Jason Peters went from playing both basketball and football as a high school athlete, switching positions multiple times throughout his entire sports career to becoming one of the highest-paid offensive tackles in the history of the NFL. Peters attended the prominent football institution, the University of Arkansas originally recruited as a defensive lineman. After noticing how light on his feet he was by the coaching staff, Peters was moved to the tight end position where caught a total of 21 passes for 218 yards and four touchdowns.
Despite receiving second-team All-SEC honors for his performance in college and being projected to be drafted in the fourth round, Peters went undrafted in the 2004 NFL Draft. Fortunately, Peters signed a deal with the Buffalo Bills as an undrafted free agent within the same year. Jason Peters' first three seasons with the Bills were lackluster in terms of high-profile contracts after being reduced to the practice during that specific tenure. However, in his fifth season with the Bills, Peters signed a four-year $16 million extension with the team in 2006. In 2009, Peters was traded to the Philadelphia Eagles where he's been playing ever since and has accumulated a total of $93 million in ten seasons with the team. At age 37, Peters signed a one-year contract worth $6 million with the Eagles earlier this season.
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.