Celebrities Whose Extravagant Lifestyles Plunged Them Into Debt

The rich and famous lifestyle might seem glamorous, but there’s a dark side that no one seems to dig into. Some of the highest-paying celebrities had financial woes due to their outrageous spending, with some even driven to bankruptcy. 

Those with some business acumen can earn even more with side ventures, like Michael Jordan’s arrangement with Nike for Air Jordans. With such sky-high earnings, these figures typically have professional financial advisors to monitor their spending.

And yet, celebrities keep making headlines for their money trouble. Several patterns keep emerging with celebrities who face financial setbacks despite their million-dollar paychecks. 

Following a string of career setbacks in his 20s, by 2013, Carter owed $2 million and had to file for personal bankruptcy. The former idol also struggled with drug addiction, going to rehab twice, once in 2011 and again in 2018. 

Aaron Carter

Outrageous splurges led her to petition for bankruptcy twice. The first one, filed in 1998, was due to spending addictions that put her in a $10 million debt.

Toni Braxton

Tyson was also a big spender. He splurged on everything from fast cars, real estate, jewelry, and, famously, a Siberian tiger. He also got into a lot of trouble with the law. In 1992, Tyson was convicted of sexual assault against beauty queen Desiree Washington.

Mike Tyson

MC Hammer filed for bankruptcy in 1996, owing some $13 million of liabilities against $1 million in assets. Among other things, the rapper squandered a sizable chunk of his earnings to “employ” hundreds of friends, spending north of $1 million on payroll at one point.

MC Hammer

His legal trouble with ex-wife Amber Heard, famously culminating in a well-publicized trial in 2022, dealt him significant reputational and financial damages.

Johnny Depp

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