5 Celebrities That Went From Riches To Rags

Celebrity gossip is one of the hottest topics discussed on the internet. Be it any social media platform - Twitter, Instagram, Facebook, Tumblr, Reddit etc. - we come across memes, trolls, posts, updates and pretty much anything that pops on our feed. We get curious about their personal lives - from how they became rich to who they married or divorced. We also witnessed "serious matters" like when a celebrity's dog "stepped on a bee" or when they "wanted to change their locks" (if you know, you know :p). 

But one of the most interesting tropes is how a filthy rich celeb loses it all! It means that bad spending habits have even ruined the celebrities out there. It could be something we can learn.

Here are the top 5 celebrities who went from riches to rags:

  1. Johnny Depp

The Pirates of the Caribbean actor, Johnny Depp, is one of the most gossiped about actors in 2022 due to a defamation trial held against his ex-wife Amber Heard. The jury recently announced the verdict where he won the case. 

But there is so much depth to Depp’s (pun intended) life story: how his overspending habits led him to financial crises. Although being named the most overpaid actor in Hollywood in 2015-16, he ran into many financial issues. A portion of his costs incorporated $3 million to shoot journalist Hunter S. Thompson's ashes from a cannon and spending $30,000 on wine every month, among numerous other luxurious pursuits. In 2018, Depp settled a $25 million claim that guarantees his ex-management group bungled his cash.

It won’t be long for Depp to overcome all his financial struggles as the recent verdict fell in his favour, compensating him $15 million worth of damages. 

  1. Michael Jackson

The King of Pop, Michael Jackson, makes it to this list because of his overspending habits and legal debts. He is one of the most iconic examples of the “riches to rags” trope. 

His debts began in 1994 with $30 million, which increased even more when he died. It was around $400-500 million worth of debt. His expenses included real estate funding, especially Neverland Ranch, and several other art projects. Besides that, some of his other costs were legal fees for his child’s molestation scandal.

Despite this condition, Michael Jackson remains alive in our hearts as the King of Pop.

  1. Courtney Love

After the death of Kurt Cobain in 1994, the front man of the Rock Band 'Nirvana', his wife Courtney Love inherited the singer’s rights and those of his band, Nirvana. Love admitted that she lost more than $27 million of Nirvana’s earnings on drugs and wild spending.

Her excessive spending, drug usage addiction depleted her late husband’s money assets.. To pay her debts, she had to sell the house. A significant portion of her fortune was also spent on litigation she had with the other Nirvana members throughout the years as a method of exposing agreements.

  1. Nicolas Cage

The National Treasure actor used to have a net worth of $150 million a long time ago. But again, his overspending habits and unpaid debts led him to financial troubles. He had many hobbies, like buying four $20 million worth of yachts, plus an island. His lavish hobbies didn’t just end here. He also bought around 40 acres of a private island in 2006. 

He spent money like water - the list of things he bought is endless. Debts and unpaid tax bills mounted when the IRS hit him. Despite all the cloudiness in his life, Cage has worked hard and made noticeable development toward starting his financial life anew. 

  1. Mike Tyson

Last but not least - The Baddest Man on the Planet, one of the greatest heavyweight boxers of all time - Mike Tyson, also makes it to this list. He mostly suffered from personal and legal battles in his life. 

During the career he amassed a great fortune and then lost it all in a series of poor spending choices and over-indulgences. He spent on costly cars ranging from Lamborghinis to Bentley and even gifted a few of them to the ones he partied with. From having a 20 bedroom mansion to having a gold bathtub, he had it all. However, he went through a divorce, which later affected his body and his iconic image as a boxer. He was soon declared guilty of rape charges and imprisoned later . Not long after making a comeback, Tyson filed for bankruptcy in 2003, with debts of more than $18 million and later declared his retirement in 2005.

However he has not made

A Lesson Well Learnt

Coming this far, you probably know by now that money leaves nobody. Your bad spending habits and mismanaged funds will lead you to money trouble. This is why budgeting is important. 

At Zerobalance, we help you stay organized and manage your spending habits. It’s a user-friendly place to create a budget, just for you. 

Zerobalance - A safe place for you to control and save your money. Download the app now!

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