For the most part, almost everyone who gets to play a role in the movies gets paid a decent amount of money. The lesser known stars easily make a few thousand dollars per appearance but the well-known celebs are guaranteed purses of $5 million and more. Plus they also get a bonus when the movies do well. So one would think that with all this money, celebs must be some of the richest people in the country- the answer is yes.
But then there are other celebs who are much poorer than you think. When people lose the value of money and reality, they quickly realize how the rest of the world lives. Here are some celebs who did make it rich once upon a time, but then lost all their money and became poor.
1. 50 Cent
50 Cent was named in Forbes magazine as one of the top five wealthiest hip-hop artists in the country. In 2015, it was believed that he had $150 million. However, this musician made a few major league errors when it came to life. First, he made many bad investments like buying dozens of cars and homes, which he never needed. Then he made a sex video with his Girlfriend and even though she never gave him permission, he posted the tape online.
The court ordered him to pay $5 million, but the guy played smart and declared bankruptcy. In court, 50 cents claimed he was in debt and owed nearly $50 million. Most people believe that he hid his finances to avoid paying the fine. Today, he looks like he has emerged from his bankruptcy and is back on the internet displaying his wealth.
2. Larry King
Larry King was the king of journalism and was paid in excess of $10 million a year for many years. He was the most sought out personalities outside the TV business. When new businesses or hospitals opened up in the country, they invited him to give a speech. His going rate was $1 million plus hotel, travel, and food.
Everyone wanted to be on his show. But his personal life was turbulent. He has been married 8 times and each divorce has cost him millions in alimony. In 1987 he suffered a heart attack and underwent bypass surgery. Even though he made hundreds of millions of dollars while on TV, today, he is only worth a $100 million.
3. Joe Francis
Joe Francis became a national hero among men in the 90s. He made a fortune by persuading drunk college girls to strip and dance. He videotaped them and then sold the videos to syndicated TV stations, making millions. But the Girls Gone Wild CEO was selfish and did not want to split the money with the girls. Joe then faced many lawsuits and his empire soon came crumbling down. He was charged with filming underage girls and providing them with alcohol.
Worse, the IRS also found out that he had never paid taxes on all the millions he made- by the time they were through with Joe, he was only left with a pair of pants and one pair of shoes. To make matter matters he had left a $2 million gambling debt at a las vegas casino and refused to pay- so he did the next best thing- filed for bankruptcy. Today, he still lives in a luxury mansion in Mexico, which he rents out to the Kardashians and Paris Hilton
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Aaron Carter, the heart-throb who played with the Backstreet Boys lived a life of pure luxury. The group was raking in millions each year but these teenagers had never studied economics 101. Aaron spent frivolously on anything and everything. But he had no idea that he had to pay taxes.
Soon the IRS filed suit for $2 million in unpaid taxes plus fines. Aaron was broke and filed for bankruptcy. His woes have continued with alcohol and drug addiction. Today he is broke and remains in rehabilitation care.
5. Teresa Giudice
Teresa Giudice who made a name for herself in the Real House of New Jersey also filed for bankruptcy in 2009. She and her husband were charged with wire and bank fraud and Teresa ended up spending 12 months in prison.
Her husband is still incarcerated. After release from jail, she had to make restitution and is currently getting her life back together.