There is always a glamorous aura around the lives of the rich and famous, but even the biggest celebrities have problems with money. Despite tons of inspirational stories of stars who came from nothing and worked their way out of poverty, the opposite also happens. For many celebrities, their career arcs are riches to rags.
From musicians to athletes to movie stars, sometimes fame and wealth lead to a ruinous spending spree. Many A-listers have ended up filing for bankruptcy. Many of them had trouble paying off loans and making child-support payments.
Here are 15 of some rich and famous celebrities who lost all their money. Some of them managed to bounce back, while others remain in financial trouble.
King of Pop, Michael Jackson was reported to be $400 million in debt at the time of his unexpected death in 2009. He was also close to foreclosure on his famed Neverland home.
Large amounts of spending required Jackson to take out loans, many which he never paid back. Jackson's money issues got critical once he was involved in many expensive lawsuits.
Before his death, Jackson had planned on paying off his debt by touring. His estate resolved the financial problems, and Michael has been the top-earning dead celebrity for five straight years.
Click the button below to see what's next or scroll down to read another exciting article!