As the famous saying goes, “The brightest flame burns the quickest“.

There are plenty of successful entrepreneurs, celebrities who quickly rise to financial success, only to lose everything just as abruptly.

While others make fortunes via incredible talents in music, acting, modelling and sports, others are top business tycoons, earning fortunes from their various merchandise and investments.

Unfortunately, not all of them are able to stay glued to the elite list, as a result of finance mismanagement, unwise investments, gambling, crime, among other reasons.

However, while some of them struggle to pick up the pieces, some are held back behind bars.






https://justrichest.com/20-millionaires-and-billionaires-who-bankrupt/?_e_pi_=7%2CPAGE_ID10%2C4002865674

http://www.moneycrashers.com/bankrupt-celebrities-rich-broke/

https://addicted2success.com/success-advice/the-top-10-millionaires-billionaires-who-lost-it-all/?_e_pi_=7%2CPAGE_ID10%2C8493874144

Lalasticlala Mynd44

kool

1. Mike Tyson.



Tyson raked in $30 million per fight at the peak of his career, but he bled money as readily as he earned it.

In 2003, the Times called him “a cash machine to himself and others,” detailing lavish spending on “jewelry, mansions, cars, limousines, cellphones, parties, clothing, motorcycles, and Siberian tigers.”

In December 2002, he bought a $173,000 gold chain on credit, adding it to the $27 million in debts listed in his 2003 bankruptcy filing.


The former pro boxer lavished his $400 million earnings, landing himself in a $23 million debt.

Mike filled for bankruptcy in 2003 owing both American and British government a total of $17 million.

He was also a debtor to several legal firms, limo services and a $9 million divorce settlement fee.

The movie industry seems to be the saving ground for anyone who has once attained stardom, and to Hollywood, Mike ran for help.

His role in The Hangover (1&2) movie and his TV show,Mike TysonSeries, has helped the former boxer to rise again.

2. Evander Holyfield.



Holyfield earned over $200 million dollars during a career that spanned more than two decades.

The boxer had been teetering on thebrink of financial ruin for sometime when his 109-room mansion in Atlanta went into foreclosure in 2008.

He would hold off the foreclosure for a few years, but was forced to put the home on the auction block in 2012 to pay off $14 million he owed to financial firm JP Morgan Chase.

The home sold for $7.5 million. Holyfield owed $200,000 in back taxes and over $500,000 in child support payments as of 2012.

3. MC Hammer.



This is one of the top musicians that rocked everywhere he went, especially in the 90’s.

He was able to make millions of dollars during his music career.

Nevertheless, Hammer blew it all away in extravagant spending.

Hammer earned an amazing$33 millionwhen he was still in his early 20’s.

He undoubtedly lived the King’s life, as one of his possessions that swallowed his fortune was a couple of helicopters.

A substantial amount of his cash also went to paying about 200 entourages which mostly comprised of jobless family and friends he was trying to help. He filled for bankruptcy in 1996 declaring about$13 million in debt.


He’s a classic example of someone earning his wealth too fast and too soon, which made it hard for him to handle his finances.

Now living as a pastor in California.

4. Dennis Rodman.



The former NBA star earned about $27 million salary excluding the extra millions he got from endorsement deals and other off the court additions.

How he became totally broke after retirement is a mystery.

He could not even cater for his immediate personal needs talk less of paying the $808,935 he owed to the support of his two children and the $51,441 he owed as spousal support to his third ex-wife.

It was so bad he had to plead with attorneys to defend him pro bono.

Not only is ‘The worm’ broke, but sick and had to check into rehab for alcoholism in 2014.

i tot dennis rodman was friends with north korean presidenthow come he is bankrupt

The way they blow those millions tho. Too fast, I guess they never bother to invest.

Am sure all on this list will be blacks, whites don't joke with investments

5. Wesley Snipes.



The Blade star earned about $37.9 million from his acting career in the space of 8 years but ignored his tax bills .

The government also alleged that he used fake documents in an attempt to receive tax refunds.

However, he was acquitted of felony charges to defraud the government but found guilty of three counts of misdemeanor charges to willfully ignore his taxes.

As a result, Snipes was ordered to pay $17million in back taxes and sentenced to 3 years behind bars.

He served his jail term between 2010 and 2013.

Unfortunately, after his release, his movie career has never been the same again, however, Snipes is working hard to restore his glory days.

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smh

6. Chris Tucker.



Yet another tax issue.

It’s surprising to see someone who was once the highest paid actor in Hollywood when he earned $50 million be in a debt he can’t even afford to clear.

Apparently, Tucker didn’t pay his taxes for 7 years.

This forced him to sell his luxury cars and even mortgage his mansion but sadly he still owes the IRS $11 million.

its explorers the best producer.....the guy sha wan kill us with the way him dey post today

7. Allen Stanford.



There was a time when Allen was worth about $2billion, he was a billionaire.

However, the money was not earned legally, as he was discovered to have conned a lot of people.

With Stanford, you would slightly understand his sudden grace to grass transformation.

As of now, he has been sentenced to a jail term of 110 years.

He was found guilty of conning investors over $7 billion and has been charged a fine of almost $13 billion.

8. Halsey Minor


He is the founder of CNET network, a technology news website, one of the first successful internet’s profit company, which he sold to CBS in2008 for $1.8 billion with $200,000 as his own share.

That’s a huge amount that if managed well could’ve lasted Minor his whole life, but his high taste for real estate and artworks landed him in debts of more than $50, 000.

He filled for chapter 7 bankruptcy in 2013, putting up his San Francisco mansion for sale.

Are they cursed

9. Bjorgolfur Gudmundsson.



The former owner of English club, West Ham United was once one of the richest men in Iceland.

Evaluated by Forbes in 2008 to have a net worth of $1.1 billion, he became totally broke in 2009 with a net worth of $0, owing a debt of$750 million, speak of grace to grass.

This happened as a result of the credit crisis that hit Iceland which affected the major source of his wealth, his stakes in Landsbankin, Iceland and all his assets.

He was also suspected of embezzling money and went behind bars for a year.

He made his come back after he returned from Russia and is now involved in diversified investments.

Money is a bitch . dats all

10. Jordan Belfort.



The once a Multi-Millionaire stockbroker that had it all.

Yachts, planes, women, midget throwing parties & drugs where just a few of the high life activities on Jordans agenda.

Jordan was reported to be making $250 Million at the age of 25 through his stockbroking firm Stratton Oakmont which functioned like a boiler room and later served as inspiration for the creation of the film also known as ‘Boiler Room‘, starring Vin Diesel&Giovanni Ribisi.

Jordan Belfort’s multi millions where stripped from him when the FBI pinned him for securities fraud and money laundering.

AfterJordan Belforts release from jail and paying back the 100 millions of dollars he owed other stock brokers, Jordan decided to turn his life around releasing the New York Best Seller ‘Catching The Wolf Of Wall Street‘ which was written by Jordan himself about his Wall Street sagas and his run ins with the law.

This Book has been developed into a movie which will be directed by Martin Scorsese starring Leonardo DiCaprio asJordan Belfort.

11. 50Cent.



Forbes named 50 Cent one of the five wealthiest hip-hop artists, pegging his net worth at $155 million.

But bad investments and a big lawsuit.

He was ordered to pay $5 million to a woman who says he posted a sex tape of her online put the rapper’s fortune in jeopardy.

The man who once promised to “get rich or die tryin'” filed for Chapter 11 protection in a Connecticut court, a move that allowed him to reorganize his finances while developing a plan to repay his creditors.

At the time, he estimated his debt at between $10 million and $50 million and his assets in roughly the same range.

Cent spent heavily on a lavish lifestyle featuring Rolls-Royce automobiles and the same Connecticut mansion that Mike Tyson lost a few years earlier.

Like many wealthy celebrities from impoverished backgrounds, he generously supported a small army of friends and family members, including his grandfather and a former long-time girlfriend.

He also gave freely to worthy charitable causes, such as HIV treatment and prevention in Africa.

He also lost more than $2 million on Sleek by 50, another headphone venture, and was then hit with more than $17 million judgment for allegedly stealing the design for that product.

In 2015, he declared bankruptcy in an effort to restructure and slim down these obligations, losing much of his fortune in the process.

Notably, Cent was forced to part with his Farmington estate, following in Tyson’s illustrious footsteps.

hg

Mostly blacks, not surprising at all. Blacks in sports and showbiz are only good at flashing their wealth without making any tangible investments.
Don't forget to include of fifty cents and R.Kelly o. I totally see Floyd Mayweather joining this list soon.

dominique:
Mostly blacks, not surprising at all. Blacks in sports and showbiz are only good at flashing their wealth without making any tangible investments.
Don't forget to include of fifty cents and R.Kelly o. I totally see Floyd Mayweather joining this list soon.

p diddy jayz dr dre are all black . add babayaro,kanu to dat list

unbelievable.

[s]

dominique:
Mostly blacks, not surprising at all. Blacks in sports and showbiz are only good at flashing their wealth without making any tangible investments.
Don't forget to include of fifty cents and R.Kelly o. I totally see Floyd Mayweather joining this list soon.

[/s]
What is money good for if not for showing off to your enemies

50cent is getting his dough back

Power don boost hin account

MC Hammer a pastor? Wearing an MC Hammer pair of trousers those days was everything.

doublewisdom:
MC Hammer a pastor? Wearing an MC Hammer pair of trousers those days was everything.

You must be a senior in secondary school in 1991-1992 if you wore that trousers ...

Just like all the boys in my class.

Remember his hit song then?.….'Here comes a Hammer'. and ' Can't touch this'....
.
Jeez! and Hammer was a very very good dancer.

Good ole 90s.

Jordan Belfort.........my husband

Someone please dont wake me from this dream

The dude was good though.....while it lasted

Black men will top the list. No brainers

Observation Mode