the actress should perhaps have stayed involved in the production to avoid that hefty fine. Basinger filed for bankruptcy in 1993. One thing is for sure—the town of Braselton, Georgia had its 15 minutes of fame!
Gary Busey
Despite starring in over 70 films including the notable Lethal Weapon and Point Break, Gary Busey purportedly had only $50,000 to his name in 2012 and debts totaling over $1 million. The Celebrity Rehab star's various debts include law suits, UCLA medical bills, and various lawyer fees. Of course, no broke celeb would make this list without outstanding debts to the IRS. In 2012 the star filed for Chapter 7 bankruptcy in California.
Pamela Anderson
Lindsay Lohan
Despite a very recent $2 million paycheck from the OWN network for her reality show, Lindsay Lohan is still very much in dire financial straits. Lohan has reportedly not starred in a film grossing $100,000 or more since 2007. Legal fees from her hard partying ways and run ins with the law have put her out roughly $1,147,500 from 2007 to 2011 alone. Lohan's infamy also stretches to covering basic responsibilities like paying rent. In 2012, the actress reportedly owed over $23,000 in back rent in New York, and more recently was searching for cash to pay an outstanding balance of $8,000 for her Beverly Hills mansion. The actress' tax debt has also been well documented by the media recently. Lohan owes a reported $234,000 in back taxes for the years 2010 and 2011, causing the IRS to seize her bank accounts. Still in and out of rehab and having to perform her required hours of community service from a previous DUI, Ms. Lohan’s most recent financial woes include having to pay for private counseling.
Wesley Snipes
Perhaps the most tragic broke celebrity story on our list, Wesley Snipes accrued so much debt from unpaid taxes that he had to spend time in prison. The Blade actor decided to ignore $15 million due to the IRS for his earnings from 1999 to 2001. Snipes was convicted of three misdemeanor counts of failing to file tax returns and was sentenced to a medium-security prison in Pennsylvania. After serving three years, he was moved to house arrest at the age of 50, ironically two weeks before tax day.
Courtney Love
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