5 Celebrities Who Had Mortgage Issues
For us common people life is all about earning, spending, taking loans and mortgages, earning more to pay debts. We would like to think that the rich and the famous never really have to face financial adversities like we do and that they can spend as much as they’d like, given their large bank accounts. But that’s dar from the truth. Let’s find out why…
The Two and a Half Men star was once at the peak of his career for portraying Charlie Harper. With fame, came insane amounts of money which led him to live a lavish lifestyle. But soon enough, his life spiralled downwards and the once-millionaire became a celeb with huge debts. Reportedly he had a debt of $12 million in the form of legal fee, taxes and mortgages. He pays child support for his twin sons who are quite young. His drug addiction and legal issues caused him millions of dollars. His Beverly Hill mansion was in the early stages of foreclosure and he owed more than $80,000 in back mortgage payments.
Curtis Jackson III, popularly known as 50 Cent, rose to fame with his album How to Rob. His is a story with lots of drama and twists. He had a tough childhood and he started dealing in drugs at a very young age, all the while rapping in a friend’s basement. Jackson, after tasting success through his music, turned entrepreneur when he became a minority share holder in the drinks brand Glaceau, only to become a billionaire when Coca-Cola purchased Glaceau, earning Jackson a $100 million. So it was all the more surprising when he filed for bankruptcy, citing that his habit of spending insane amounts of money and paying hefty mortgages. He reportedly pays $17,400 every month just for mortgages.
The American actor and comedian rose to prominence for playing James Carter in Rush Hour along with Jackie Chan. According to the IRS, Tucker owed them around $14 million in back taxes. His poor accounting skills and bad financial decision were the reasons cited for his huge debt. He had to dispose off two of his Florida mansions to save them from foreclosure and by doing this he was able to pay some of the debt. All is looking fine in his life again now as he is taking control of his financial situation and we wish him all the luck with that.
The award winning American television host once faced with huge amount of debt too. He started his career as a broadcaster for a small station and was paid $50 a week. As his show gained some popularity, he started living lavishly, which he obviously he couldn’t afford to. After a Wall Street scandal, he found himself jobless with a huge debt and he finally declared bankruptcy in 1978. But as luck would have it, he was offered a position to host a late night talk show on radio which eventually became a successful show on CNN, Larry King Live. He went on to interview many successful celebrities and he eventually paid off all his dues and started afresh. His story is an example of how one can overcome financial difficulties by just working hard.
Stanely Kirk Burrell aka MC Hammer is an American hip hop artist who started his career in the late 80’s and he is also a perfect example of rags-to-riches-to-rags-again. Once his net worth was estimated to be over $33 million, and then he ended up having a staggering $14 million debt. Like many celebrities, he spent lavishly to maintain his high-flying lifestyle and that caused him to shell out million of dollars. He filed for bankruptcy in 1996 and his mansion was sold for less than half of it’s worth.
Robert Kelly joins the club of celebrities with huge debts. He started his career in the 90’s and became a fan favorite with his hit numbers like Bump N’ Grind and Your Body’s Callin. However, Kelly faced many legal issues and he had several run ins with the police for battery and misdemeanor charges. He failed to pay the mortgage for his Illinois mansion, eventually leading to foreclosure and it had to be auctioned off at a mere fraction of it’s actual cost.
More inLoans & Mortgages
From Being The Hottest Shopping Destination to Ghost Town
If you wish to witness, firsthand, the grim future of store-front retailing, just walk about 9 blocks from Broadway from the...March 28, 2019
Celebrity Weddings You Didn’t Know Were Crazy Expensive
Weddings are expensive in themselves. Couples need to prepare an average of $35,000 just for their big day. That amount alone...March 27, 2019
These Huge Stars Have Extra-huge Mortgages that We Can’t even Dream about
We gaze spell-bound at amazing mega-mansions and estates on the internet and follow the real estate ventures of celebs and ultra-rich...March 26, 2019
What We All can Learn from LeBron James and His Financial Strategies
LeBron James is not just a name, he is a brand in himself. The professional basketball player who plays for Los...March 25, 2019
Here is the Lowdown on the Best Days To Shop for Clothing
Besides shelter and food, clothing is know to be a basic necessity in one’s life, it does protect our bodies from...March 22, 2019
The Most Expensive Baby Photos Bought by Magazines
It’s true that babies are great blessing to a family. They tie families together and make each and every house feel...March 21, 2019
The Best Outlet Mall Destinations in The US You Need To Visit Today
Ever since factories all over the US began selling their over-stocked goods, US outlet have thrived. And although ever since online...March 20, 2019
These Outrageous Celebrity Purchases are so Extra!
Celebrities are often known for their lavish lifestyles with luxurious villas snd expensive cars to their names. Cars and houses are...March 18, 2019
Khloe Kardashian is the Fitness Inspiration You Didn’t Know You Needed
There is no doubt that the Kardashian-Jenner social media and reality empire is a formidable one with its members consistently raking...March 15, 2019