From 50 Cent to Donald Trump: Celebrities and money troubles
Celebrities and money troubles can go hand-in-hand. Rapper 50 Cent filed for Chapter 11 bankruptcy protection Monday. The filing comes just days after a jury ordered him to pay $5 million to a woman in an invasion-of-privacy lawsuit involving a sex tape.
Here are some other celebrities who have filed for bankruptcy:
Wayne Newton
In 1983, he was listed as the world's highest-paid entertainer by the Guinness Book of World Records, but the man known as Mr. Las Vegas is no stranger to money troubles. Newton filed for Chapter 11 protection in 1992 to reorganize $20 million in debts. A large portion of that debt was built up in the 1980s when Newton sued NBC for reports linking him to organized crime. Newton's money troubles haven't disappeared. In 2013, he moved from the 36-acre property he called home for more than 45 years after a legal battle over its future. The estate once housed eight separate homes, a jumbo jet terminal and a functioning zoo with Arabian horses, penguins, sloths and more than 100 birds. Later that year his 60-ton, four-deck yacht sank in Lake Mead.
Kim Basinger
Actress Kim Basinger famously filed for Chapter 11 bankruptcy in 1993 as a deadline loomed to pay $7.4 million in damages and more than $700,000 in legal fees from a lawsuit with Main Line Pictures. Earlier that year, Los Angeles Superior Court ordered her to pay the multimillion-dollar sum for backing out of the independent film, "Boxing Helena."
Burt Reynolds
Burt Reynolds was once a box office king but after an ugly divorce and some bad investment decisions, Reynolds found himself in a tight spot financially. He went bankrupt in 1996 after divorcing actress Loni Anderson. Around the same time, he lost money on a restaurant business that had failed. The case closed in 2007. Last December, he sold some of his Hollywood memorabilia at an auction at the Palms Casino in Las Vegas, including his 1998 Golden Globe of Best Supporting Actor in "Boogie Nights."
Mickey Rooney
In 1962, actor Mickey Rooney claimed his $12 million in assets had been siphoned down to just $500 largely because of the cost of alimony and a gambling habit. The Hollywood legend was married eight times. He filed again 34 years later when he owed the IRS $1.75 million. Rooney died last year at age 93.
Sinbad
The comedian and 1990s sitcom star Sinbad has filed for personal bankruptcy twice -- in 2009 and again in 2013 -- after falling deep into debt. Sinbad, whose real name is David Adkins, owed $11 million in his more recent filing, $8 million of which was owed to the IRS for years of unpaid income taxes.
Dionne Warwick
In 2013, Dionne Warwick was reportedly down to her last $1,000 when she filed for personal bankruptcy. The five-time Grammy winner owed at the time more than $7 million to the IRS, $3 million to the state of California and $500,000 to a lawyer and a business manager.
But it's not all personal...
Donald Trump
While real estate mogul and Republican presidential candidate Donald Trump has never declared personal bankruptcy, Trump-related companies have filed for corporate bankruptcy several times. Those bankruptcies include Trump's Taj Mahal in Atlantic City in 1991, Trump Plaza Hotel in Atlantic City in 1992, Trump Hotels and Casinos Resorts in 2004 and Trump Entertainment Resorts in 2009.
On Monday, Trump International Golf Club Puerto Rico filed for bankruptcy. The resort reportedly began licensing the Trump name in 2008. In a phone interview with Bloomberg, Trump's son, Eric, who is an executive with the Trump Organization said, “This has absolutely nothing to do with Trump. This is a separate owner. We purely manage the golf course.”
