You might think that stars who make millions are resistant to debt, but you’d be wrong. Even the most famous icons can fall on hard times and find themselves in the red zone. If you do not believe us, look at this insightful infographic.
Celebrities are known for their glamorous and indulgent lifestyles, but most of the time, spending plenty of money comes at a price. Many famous faces have ended up in debt, despite the undeniable fact that they made plenty of money. Boxing legends Mike Tyson and Evander Holyfield are two prime examples of how things can go wrong. Holyfield earned over $300 million during his career but allegedly showed nothing for his dominance in the ring. Holyfield’s arch-rival Tyson fared no better. In 2003, the sports superstar filed for bankruptcy, and at his lowest point, he owed the IRS more than $13 million.
It’s not just sports stars who are struggling to pay off mounting debts and unpaid tax bills. Singer Toni Braxton has had a rocky financial past. He first filed for bankruptcy in 1998 and was forced to take similar action in 2010. At the time of the second filing, he was believed to be owed more than $50 million. Fellow singer, Lil Wayne is also having financial problems. Although the rapper’s net worth is estimated at $135 million, he owed the IRS more than $12 million in 2012 and has since paid back $7 million in evaded taxes between 2007 and 2008.
It’s easy to assume that each celebrity has a huge bank balance, but famous people have a track record of getting into deep debt and owing the IRS.
Infographic Design By Sharp