There’s nothing quite like America’s obsession with celebrities … unless, of course, you consider our obsession with celebrity failures.
After all, the shine of a rising star is always eclipsed by the blazing fire caused by a big bank account going up in smoke.
Some high-profile bankruptcy news of late includes:
- A famous New York art gallery that has gone under, leaving the fate of a 500-year-old Botticelli painting up to the bankruptcy judge.
- College football coach John L. Smith has a 132-86 lifetime record, and just landed a gig in the SEC leading up the Arkansas program. Too bad off the field, bonehead real estate moves have driven the Razorbacks coach to the brink of bankruptcy.
- “Octomom” Nadya Suleman has been foreclosed on in her latest bout with financial insolvency.
But these recent headlines are nothing compared with some of the ugliest celebrity bankruptcy stories in history.
Elton John (Bankrupt in 2002)
Sir Elton was living high on the hog with a 37-acre estate in Windsor, among other properties in the U.K., America, and France, and a fleet of 20 luxury cars to ferry him around.
Too bad he couldn’t afford it. The BBC reported that prior to bankruptcy, his credit card bills were rumored to top $400,000 every month and he spent a staggering $55 million in the span of 20 months!
He took legal action against a money manager … but c’mon, Elton.
In the court case it was revealed he spent $450,000 on flowers alone during the 20-month binge.
Randy Quaid (Bankrupt in 2000)
Oh the irony. After making a film called The Debtors, starring himself and directed by his rather talent-deprived wife Evi, Quaid went broke.
The decade ended with Randy Quaid banned from stage acting and the Quaids arrested for allegedly defrauding an innkeeper.
Vince and Linda McMahon (Bankrupt in 1976)
The brains behind World Wrestling Entertainment clearly didn’t have a head for finance in the beginning.
The couple was in the hole $1 million as the wrestling empire started to blossom.
That included footing the bill for such crazy schemes as a failed Evel Knieval attempt to jump Snake River Canyon and a fight between Muhammad Ali and Japanese wrestler/martial arts star Antonio Inoki.
Oh yeah, and they didn’t like the IRS too much — racking up $142,763 in unpaid income taxes over five straight years.
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