Home Entertainment Brice Capital Reviews Top 10 Celebrities In Debt That You Never Guessed

Brice Capital Reviews Top 10 Celebrities In Debt That You Never Guessed

Credit: Vicki L. Miller

Brice Capital can be your saving grace when you’re sinking in debt.

A Brice Capital low-interest-rate consolidation loan will help get the financial clouds out of sight, and only require one easy monthly payment to make sure everything stays under control! From actors to athletes to musicians, these celebs have struggled with money issues just like the rest of us. So, if you’re curious about which celebrities owed money, read on for our top 10 list. Brice Capital treats all its customers like celebrities!

1. Michael Jackson

While some celebrities rack up debt through lavish spending, others fall victim to schemes perpetrated by criminals. Unfortunately, Michael Jackson was one of the celebrities in debt. In the years before his death, Jackson was allegedly targeted by two different groups of criminals who took advantage of his naivete and lack of business knowledge.

“The first group was led by Canadian promoter AEG Live, which convinced Jackson to sign a contract that would have let the company manage and produce his proposed comeback tour. AEG Live later sued Jackson for $17.5 million when he backed out of the contract, and the superstar countersued for $85 million, claiming that the company had failed to properly promote the tour. A settlement was eventually reached in 2013 for an undisclosed amount.” according to Brice Capital.

He reportedly owed around $500 million when he passed away.

2. Kanye West

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Credit: Tinseltown

Celebrities in debt are a common problem. For one, their income can be sporadic and unpredictable. And since they’re often not responsible for their own business decisions (the people who are typically are their agents and managers), they can easily rack up debt without even knowing it.

In the case of Kanye West, his fashion line was doing poorly because he wasn’t personally involved in the day-to-day operations of the company. He entrusted others to make the right decisions for him, but unfortunately, those people weren’t as competent as he thought they were and the company went bankrupt. He was in debt for $53 million dollars.

3. 50 Cent

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Credit: Denis Makarenko

There are a few reasons why celebrities in debt are a real thing. Sometimes they make bad investments, or they may have too many expenses and not enough income. But sometimes it’s also because of something out of their control, like a medical emergency or a divorce.

In the case of 50 Cent, he filed for bankruptcy in 2015 after he was ordered to pay $5 million to a woman who said he had posted her sex tape online without her permission. “So even though 50 Cent was earning millions of dollars at the time, he still ended up owing millions in legal fees and damages,” stated Brice Capital.

4. Charlie Sheen

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Credit: Denis Makarenko

“There are a number of reasons why Charlie Sheen found himself in debt. As one of the highest-paid actors on television, Sheen was used to spending a lot of money. He had an expensive lifestyle that included maintaining a home in Beverly Hills, paying for child support, and buying drugs and alcohol. In addition, Sheen’s financial problems may have been exacerbated by his ex-wives’ demands for spousal support. Whatever the reasons, by 2017 Sheen owed approximately $ 20 million to the IRS and creditors making him one of the celebrities in debt.”

While it’s not uncommon for celebrities to find themselves in debt, most are able to eventually pay it off.

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5. Nicolas Cage

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Credit: Matteo Chinellato

Nicolas Cage was one of these celebrities in debt for a variety of reasons. First and foremost, he is a huge spender. He has been known to spend lavishly on things like cars, homes, and even lemurs (yes, he really did buy two lemurs for $ 276K).

Secondly, Nicolas Cage has had a number of financial mismanagement issues over the years. In 2009, it was revealed that he owed the IRS over $ 14 million in back taxes. And in 2011, it was reported that Cage owed more than $ 6 million to the US government after Defaulting on his loans.

6. Myke Tyson

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Credit: Leonard Zhukovsky

It’s no secret that celebrities in debt can actually happen. It’s easy to spend beyond your means when you have a steady stream of income coming in and you’re used to a lifestyle of luxury. For someone like Mike Tyson, who made millions as a professional boxer, it’s especially easy to fall into the trap of overspending.

Tyson declared bankruptcy in 2003, stating that he had $27 million in debts and only $1 million in assets. He resurfaced in 2007 with a reality TV show called “Mike Tyson Mysteries,” but it was clear that his financial situation hadn’t changed much. In 2016, it was reported that Tyson owed around $13 million to the IRS in back taxes.

7. Pamela Anderson

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Credit: August Fairchild

Like many celebrities, Pamela Anderson was another one of these celebrities in debt after spending lavishly on a lifestyle she couldn’t afford. The star of the reality TV show Baywatch was reported $800,000 in debt to the IRS in 2010 and was forced to sell her Malibu home for $1.8 million to make up for it.

According to Brice Capital, she owed approximately $1 million in back taxes to the Canadian government as of 2013. She was apparently also facing foreclosure on her home at one point. However, it seems that Anderson has since gotten her finances back.

8. Miles Teller

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Credit: Tinseltown

It’s no secret that celebrities often live lavish lifestyles. But what many people don’t realize is that sometimes, they can get themselves into serious financial trouble.

Miles Teller was one of those celebrities in debt. In fact, at one point, he was $600,000 in debt! Here’s a look at how he got himself into this situation and how he eventually got out of it. Teller’s financial troubles began when he decided to invest in a number of businesses.

Unfortunately, none of these ventures turned out to be successful and Teller ended up losing a lot of money. To make matters worse, he also had to pay back taxes that he owed from previous years.

9. Gary Busey

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Credit: Kathy Hutchins

Many people are unaware that Gary Busey was a celebrity in debt. It all started when he reckless spend his money on lavish gifts for himself and his friends. He also made some unwise investments, which resulted in him owing large sums of money to creditors. While Busey was able to eventually pay off his debts, it took a toll on his career and public image.

It’s no secret that Gary Busey has had some financial trouble in the past. In fact, at one point he was so deeply in debt that he had to declare bankruptcy. This all started back in the early 2000s when Busey went on a spending spree, buying lavish gifts for himself and his friends.

10. Stephen Baldwin

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Credit: Everett Collection

Stephen Baldwin was another one of those celebrities in debt because he has spent lavishly on cars, airplane tickets, and other luxury items, sometimes using credit cards to finance his purchases.

In March 2009, Baldwin filed for Chapter 11 bankruptcy protection. In his bankruptcy filing, Baldwin listed assets of $1.2 million and liabilities of $2.3 million. This included more than $968,000 owed on 12 credit cards and a $500,000 mortgage on his home in Long Island.

In 2012, Baldwin told The New York Times that he had rectified his financial problems by earning income from “the Lord.” Baldwin was ordered to pay $2.3 million in back taxes. He claimed that he had been misled by his accountants, and filed for Chapter 11 bankruptcy protection later that year. In 2013, Baldwin reached a settlement with the IRS and agreed to pay $700,000 in back taxes. Despite this payment, Baldwin still owes over $1 million in back taxes.