Hugh Hefner was an American businessman, magazine publisher and playboy. He was the founder of Playboy and editor-in-chief of the magazine, which he founded in 1953. He was also the chief creative officer of Playboy Enterprises, which is the publishing group that operates the magazine. An advocate of sexual liberation and freedom of expression, Hefner was a political activist and philanthropist in several other causes and public issues.
Hefner died at his home in Holmby Hills, Los Angeles, California, on September 27, 2017, at the age of 91. According to his death certificate, the 91-year-old passed away after going into cardiac arrest and suffering from respiratory failure. The certificate also notes that Hefner suffered from a recent bout of E. coli and Septicemia (a severe blood infection), listing them as contributing factors to his declining health and eventual passing. In his last interview before death, he stated: "It's nice to look back on very sweet moments," Hefner told People magazine. "I just think I'm very, very blessed.""
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.