1 / 10
These celebrities had it all, but they lost everything overnight. From Michael Jackson to Mike Tyson, find out who lost their fortunes...
2 / 10
King started out as a broadcaster in Florida in the 1950s and 1960s. However, in 1971 he was charged with grand theft for stealing $5,000 from his then-business partner. This affected his career and left him with significant debts, eventually leading him to declare bankruptcy in 1978.
3 / 10
Cage indulged in buying a large number of houses, vehicles, and rare items, leading to the Internal Revenue Service placing tax liens on several of his properties. In 2007, he was asked to pay $6 million for failing to pay his taxes, leaving him with only a few dollars in his account.
4 / 10
His hit 'U Can't Touch This' earned him $30 million, but he ended up spending it all on a $1 million mansion with 200 staff members and a stable full of 19 racehorses. His uncontrollable spending, along with some lawsuits, eventually led to his bankruptcy in 1996.
5 / 10
The actor and brother of Alec Baldwin declared bankruptcy in 2009 due to several debts and foreclosed properties. However, he faced similar financial difficulties in 2017 after his house was foreclosed upon for missing payments. In addition, he was arrested and sentenced to five years in prison for failing to pay taxes for three consecutive years.
6 / 10
After hits like 'The Adventures of Tom Sawyer', his publishing house went bankrupt, mainly because of an economic downturn. In 1894 he declared bankruptcy, but managed to recover income as an author and through interviews.
7 / 10
It was reported that Mayweather had owed the Internal Revenue Service for more than a decade. This resulted in a $22.2 million debt, causing him to come out of retirement for a boxing match to help cover this expense.
8 / 10
By 2003, Mike Tyson had accumulated tax debts in both the US and Britain, as well as owing money to his lawyers, personal trainer, financial manager, and music producer, among others. Additionally, he had to pay $9 million for his divorce settlement and child support. However, today he appears to be financially stable, despite being retired from boxing.
9 / 10
In 2015 it was reported that the rapper owed a total of 32.5 million dollars, between lawsuits and unpaid child support. The following year 50 Cent filed for bankruptcy.
10 / 10
The late King of Pop had to request multiple loans, some of which he failed to repay. He even faced the risk of a foreclosure on his famous house. At the time of his death, a coroner's assistant estimated that he was in debt between $400 million and $500 million
Despite hearing many inspiring stories about celebrities who started from a financially difficult place, the opposite is also true.
Despite achieving great financial success, musicians, athletes, movie stars, and other celebrities sometimes find themselves bankrupt and in debt.
Here are some examples of celebrities who went from rags to riches, and then back to rags again.