8 Celebrities Who Went From Riches To Rags

We tend to think that our favorite movie stars, musicians, and athletes always earn millions and live a grand and wealthy life, but in reality, many of them, at some point, went broke. Exorbitant expenses and a passion for luxury often lead the stars to the brink of bankruptcy.

Here are eight celebs who went from riches to rags.

1. Toni Braxton

The multiple Grammy Award winner, Toni Braxton, who has sold millions of albums, has declared bankruptcy twice! The first time was in 1998 when she signed an extremely unsuccessful contract with LaFace Records. The second one was in 2010 after doctors diagnosed Braxton with lupus and the singer had to cancel an expensive show in Las Vegas. Ultimately, her debts amounted to $50 million.

2. Mike Tyson

The super-heavyweight boxing ex-champion has earned over $400 million throughout his career. But in 2003, the athlete declared himself bankrupt and formally requested legal protection. Tyson spent most of the money he earned on expensive houses, luxury cars, and gold jewelry. He used to lead an extravagant lifestyle and, you’ve probably heard this story, even bought himself a Bengal tiger.

3. Pamela Anderson

Apparently, not even Pam Anderson’s paycheck can cover some of the house renovations she ordered. A while back, she had a serious conflict with a construction firm that billed her $3 million for the renovation of her five-bedroom mansion in Malibu. But that was way too much money for the actress. As a result, Pamela filed for bankruptcy and even lived in a trailer near her own home.