Let's move back into the realm of more common objects - hands up how many people once convinced themselves they were the next big thing in rock and roll and bought themselves an electric guitar when they were younger? Keep your hand up if you gave up on learning to play it before you ever made it onto a stage. Yep, us too. If you still have that guitar hanging around somewhere, though (possibly because you're convinced you're still going to learn how to play it one day), you could be sitting a two-million-dollar asset.
The two best-known brands in the guitar world are Gibson and Fender; they have been for years, and they still are today. They've been in business for decades, and each year's design becomes a vintage. That's why a mint-condition Gibson Les Paul from the 1950s is worth more than $100,000. To give real value to a guitar though, it needs to have passed through the hands of a legendary musician. John Lennon's Electro-Acoustic J-160 went for $2.25m at auction in 2014.
Not all celebrities have fame and fortune, some are just famous – and in a ton of debt. They came from rags to riches, then went back to rags. Whether they’ve filed bankruptcy, ended up in court, or just can’t stop spending, celebrities mismanage their money just like everyone else. They just hide it well.
50 Cent coined the term “wanksta,” then “partied like it was his birthday” until he filed Chapter 11 bankruptcy in 2015. The rapper was said to be anywhere between $10 million and $50 million in debt. In 2016, a federal bankruptcy court judge in Connecticut approved a plan for the founder of G-Unit to pay his debts back. He was able to get his bankruptcy discharged in February of the following year.
Following a 45-year-long career in Hollywood, acting in more than 70 films, actor Gary Busey found himself in more debt than he was worth. In 2012, it was reported that Busey owed between $500,000 and $1 million worth of debt, but only had $50,000 to his name. The 74-year-old actor owed money to hospitals, banks, the L.A. Waterworks District, and even a storage company. He filed Chapter 7 bankruptcy that same year. Despite his longstanding career in Hollywood, Busey's net worth is now only $500,000.
Burt Reynolds is still worth five million dollars, but his battles with debt date back more than 20 years. Between bad investments and a pricey divorce from actress Loni Anderson, the 1970s superstar had to deal with over $10 million in debt and decided to file Chapter 11 bankruptcy in 1996. While testifying in a 1994 custody hearing, the South Florida native said he spent $40 million getting through his divorce.
The former Hollywood bad boy, Charlie Sheen owes the IRS nearly $5 million. But that's not all. In 2016, his net worth was reportedly still as high as $150 million, but he was nonetheless $12 million in debt at the time – including mortgages, legal fees, and taxes. That same year, Debt.com reported Sheen owed nearly $300,000 on an American Express card alone.