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Rich Gone Broke: 10 Celebrities Who Went Bankrupt

On July 13, Curtis “50 Cent” Jackson became the latest in a long line of celebrities to declare bankruptcy . The rapper filed for Chapter 11 protection in a Connecticut court, a move that will allow him to reorganize his finances while developing a plan to repay his creditors.

To the average person, it can be hard to fathom how hugely successful individuals can find themselves without a cent to their name. After all, 50 Cent’s fortune was recently estimated at more than $150 million. So what happened to all that money? It’s hard to say, but in truth, not all celebrities who declare bankruptcy are flat broke. Some are likely using a bankruptcy filing as a business strategy (much like companies that file for bankruptcy as a way to restructure their business). Other bankrupt celebs are spendthrifts, have made ill-advised investments, or have an ex who has taken them to cleaners.

Here are 10 famous faces who have declared bankruptcy.

1. 50 Cent

Back in May, Forbes named 50 Cent one of the five wealthiest hip-hop artists , pegging his net worth at $155 million. But bad investments and a recent lawsuit – he was ordered to pay $5 million to a woman who says he posted a sex tape of her online — appear to have put the rapper’s fortune in jeopardy. The man who once promised to “get rich or die tryin'” declared Chapter 11 bankruptcy on July 13, estimating his debt at between $10 and $50 million and his assets in roughly the same range.

Source: The Cheat Sheet » The Cheat Sheet

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