From Riches to Rags, Celebrities Who Went Broke

From Riches to Rags, Celebrities Who Went Broke

They say life is a full-circle. When you’re up, you’ll come down sooner or later. And when you’re down under, you’ll rise up in time. While not always necessarily true, the rise and fall of people amuses us.
Often, we like success stories — stories of the poor becoming well-off, stories of the marginalized becoming empowered. But we are curious, too, of stories of failures, especially in the world of show business.

50 Cent

50 CentCurtis Jackson, better known as rapper 50 Cent, was once worth an estimated $155 million, according to Forbes, and now he’s just filed for Chapter 11 bankruptcy protection.

“In court papers filed in the US Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million,”The Wall Street Journal reports.

The filing comes just three days after the “Get Rich or Die Tryin'” rapper was ordered to pay $5 million to his rival Rick Ross’ ex-girlfriend, Lastonia Leviston, who sued him for posting a sex tape online to millions of viewers in an attempt to embarrass Ross.

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Marvin Gaye

Marvin GayeBack in 1976, the Motown legend’s divorce from his first wife, Anna Gordy Gaye, led him to file for bankruptcy. In order to cover the $600,000 Gaye owed his wife in alimony payments, the singer gave Anna the rights to his album “Here, My Dear.”

The singer moved to Europe in 1981 to avoid dealing with the US Internal Revenue Service, according to Rolling Stone. The singer’s financial troubles — along with drug addiction — followed him for the rest of his life, even though he continued to record albums and perform. Gaye was killed in 1984 when his father shot him after a heated argument.

Marvin Gaye’s estate has an estimated net worth of $5 million.

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