The latest news of ace rapper 50 Cent’s bankruptcy has caused quite a stir. How can a person who has made millions of dollars throughout their career end up going broke? To be honest it defies logic. Perhaps it is due to the lack of logical and sound thinking that some of the celebrities have lost their fortunes.

Celebrities are even paid millions these days to appear at a party or other private event. Then there is extravagant money earned for their skills including acting, singing, dancing, sports and even dresses for the leading magazines. In short, the celebrities are earning more than ever. But that doesn’t mean they’ve gotten smart. You’re still as stupid as ever.

They spend money on expensive cars, grand mansions and luxury trips around the world. Such expenses are understandable. However, some of them love to throw extravagant parties for their so-called friends, love to shower them with expensive gifts. Of course there is a belief that I am famous and that I will earn more soon enough. And then the luck and the money run out.

Soon enough after I’ve tried and tried all the doors that might help them get back to their privileged lives, and when they’re firmly shut, they do the inevitable. Here is the list of celebrities who blew their fortunes and ended up broke.

• Mike Tyson

Mike Tyson at the height of his career was one of the best heavyweight boxers the world had ever seen. He was so brilliant that by the age of 20 years, 4 months and 22 days he had won the WBC, WBA and IBF heavyweight titles. He still holds the record for being the youngest heavyweight boxer to win them all. He won his first 19 professional fights in the round of 16, 12 of them in the first round. He was also the first heavyweight boxer to simultaneously own the WBA, WBC, and IBF titles and the only heavyweight to unify them back-to-back. Iron Mike was ranked number one on ESPN’s list of “Hardest Hitters in Heavyweight History”. The immense success in the ring helped him pocket more than $30 million on some of his fights. During his career, he managed to earn more than $300 million. However, Tyson, who was known for his crazy spending and controversial personal life, managed to blow it all away at the age of 37. It is rumored that he once gave away five Bentleys to his friends, who didn’t even recognize him when he went broke.

Tyson is currently working in a few films and has worked as an analyst for a few boxing matches. It was recently announced that he will star in the third installment of “Ip Man” movies.

• Toni Braxton

Toni Braxton is an American R&B singer-songwriter, pianist, record producer, actress, television personality and philanthropist who rose to fame in the 1990s. She was one of the best-selling artists of the decade, even earning the honorary title of “Queen of R&B.” Their debut album, Self, released in 1993, was a smash hit. It sold over 10 million copies worldwide and helped her win three Grammy Awards, including Best New Artist. Their second album, “Secrets”, was even more commercial success. It sold over 15 million copies worldwide and helped her win two more Grammy Awards. The single “Un-Break My Heart” became a cult hit and the second best-selling single by a female artist. Despite this commercial success, she had to file for bankruptcy in 1996. In the same year her second album was released. The problem was that she hadn’t gotten her financial rewards and she had made some big speculations. After successfully filing for bankruptcy, she was forced to relinquish the rights to many of her cherished possessions, including the Grammys and American Music Awards she had previously been granted.

Almost a decade and a half later, she once again had to file for bankruptcy. This time it was due to the cancellation of a Las Vegas show. The insurance agency refused to honor her policy, which she purchased for more than $70,000 and which included monetary compensation for financial losses incurred as a result of concert cancellations. Braxton had to file for bankruptcy again due to the loss incurred as a result of the termination and was sued by several companies.

• Wayne Newton

Wayne Newton is one of the most famous entertainers in Las Vegas, Nevada. Also known as Mr. Las Vegas, Newton has had a number of hits throughout his career. However, his accounting and financial management never matched his skills as a singer and entertainer. His partial ownership of the Aladdin Hotel on the Vegas Strip got him into various financial and legal troubles. In 1983 he even made a failed attempt to acquire the hotel outright. He even sued NBC for defamation, claiming the network reported that he colluded with the mafia to buy the Aladdin. And it was that lawsuit that forced him into bankruptcy in 1992. He filed for Chapter 11 bankruptcy to reorganize an estimated $20 million in debt, much of which had accumulated as a result of his lawsuit against NBC. However, this was not the last legal and financial issue Newton faced. In 2005, the IRS filed a lawsuit against Newton alleging that he and his wife owed more than $1.8 million in taxes and penalties.

• MC Hammer

MC Hammer gilt als einer der beliebtestenHip-Hop-Symbole. Außerdem wurde Hammer mehrfach für seine innovative Musik ausgezeichnet und war der erste Hip-Hop-Künstler, der für ein Album den Diamantstatus erlangte. Einige Experten betrachteten ihn sogar als “Urvater / Pionier” und Erfinder des Pop-Rap (mit Elementen der Freestyle-Musik). Er hat weltweit mehr als 50 Millionen Platten verkauft. Aber das hinderte ihn nicht daran, seine Finanzen durcheinander zu bringen. Er hat zwar beharrlich abgelehnt, dass er “down and out” war, musste aber im April 1996 bei einem kalifornischen Gericht Insolvenz anmelden, nachdem er eine Schuld in Höhe von 13 Mio. USD eingegangen war. Er soll einen Großteil seines Geldes für Personal und persönlichen Luxus ausgegeben haben. Außerdem gab er riesige Geldbeträge aus, um seine Freunde und Familie zu unterstützen, was meines Erachtens eine noble Eigenschaft ist, aber finanziell nicht angemessen. Gemäß Forbes he had an estimated net worth of over $33 million. But the unpaid loans, high wage bill, and lavish lifestyle proved too much for his income to sustain.

• Sindbad

Sinbad, real name, David Adkins had a fairdecent career as a comedian. He was quite famous in 1990s when he appeared on shows like ‘The Redd Foxx Show’, ‘A Different World’, ‘The Cosby Show’ and starred in movies like ‘Necessary Roughness’, ‘Houseguest’. “First Kid”, “Jingle All the Way” and “Good Burger”. Despite his commercial success, Adkins had a lot of tax-paying problems. In 2009, he was included in the top 10 of the state of California’s 250 Worst Tax Debtors after owing the state $2.5 million in income taxes. That same year, he filed for Chapter 7 bankruptcy, requiring the applicants to liquidate all of their assets.

• Kim Basinger

Kim Basinger is surely one of the most beautiful actresses of the 1980s and 90s. In her eventful career spanning more than four decades, she has acted in a total of thirty-eight feature films, five television films and nine television series. She is best known for her role as Bond girl Domino Petachi in Never Say Never Again. However, it was her role on the controversial erotic romance drama 9½ Weeks that made her an overnight sensation. She has credited a number of critically acclaimed roles, including her Oscar-winning role in LA Confidential. She has also won a Golden Globe Award and a Screen Actors Guild Award. In 1989, at the suggestion of her family, she bought about 1, 691 acres of privately owned land in the small town of Braselton, Georgia. She had planned to turn it into a tourist attraction with film studios and a film festival.

However, in 1996 she encountered financial difficulties and began to sell parts of it. Then in 1993 she was also pulled out of the movie “Boxing Helena”. The film producers sued her for $8.1 million. She then filed for bankruptcy and reached a $3.8 million settlement with the studio.

• Aaron Carter

By the time he dropped his second studio album in 2000, Aaron Carter had established himself as one of pop’s most promising talents. However, he was only 13 at the time and had already sold 1.5 million copies in the US. He began making guest appearances on Nickelodeon and even toured with his older brother Nick’s musical band, the Backstreet Boys. His next album, Oh Aaron, also went platinum. Things went downhill for Aaron after that, however, when he got lost due to the intense pressure of being a teenage star. His subsequent albums failed and in 2008 he was arrested for speeding. Authorities also found less than two ounces of marijuana in his car.

Then, in 2003, he filed for bankruptcy to pay off more than $3.5 million in debt, which consisted mostly of outstanding taxes owed on money made at the height of his popularity. As of 2014, he has settled all his tax debts.

• Larry King

Larry King is arguably one of the most famous and richest television personalities. The legendary CNN host is worth $150 million, but before he hit the TV industry’s peak, he had to hit rock bottom. In the 1960s, King worked as a radio announcer, which wasn’t a lucrative career at the time. Despite his good work, King didn’t raise enough money to keep himself alive. Things got worse for King in 1971 when he was arrested. He was charged with theft for allegedly stealing $5,000 from his business partner. Although the charges were later dropped, his life had descended into financial chaos. He had lost his job and was over $350,000 in debt. In 1978 he had to file for bankruptcy to sort out his finances.

• 50 Cent

Rapper 50 Cent, real name is Curtis Jackson, is the latest celebrity to file for bankruptcy. He applied for the 11th chapter so he can keep control of his business. He may try to devise a plan to reorganize his assets to avoid liquidation. Some believe Jackson isn’t actually broke, and he has filed for bankruptcy only to avoid paying the $5 million he was ordered by the jury to do. The verdict came in the context of a lawsuit filed by a woman with her boyfriend against rappers for purchasing a sex tape. She added his own comment and posted it online without her consent. However, $5 million shouldn’t be much for someone who has sold over 30 million albums worldwide and earned approximately $100 million from his investment in Vitamin Water. According to him, he just needs some time to get his finances in order.

• Donald Trump

Like 50 Cent, Donald Trump has used Chapter 11 to reorganize his business assets. He used bankruptcy laws to shut down a few of his loss-making casinos. And it’s nothing new, as the big corporations use such laws to their advantage. And losing a few deals is indifferent to Trump, who always has deals to replace failed ones.