Many celebrities go from being rich and famous to being involved in lawsuits or spending sprees that trigger bankruptcy. MC Hammer, Meat Loaf, and 50 Cent all went from being top musicians with great wealth to bankruptcy and debt. Here are a few celebrities who went from being rich to broke real quick.
The King of Pop Michael Jackson, was supposedly $400 million in debt when he died unexpectedly in 2009. He was also close to foreclosure on his famous Neverland home. Large amounts of spending required Jackson to take out loans, many which he never paid back. Jackson’s money problems got worse once he was involved in numerous expensive lawsuits. Right before he died, Jackson planned on getting out of debt by going on tour. His estate has resolved the financial issues and Michael has been the top-earning dead celebrity for five straight years.