50 Spent? Superstars Who Have Gone Bankrupt Like Fiddy
It would be a bit of an understatement to say that there has been a lot of online gloating since news recently emerged that the multi-platinum Grammy Award-winning rapper, Curtis Jackson, aka 50 Cent, is in a serious financial pickle.
Remarkably, Fiddy – a man who not long ago held a spot in the top-5 richest rappers league – filed for Chapter 11 bankruptcy protection just a few days ago and it is widely suspected that he is skint – should things go from bad to worse over the coming months, 50 Cent may soon have to suffer the shame of being known as the guy who has less in the bank than his namesake.
When you bear in mind that Forbes estimated Jackson’s worth to be in the region of $155million as recently as May this year, having sold 22million albums over the course of his stellar career, as well as his minority stake in VitaminWater for a cool $100million in 2007, his financial fall from grace is quite frankly, bizarre. That said, when you scratch beneath the surface and consider that only five years back 50 Cent’s net worth was estimated to be an eye-watering $500million, it can only be surmised that he has paid the price for a decade of living way beyond his once considerable means. If you want to know where his money went, just check out 50’s Instagram – suffice to say he’s lived pretty good.
Jackon himself is relatively untroubled by events, and has shrugged off both his precarious financial situation and the shots being fired across his bow by a gloating Twitterverse, and simply said: “I’m not panicking. People love tragedy more than they love good news, no matter how you look at it.” His calm approach is understandable because, contrary to the wishes of his sneering detractors, 50 Cent, as CEO of G-Unit Records and a proven entrepreneur with various fingers in a number of lucrative pies is still a big earner and will likely regain his lost wealth, albeit on a lesser scale than before.
50 Cent is far from the first multi-millionaire hip-hop superstar, let alone A-list celebrity, to end up bankrupt having once had hundreds of millions in the bank. Here is a short list of just some of the filthy rich household names who have lost their huge fortunes and, in some cases, regained it.
The one, the only Mike Tyson – an undisputed boxing great who conquered a talent-rich Heavyweight division with incredible power, and almost Floyd Mayweather-esque speed and technique.
In his heyday, Tyson would command $30million per fight and he soon amassed an incredible $300-400million fortune – and that’s without factoring in the unimaginably expensive diamond-encrusted jewellery, his fleet of supercars, and a pet tiger. Alas this wealth was short lived, and Mike Tyson filed for bankruptcy in 2004 after having squandered his entire fortune within the space of a decade.
However this story has a happy ending, and now, after a period of reform, Mike Tyson is a highly regarded media personality who is well-known as an actor, writer, and public speaker.
A latter day British bombshell who never quite reached the same dizzying heights as Doris Day, Kerry Katona is an ex-popstar, ‘Queen of the Jungle’, and Iceland poster girl who once enjoyed an impressive £6.8million fortune.
Sadly a somewhat troubled patch which involved public meltdowns and a drug scandal saw Katona’s considerable wealth whittled down until she was forced to file for bankruptcy in 2008, and yet again in 2013.
The self-confessed ‘definition of the American success story’, Donald Trump is a high-profile business mogul who is currently a Republican candidate for the US Presidency. A man who is brash, controversial, and a little obnoxious, Trump has made some serious money over the years.
A real estate and entertainment wheeler dealer, it is estimated that Trump has a present day fortune of around $2.7billion. However as is the case with many successful businessmen, Trump has had his fair share of failure, and he has been forced to file for bankruptcy in 1991, 1992, 2004, and 2009.
Admittedly these were corporate rather than personal bankruptcies, but the fact remains that Trump has had his back to the wall over his business dealings four times over the last 25 years, and he lost his much loved Grand Hyatt hotel and a personal mega-yacht in the process. Ouch.
A cautionary tale
Quite simply, if these high-profile celebs can squander such immensely huge fortunes in little time, it really can happen to anybody. There is a simple lesson to learn from these cautionary tales: manage your money carefully!
Your wedding doesn’t have to cost the earth
We look back at a few blockbuster classics and their budgets from years gone by.
What hidden costs are involved when buying a house?
Make sure you get the best credit deals by increasing your credit score