34 Celebrities Who Made Fortunes and Went Bankrupt

by Tia Williams 3/13/2013

Tax season always makes us feel broke. But no matter how deeply we regret the Saks splurges, that weekend in South Beach, and every $15 cocktail we’ve ever purchased — it’s comforting to know that our overspending is negligible compared to these bankrupt, riches-to-rags celebs. Is that evil?

From Hammer to Toni Braxton, these superstars made bazillions of dollars, only to lose it all in spectacular, E! True Hollywood Story-worthy ways (some even ended up homeless, or yeesh, working retail). The culprit? Usually the losses were due to thunderingly stupid investments — what happens when you hire your childhood friend, Stinky, to be your business manager — or pricey drug addictions. Cut to mansions in foreclosure, cars being repossessed, careers capsizing, and lovers leaving. Bleak, but there is a bright side! Many of these celebs managed to bounce back hotter than ever, post-financial failure.

Check out 34 celebrities who crested the dizzying heights of wealthy celebdom, only to crash, burn, and bomb. Juicier than fiction.