10 Celebrities Who Lost Big Financially
MIAMI (TheStreet) -- Celebrities have more money than the average American, but there's no evidence that they spent or invested it more wisely during the recent economic downturn.
The average nonceleb doesn't need much prompting to tell you how bad it's been in the past few years. Call last year a recovery period if you must, but Americans still saw personal bankruptcies rise 9% to more than 1.5 million and reach their highest point since bankruptcy law reform was introduced in 2005, according to the American Bankruptcy Institute and the National Bankruptcy Research Center.
Meanwhile, real estate data firm RealtyTrac notes that foreclosures rose to a record 1.05 million, edging the previous record of 918,000 in 2009. That means 26% of all homes sold last year were foreclosures.
It seems only fair that celebrities contribute to both categories, with some losing 280 times the $50,000 the Census Bureau says an American household makes in a year. The following are just 10 examples of celebrities who've taken a huge financial hit during the past few years:
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