Walt 'Clyde' Frazier is considered a messiah in the city of New York as he was the driving force behind the New York Knicks franchises only two NBA titles in the organization's history. Clyde Frazier was drafted fifth overall in the 1967 NBA Draft by the New York Knicks where he spent the next decade of his career wowing fans with his scrappy style of play and tough defense while averaging 19.3 points per game with the team.
Just three years into his NBA career, Frazier was able to solidify the New York Knicks first-ever NBA title after the team defeated the Los Angeles Lakers in seven games, in which the final game performance by Frazier is considered to be one of the greatest of all-time. In 1973, Frazier and the Knicks defeated the Lakers again in five games. Later, Frazier closed out his career with the Cavaliers after three seasons in 1980. These days, Frazier has some of the most eccentric suits in NBA commentary and works as an analyst for MSG Network.
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.