Famous people seem to have it all: fame, fortune, and a glamorous lifestyle, often set against the backdrop of Hollywood. The lives of these celebrities fascinate us because they appear to have the freedom to do anything while maintaining an image of luxury. However, the reality is that even the most celebrated individuals are still human and vulnerable. Beneath the surface of bright lights and record-breaking paychecks, things can fall apart.
Like anyone else, famous people make expensive mistakes that can cost them their wealth. Their stories remind us that stars can also suffer from debt, drug abuse, and misfortune. Here are the top 10 famous people who died broke.
Marvin Gaye
Marvin Gaye is a legend in classic R&B, creating hit after hit. As a singer, Gaye recorded timeless tracks such as “Sexual Healing,” “I Heard It Through The Grapevine,” and “How Sweet It Is (To Be Loved By You),” which continue to be sampled by new artists. Despite his musical genius, Gaye struggled with money.
By the end of his life, Gaye was approximately $9.2 million in debt. He had previously fled to Europe to avoid paying the IRS $4.5 million in back taxes. His financial problems stemmed from divorce settlements, alimony, and drug abuse. Eventually, Gaye returned to his parents’ home, where he was tragically shot and killed by his father, Marvin Gay Sr.
Although he couldn’t pay his debts during his lifetime, Gaye’s lawyers turned the royalties from his songs and image rights into profit after his death. His legacy provided for his three children, but he never benefited from it himself.
Judy Garland
Best known as Dorothy from “The Wizard of Oz,” Judy Garland captivated audiences with her talent and vocals. However, behind the scenes, she was a victim of embezzlement by managers who mismanaged her money.
Despite her success, Garland faced financial difficulties and struggled with drug addiction. At the time of her death from an overdose at age 47, she had sold her Bel-Air home and had $4 million in unpaid debts. Her sudden death sparked controversy, as her estate couldn’t cover her debts.
Liza Minnelli, Garland’s daughter, with help from family friend Frank Sinatra, eventually settled her debts, preserving Garland’s legacy.
Mickey Rooney
Mickey Rooney, a prolific actor with a 90-year career and over 300 films, struggled to manage his finances. Known as “the original Hollywood train wreck,” Rooney battled alcoholism and prescription pill addiction.
His personal life was marked by mismanagement and eight divorces, heavily impacting his finances. When he died of natural causes in 2014, reports indicated his family had drained his finances. After a successful career, Rooney left behind medical bills and back taxes, with his $18,000 estate insufficient for a public funeral. His family sought public assistance to cover his burial costs.
Corey Haim
Corey Haim, a teen idol in the 1980s known for roles in films like “Silver Bullet,” “The Lost Boys,” and “Lucas,” faced financial and drug-related issues.
His troubles escalated when insurers sued him for failing to disclose his drug addiction, resulting in a $375,000 loss. Acting jobs became scarce, and he filed for bankruptcy in 1997.
Before his death from pneumonia at age 38, Haim had moved back in with his mother and had no assets. His family requested help from fans to cover funeral expenses, marking a tragic end to his career.
Nikola Tesla
Nikola Tesla, the namesake of Elon Musk’s company, was an inventor responsible for alternating current (AC), wireless technology, X-Rays, and neon lamps. Despite his contributions, he died broke due to business failures and poor money management.
One notable mishap was failing to secure a $50,000 bonus from Thomas Edison for his work. In his final years, Tesla lived in New York hotels with meager savings. He died in 1943, leaving behind unpaid bills that overshadowed his achievements.
Billie Holiday
Billie Holiday, an influential jazz vocalist known for “Strange Fruit,” had a troubled life from an early age. Raised by a single parent and a victim of sexual assault as a child, she found solace in drugs and alcohol.
Despite her addiction, Holiday achieved success as a renowned artist both locally and internationally. By the time of her death from drug complications, she had only $750 to her name. In 2000, she was posthumously inducted into the Rock and Roll Hall of Fame.
Gary Coleman
Gary Coleman, who starred on “Diff’rent Strokes,” was one of NBC’s highest-paid comedy stars, earning $100,000 per episode. However, success led to problems. In 1993, Coleman sued his parents, lawyers, and agents for mismanagement and won $1.3 million, but continued to face other financial mistakes and health issues. In 1999, he filed for bankruptcy.
In the 2000s, Coleman auctioned off personal items in an online auction titled “Save Me.” When he died in 2010, he was broke, with about $70,000 in debt.
Bela Lugosi
Bela Lugosi, famous for his role in “Dracula,” became an instant superstar. However, his success proved to be a curse. Due to being typecast, Lugosi struggled to find other roles and faced financial strain after five divorces. He developed an addiction problem influenced by the Hollywood lifestyle.
He resorted to low-budget films to survive. At the time of his death, Lugosi had minimal assets, with just $1,900 in the bank and $1,000 in real estate.
Joe Louis
Joe Louis, “The Brown Bomber,” is considered one of the greatest heavyweight boxers. Despite earning millions, he had little left due to generosity, poor investments, and splitting winnings with handlers. Out of the $4.7 million he made boxing, he retained only about $800,000, which he mostly gave away.
After retirement, Louis worked as a greeter at Caesar’s Palace in Las Vegas. His debts to the IRS reached $1 million. His rival Max Schmeling and mobster Frank Lucas assisted him. Louis died a humble man who did not benefit from his earnings.
Michael Jackson
Michael Jackson, the King of Pop, achieved immense success, selling 750 million albums and winning 13 Grammy awards. However, his life was marked by lavish spending and tax debt. At the time of his death in 2009, he owed the IRS $500,000, and his estate was briefly bankrupt.
His death spurred new sales, making him the first artist to sell over 1 million tracks in a single week. Sony paid $250 million to extend his back catalog, resolving his debts. Posthumously, Jackson’s legacy became profitable, solidifying his status as one of the greatest artists.
These stories serve as cautionary tales, reminding us that fame and fortune are not always guarantees of financial stability. Mismanagement, addiction, and misfortune can affect anyone, regardless of their status. It’s a reminder to handle finances responsibly and seek help when needed.
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