Money has ebbed and flowed for Mike Tyson for his entire career. He was the biggest star in boxing since Mohammed Ali during the late 1980s and early 1990s, when he seemed indestructible. A career in sport is a short one, though, and when it's all over, you need to have a solid plan to make sure your bank account doesn't suffer the consequences. George Foreman managed to set himself up for life with his eponymous grill. Tyson didn't have any such commercial luck.
We should point out that Tyson is still a millionaire, but the estimated $3m he has to his name is a drop on the ocean when you consider that he was once worth more than $400m. A huge divorce bill did him more damage than anyone inflicted on him in the ring, but he didn't help himself by spending money on lavish purchases like a pair of white tigers, and a gold-plated bathroom. The IRS also took a bite out of him, and frequent legal troubles left him owing millions more to lawyers.
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.