By Xavier Brenner Movie stars and entertainers tend to live glamorous lives chronicled by all manner of tabloids, glossy magazines and cable TV shows. Sometimes being in the public view has its downside, though, particularly when a famous person experiences huge financial setbacks. You don't have to be super-rich to fall prey to poor estate planning, overspending and huge debts of course. But a number of celebrity bankruptcies do offer useful lessons to ordinary investors. Here are some of the more spectacular financial tumbles.
The star of such movies as Con Air and The Rock likes to live large, especially in fancy digs. He reportedly owns an $8 million castle in England and a second castle in Bavaria, two multi-million dollar mansions in New Orleans, and a $17.5 million palace in Bel Air. He also owes the IRS millions and blew through a personal fortune of more than $100 million.
Say a little prayer for Dionne. The former pop diva had a string of hits in the 1960s and 1970s, thanks to her collaboration with the fabled songwriting team of Burt Bacharach and Hal David. In 2013, citing bad talent and money management, Warwick filed for personal bankruptcy after amassing $10.7 million in debt, most of which she owes to the IRS.
The Donald often passes judgement on aspiring entrepreneurs on his long-running reality show called The Apprentice. Less well-known is the fact that the real estate mogul, who owns gambling casinos, office towers and hotels, has filed for corporate bankruptcy four times since 1991. Trump's famous catch-phrase (“You’re fired!”) doesn't seem to apply to him for some reason.
Sometimes, love stinks as the J. Geils Band famously put it. True, but divorces can be financially catastrophic.