Biggie Smalls once said, “Mo’ money, mo’ problems,” but for these celebrities, it seems that less money caused more problems. Most of these celebrities lost all their money because they mismanaged their funds. But some even did jail time for tax evasion. Down are some of the celebrities that went Bankrupt.
5. Paul Merson
— footballocks (@SayLikeUMeanIt) January 17, 2015
The former Arsenal player won the Premier League and the FA Cup with the Gunners. However, Merson almost ended up homeless without a penny on him.
The former Arsenal man had bad issues with alcohol and drug. Merson reportedly spent over £3 million on his addictions. Not only that, Merson had a bad divorce and had to sell his house to clear his debts.
However, Merson seems to have got clean and cleared his debts. He is now appearing as a pundit for Sky Sports.
4. Johnny Depp
Johnny Depp's acting career earned him an estimated $650 million.
— Bloomberg Opinion (@bopinion) June 29, 2018
According to Rolling Stone, almost all of Depp’s entire $650 million fortune is gone. Depp was last month sued by two of his former bodyguards. The 54-year-old actor faced legal action from security professionals Eugene Arreola and Miguel Sanchez, who sued for a range of reasons, including unpaid wages and wrongful termination.
The Hollywood actor is on the brink of insolvency for a simple reason: He kept spending more than he was taking in.
“Depp, and Depp alone is fully responsible for any financial turmoil he finds himself in today,” his former managers alleged. “He has refused to live within his means, despite repeated warnings about his financial condition.”
3. Ja Rule
— MF (@mfsemuju) October 1, 2015
Rap culture has always been obsessed with the spoils of victory. Ja Rule ruled the airwaves in the late ’90s and early ’00s. From anthems like “Holla Holla” to smooth R&B collaborations with Ashanti, Jennifer Lopez, and Christina Milian, R.U.L.E. and his songs were everywhere.
But after his reign at the top of the charts came to an end, his record label, Murder Inc., came tumbling down too; and he engaged in (and lost) a well-publicized conflict with up-and-comer 50 Cent.
In 2011, Ja Rule reportedly owed $1.1 million to the IRS. Things hit a snag when he went to jail, and he never managed to revive his career ever since.