Regardless of color or creed, it seems that the more money people have, the money problems they develop. For instance, film star Gary Busey filed for Chapter 7 bankruptcy in Hollywood, California. Documents cited that he had less than $50,000 in assists, but over $1 million in debt. This is a strange situation since the 69-year-old has appeared in numerous films, as well as being a regular on television series such as Walker Texas Ranger.
MC Hammer is another well-known performer who found himself in hot water and filed for bankruptcy. It seems that the $30 million dollar mansion he purchased may have been a bad idea. Court filings showed assets in the amount of $9.6 million, but debt well over $13.7 million.
This one-punch wonder made between $300 million and $400 million in his boxing career only to end up filing for bankruptcy. Mike Tyson was supposedly in debt to the tune of $23 million with taxes exceeding $17 million to both the USA and British government. Hard to think that one could actually spend $300 million dollars.
When country music is playing, what is the first name comes to mind? Willie Nelson is a country music icon who reportedly owed over $16.7 million to the IRS. Needless to say, Uncle Sam came to collect and this country crooner was forced to sell everything including his ranch. On the flip side, he did release an album that helped clear up the debt rightly named, “IRS Tapes: Who Will Buy My Memories.
Last, but certainly not least is Larry King. Thing outrageous television journalist ended up in debt in excess of $352,000, which forced him into bankruptcy in 1978. Later that same year, King was able to land a deal as a talk radio host and then on CNN where he stayed for over 25 years. This straight-forward news anchor thankfully was able to redeem himself.
Seems the name of the game to most of these unfortunate A-listers is that they bite off more than they can chew. Having millions obviously tainted their perception of reality. and greed got in the way of common sense.