Being a celebrity comes with many perks and the most favorite of all is living a lavishing lifestyle.
But, fame and fortune doesn’t stay forever. It comes and goes away like tides which you will even not notice for a while.
One moment you might be driving Ferraris and living in a lavishing house, and the next day you could be walking in the street with nowhere to go.
That’s a lesson that many big celebrities of Hollywood got to learn when they neglected to think about long-term consequences.
Some celebrities had bad financial advice from managing money to their investments whereas, others just spend all their money in enjoying their lifestyles.
There are celebrities to file for insolvency or dell household items just to stay afloat.
Also, there are celebrities who lied about their taxes and ended up with a hefty bill from the IRS.
So, let’s look at the celebrities who no longer can afford the rich lifestyle anymore:
The Pirates of the Caribbean star, the fifth highest paid Hollywood actor in 2016 has been doing his fair share of extra spending.
Johnny Deep is in the red for $40 million and he blamed his financial troubles on his advisors for paying taxes late.
Johnny Deep and his independent accounting team lay the blame solely on his ex-business managers who he says mismanaged tens of million dollars.
He claims to spend about $30,000 a month on wine and $3 million to shoot his ashes out of a cannon.
While the suit is still pending, we surely recommend Johnny Deep to tighten his purse strings for a while and lay it easy on his ever-expanding hat collection.
Once upon a time, Lindsay Lohan was a child start best known for her roles in The Parent Trap and Freaky Friday.
However, like most former child stars, Lindsay’s idea of acting more mature in order to get edgier parts lead to several brush-ins with the law.
According to the NY Daily News, Lohan racked up $600,000 in credit card debt in the year 2010.
Later, after two years she settled a $93,000 bill with the IRS when things got worst.
Although Lohan has recently cleaned up her act somewhat, her star isn’t as bright as it once was.
Daughter of one of the most successful television producers of all time (the Late Aaron Spelling), Tori Spelling was pretty much born into luxury.
But since she already had a powerful showbiz family name, she probably figured that it would be a fun way to pass the time.
Little did she realize that managing your own income is lot harder when you don’t have daddy’s bank account to fall back on.
However, after her days on the teen-drama came to an end, Spelling struggled to find steady work because she wasn’t that good of an actress.
In spite of her lack of employment, she failed to curb her lavishing lifestyle. Spelling currently has several lawsuits pending from unpaid loans and credit cards.
Not only that, she owes the IRS back taxes of $1 million. Her chronically unemployed husband also owns back child support payments for his child with his former partner.
There was a time when people used to assume that any film Nicolas Cage was in would be a box office hit.
However, his over-the-top spending on things such as exotic animals, a Gulfstream jet, and his own private island, landed the actor in a bit of a financial pickle.
To mention, Cage spent over $150 million on a genuine dinosaur fossil, rare comic books, a Lamborghini once owned by the shah of Iran and 15 properties located around the world.
Cage’s spending ways eventually caught up with him when the IRS slapped him a tax bill of $6.3 million in back property taxes.
Things got worse in 2009 when his ex handed him a $13 million lawsuit then his real estate company sued him for failing to repay millions of dollars in loans after purchasing castles and islands.
Rapper Tyga may be breaking new ground in the world of hip-hop, but he’s also continuing a bad trend of musicians spending more than they can afford.
In 2012, Tyga found himself in the middle of a lawsuit after three woman who had appeared in a music video sued him after failing to edit out an undressed part of the models.
Later, in 2013, Tyga agreed to purchase a watch and borrowed a bracelet from a Los Angeles jeweler, but failed to pay.
As a result in he was claimed damages over $1,85,000. Between 2015 and 2016, he was sued by a number of landlords for failing to pay back rent and causing damages to properties that he rented.
By 2016, Tyga’s Bentley, Ferrari, Lamborghini, and May Bach all were repossessed.
50 Cent first found fame as a rapper but tried his hand at building a business empire. He is one of the most famous rappers of the 2000s.
Cent was pretty much the hip hop king of the decades, with several Grammy nominations and even his own clothing lines.
But %0’s penchant for dissing his enemies came back to bite him when he was hit with two huge multimillion-dollar lawsuits.
One was for releasing an authorized sex tape without the party’s consent and another for copying a headphone manufacture’s design.
He racked up debt worth $32 million in 2015, where he shamefully admitted in court that a lot of his luxury cars, private jets and jewelry were borrowed and rented.
If you were listening to a rap music in the year 2000, then chances of you being familiar with name Shad Gregory Moss aka Lil’ Bow Wow are high.
Mentored by Snoop Dogg, Bow Wow has a promising music career in front of him and several acting credits under his belt.
Despite staying mostly out of trouble during his teen years, Bow Wow’s music career and acting parts took their toll on his finances.
In 2012, he was ordered to give his daughter’s mother $3,000 each month, but he claimed to only have $1,500 to his name.
The biggest blow, however was in 2017 when an airline passenger called out the rapper posting a picture.
He send a fake tweet that he was boarding a private jet when he was actually on a commercial flight.
The Harry Potter franchise earned a hefty fortune. But while Radcliffe and Waston have gone on to star in other successful films and theater productions, Grint struggled to land steady roles.
In 2016, Grint was ordered to pay $1 million in back taxes after listening to some bad accounting advice.
Although the former Harry Potter star attempted to appeal the order, he was ultimately denied.
Chris Tuckes starred in a slew of blockbuster films of the 2000s such as The Fifth Element, Friday, and his most famous- The Rush Hour trilogy alongside Jackie Chan.
But while he may have been great with telling jokes and getting laughs, Tucker was not so great with finances.
Like most celebrities, Tucker let his management team handle his money, which we have a feeling he deeply regrets.
In 2014, due to some poor management of his finances the IRS claimed that he owned a solid $14 million worth of back taxes.
Fortunately, Tucker was able to reach a settlement deal and stay out of jail, unlike other celebrities on the list.
Long gone are the days when Brendan Fraser would appear on the poster of every upcoming Hollywood action film.
During his heyday, Fraser’s movies, especially the first two Mummy movies, ranked in millions at the box office.
Fraser wasn’t too shabby in dramatic roles, receiving praise for his appearances in Gods and Monsters and The Quiet American.
However, after his wife got a divorce in 2007, and his career began to flounder, Fraser found himself in a tense financial situation.
In 2013, Faser’s financial status was in such terrible ways that he appealed the court to reduce his annual allowance payments of $9,00,000 because he didn’t have enough money coming.
He was losing about $87,000 per month after deducting his professional and cost-of-living expenses.