Some years ago, Michael Phelps was catching hell and being shamed by the mainstream media and the general public after footage and photos of the swimmer surfaced of him smoking marijuana out of a bong. Well, if you happen to be the most decorated Olympian of all-time with a record-breaking total of 28 Olympic total, a record-breaking 16 medals in individual events, and a record-breaking 13 gold medals in individual events we can't blame you for wanting to party and celebrate your successes. Majority of people out there haven't won anything in life yet have the ability to swim a single lap, so there's that.
Michael Phelps does have an accomplished doppelganger of his very own by the name of Charles Lamb, an English essayist, poet, and antiquarian best known for his works entitled Essays of Elia and the children's book Tales of Shakespeare co-authored by his sister, Maria Lamb. Some consider Lamb the most lovable figure in English literature. Both Michael Phelps and Charles Lamb will live on for an eternity for the hard work that they have put in.
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.