It’s hard to believe that famous people can end up being poor. Still, it happens. From lavish spending to expensive divorces, you might be surprised how fast a celebrity can burn through millions of dollars. It seems to always catch us off guard when we hear about the latest famous person falling from grace and going broke. Curious to see who these famous people are? These are 25 rich and famous people that ended up poor.
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Harry and Molly Dotey
Old patriarch Calvin B. Dotey amassed an amazing fortune from iron and was well known during his time in the 19th century. Unfortunately, his children Harry and Molly squandered all of their inheritance, buying up famous paintings, expensive clothes, and tons of toys. Their lavish lifestyle came to a screeching halt when the money dried up and they both died penniless. Harry died in an insane asylum and Molly died in an old woman’s home.
Francis Ford Coppola
Famous director Francis Ford Coppola who directed both The Godfather and Apocalypse Now ended up bankrupt not once but three times in a nine-year period. In his third bankruptcy, he owed a long time partner $71 million. Many of his financial woes come from financing his films out of pocket with very little return.
Cyndi Lauper, the pop star who sang “Girls Just Want to Have Fun,” ran into money trouble early in her career. Her band’s first album tanked and her manager sued them for $80,000. Not having that kind of cash, she filed for bankruptcy while she worked at the GAP. However, once her pop career took off, her stars changed.
Famous and multi-platinum musician Meat Loaf made great success with his music at first but a beef with one of his writers and some compounding problems lead to a horrible drug habit. When his second album didn’t do very well, things spiraled out of control. He ended up filing for bankruptcy in 1983.
Famed for his tennis matches against John McEnroe, Bjorn Borg won his first Wimbledon at 20 years old. Retiring at 26, Borg lived in luxury, spending tons of money on his friends. He lived in Monte Carlo to escape the $40,000 in back taxes he owed in Sweden. After three marriages and two divorces, Borg went bankrupt in 1997.
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