'Cleopatra,' starring Elizabeth Taylor and Richard Burton, is considered to be an iconic movie. Because it's iconic, people tend to assume that it must have been a runaway success, which is a mistake. Like 'The Golden Compass,' it didn't do badly, but so much money had been spent on it by the time it was released that it had virtually no chance of making a profit. That's despite the fact that the film almost marketed itself, thanks to the fascination of the press at the time around what may or may not have been going on between Burton and Taylor.
The big tragedy here is that much of the $44m budget - $330m today - was spent on scenes that ended up on the cutting room floor. The initial edit was six hours long, and so 20th Century Fox had to get the scissors out and cut away over forty minutes of very expensive footage. When it made less than was projected, Fox temporarily closed, laying off staff and cutting back on expenses wherever possible. They eventually reopened in a diminished state, taking years to make a full recovery.
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.