Celebrities That Have Gotten Into Some Really Messy Financial Situations
Reports have it that Nicolas Cage’s earnings in 2009 totaled $40 million which made him one of the highest earning actors in Hollywood. However, 55-year-old Cage has some major issues with spending and some other issues with his money manager.
He faced different foreclosure orders on some of his properties and was hit with a lien of $6.2 million tax in 2009. He then instituted an action against his financial adviser claiming fraud and negligence.
His money manager brought a countersuit against the actor claiming that he spent nothing less than $33 million on the acquisition of several vintage and unique vehicles, 15 palatial homes all across the world, four luxury yachts, and also, on some rare high-end jewellery. While the lawsuits have already been settled, Cage is still having issues stabilizing his finances. At the moment, he’s trying to sell off a lot of his properties including one chalet located in Aspen.
Photographer Annie Leibovitz
In 2005, Leibovitz reportedly borrowed $24 million, and she pledged her photographic library as collateral for the loan repayment. According to her friends, she started experiencing financial difficulties partly because of her business mismanagement as well as poor economic choices.
There were also diverse personal circumstances which escalated her financial straits. She lost her partner, Susan Sotang in 2005 as well as both of her parents. That same year, she also had twins born through a surrogate.
There were also unpaid income taxes as well as huge bills from a major property renovation which all adversely affected her finances. However, she has succeeded in working out a deal with the creditors that takes her photo collection off risk list. The 69-year-old listed her $33 million property located in New York City for sale.
Singer Dionne Warwick
Dionne Warwick, a five-time Grammy winner, is mostly popular for her own versions of songs such as “Walk on By”. However, the money she has made from her stardom has gradually disappeared.
In March 2013, she filed for bankruptcy in a federal high court which listed her assets at $25,500 against a debt of about $10.7 million, most of which were taxes. At 78, she still has popularity as a performer and has recently been touring the world. Her bankruptcy filing indicated that there’s a possibility of earning about $21,000 per month.
Singer Toni Braxton
Toni Braxton’s money problems have been further compounded by her illness as she had another unpleasant encounter with lupus. The 51-year-old singer has taken out bankruptcy filing twice, and at some point, she listed to companies such as Tiffany, Four Seasons, and AT & T that she had debts up to $50 million. Also recently, she has been hit with several liens by the IRS for unpaid taxes.
More in Finance & Business
Meghan Markle’s Former L.A. Home With Her Ex-Husband Is Now Up For Sale–Here’s Your Peek At The $1.8 Million Property
Considering the extensive media coverage that the Duchess of Sussex, Meghan Markle, has been receiving, it’s quite hard to believe that...August 25, 2019
Tennis Star Naomi Osaka Just Proved She’s A Worthy Opponent To Serena Williams On and Off The Court
Japanese-American tennis player Naomi Osaka made headlines last year when she beat legendary athlete Serena Williams at the U.S. Open Tennis...August 25, 2019
This Michelle Obama-Approved Jeweler Can Teach You a Thing or Two About Life & Business
Theresa Bruno, the proprietor of the luxury jewelry business Jordan Alexander, has had the privilege of accessorizing a list of famous...August 24, 2019
Want to Live Next to Royalty? Here’s the Perfect Opportunity For You to Set Up Home Near Prince William & Kate Middleton
While not everyone can live like or be a member of the royal family, commoners can still have the chance to...August 24, 2019
‘Wolf of Wall Street’ Actress Margot Robbie Just Got a New Office– Here’s an Inside Look at LuckyChap Entertainment’ L.A. Space
People may know Aussie actress Margot Robbie for her onscreen work in various successful movie projects. But behind the scenes, the...August 23, 2019
Here’s Your Inside Look at the ‘Hybrid Properties’ Celebrities Stay in While Shooting Away From Home
You’ve already seen plenty of features about celebrities’ multi-million dollar homes. But chances are high that you haven’t read much about...August 21, 2019
This is The Adorable London Townhouse Where Kate Middleton Lived With Her Sister Pippa Before Marrying Into The Royal Family
It seems like plenty of former ‘royal residences’ are going on the market these past months. After Meghan Markle and her...August 20, 2019
Celebrity Chef Giada de Laurentiis Just Bought a New Home! See Inside Her $4.86 Million Bungalow
Judging from the celebrity real estate transactions that make the news, it seems that the rich and famous really do have...August 19, 2019
Nick Jonas Just Said Goodbye to His Beverly Hills Pad—Here’s How Much He Profited From Its Sale
It seems like singer Nick Jonas is really embracing his new life as a married man. Proof of this is his...August 16, 2019