Nathaniel 'Tiny' Archibald was originally known as playground legend in the tough streets of the Bronx, New York and considered dropping out of college before he could become drafted. Luckily, the legendary Oscar Robertson was able to mentor him and get him back on track and he eventually drafted in the second round of the 1970 NBA Draft at the nineteenth overall pick by the Cincinnati Royals, which later became the Kansas City Kings. Archibald became wildly popular with the fans for his amazing speed, ball handling, spectacular passing skills and cutting abilities. Unfortunately, Archibald was later traded to the New York Nets and did a tenure with the Buffalo Braves before arriving in Boston in 1978.
Archibald won his first and only NBA Championship with the Boston Celtics in 1981 and also received accolades such as NBA All-Star honors six times throughout his career and leading the league in both scoring and assists in 1973. The 6'1" point guard retired following a single season with the Milwaukee Bucks in 1984.
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.