Famous Celebrities That Have Declared Bankruptcy
Many people have wondered if a celebrity can be made bankrupt, but did you know that a lot of famous people have also faced financial difficulties? Some of them have even filed for bankruptcy. Read on to learn about Michael Jackson, Marvin Gaye, and Willie Nelson.
Willie Nelson
Willie Nelson filed for bankruptcy because of his excessive debt. His debts amount to more than $16 million, according to the IRS. The details of his bankruptcy remain murky, but some speculate that Nelson failed to pay his taxes and his accountants hid money in illegal tax shelters. Nelson said he is dissatisfied with his financial situation, but he is not intimidated by it.
Nelson’s accountants failed to pay his taxes for years, putting his money in tax shelters that were disallowed by the IRS. In an attempt to get out of the debt, Nelson filmed commercials for Taco Bell and sold his albums to raise money for the rest. Ultimately, his commercials for Taco Bell and his album sales were enough to pay off his taxes. Nelson has since paid off the rest of his debts.
Marvin Gaye
Marvin Gaye filed for bankruptcy in the early 1970s due to excessive debt. He had to pay a divorce settlement to his first wife Anna Gordy and later struggled with drug and tax problems. In order to avoid the IRS, he fled to Europe. Later, he returned to the music business and recorded Grammy-winning albums.
Gaye had an extensive music career and achieved fame in the Motown music scene. In fact, he was awarded countless Grammy nominations and received several hit singles throughout his career. However, despite his success, he suffered from many personal issues, including drug addiction and paranoia. As a result, he filed for bankruptcy in 1976. However, he was later able to make amends with his ex-wife by agreeing to pay her royalties from his album.
Debbie Reynolds
Hollywood actress Debbie Reynolds has filed for bankruptcy, citing excessive debt. Despite having one of the highest box office collections in history, the actress still owed a huge amount of money. She took out a one million dollar bank loan to finance the project, but her debts still far exceeded that amount. She ultimately had to sell the property to pay off her debts. In 2016, she passed away at the age of 80.
In the early 1990s, Debbie Reynolds purchased a hotel that was known as the Paddlewheel Hotel and Casino. Unfortunately, this venture did not turn out well, and she began losing money in 1997. When this happened, she resigned from her role as chairman of the hotel’s board. She tried selling timeshares, but it was not a lucrative business model and the hotel soon went under. In 1997, she filed for personal bankruptcy.
Michael Jackson
In early 2008, Michael Jackson was in a desperate financial situation. He owed nearly $300 million and his lavish Neverland Ranch, home to his band Thriller, was close to foreclosure. His lavish spending habits resulted in a financial crisis, and he sought financial advice from a banker at least once a month. However, the singer never managed to understand the difference between good debt and bad debt, and he was not aware of the negative consequences of such a situation.
Throughout his life, Jackson has surprised us. From his lurid legal scandals to his extravagant plastic surgeries, his life has been full of twists and turns. He is now famous for his bizarre public behavior and has inspired countless late-night jokes. His ill health was widely reported by news channels, and he was rushed to court in his pajamas and clutching bodyguards for support.
Larry King
While you may not have heard about this, Larry King has declared bankruptcy due to excessive debt. King filed for bankruptcy protection in 1978, when he was only twenty-five years old and had over $350,000 in debt. His career was less than rosy at the time, and he was accused of stealing money from a former business partner. Ultimately, the situation was resolved without criminal charges, but King found it difficult to find a job. Today, King is one of the most famous talk show hosts in history.
The television personality is notorious for his incisive questions. His talk show Larry King Live is watched by three to five million viewers each weeknight. Larry King’s career started in a low-paying radio gig in the 1960s, and he declared bankruptcy in 1978 after stealing from his business partner. After a few years, he was offered a small job in Washington D.C., which eventually led to a successful 25-year run.
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Santa Clara, Utah
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Santa Clara, Utah
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Santa Clara City Hall
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Location in Washington County and the state of Utah
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| Coordinates: 37°8′13″N 113°38′57″WCoordinates: 37°8′13″N 113°38′57″W | |
| Country | United States |
| State | Utah |
| County | Washington |
| Settled | 1854 |
| Founded by | Jacob Hamblin |
| Named for | Santa Clara River |
| Area | |
| • Total | 6.13 sq mi (15.87 km2) |
| • Land | 6.12 sq mi (15.85 km2) |
| • Water | 0.01 sq mi (0.01 km2) |
| Elevation | 2,759 ft (841 m) |
| Population
(2020)
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| • Total | 7,553 |
| • Estimate
(2019)[3]
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8,417 |
| • Density | 1,375.33/sq mi (531.03/km2) |
| Time zone | UTC-7 (Mountain (MST)) |
| • Summer (DST) | UTC-6 (MDT) |
| ZIP code |
84765
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| Area code | 435 |
| FIPS code | 49-67660[4] |
| GNIS feature ID | 1432234[2] |
| Website | https://sccity.org/ |
Santa Clara is a city in Washington County, Utah, United States and is a part of the St. George Metropolitan Area. The population was 7,553 at the 2020 census, up from 6,003 at the 2010 census, and 4,630 at the 2000 census. The city is a western suburb of St. George.
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Do you know anyone who has declared bankruptcy due to excessive debt?https://t.co/RnIXrp4Jb7 pic.twitter.com/yxCADFWzT7
— Jan Meriss Alfonso (@MerissJan) November 15, 2022
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