Celebrity Debts: The Biggest Losers

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You may think that stars that earn millions of dollars are immune to debt, but you’d be wrong. Even the most celebrated icons can fall on hard times and find themselves in the red. If you don’t believe us, take a look at this insightful infographic.

Celebrities are known for their glamorous, lavish lifestyles, but often, spending big comes at a price. Many famous faces end up in debt, despite the fact that they earn vast sums of money. Boxing legends Mike Tyson and Evander Holyfield are two prime examples of how it can all go wrong. Holyfield earned more than $300 million during his career, but is alleged to have nothing to show for his dominance in the ring. Holyfield’s arch-rival, Tyson hasn’t fared much better. In 2003, the sporting megastar filed for bankruptcy, and at his lowest point, he owed the IRS more than $13 million.

It’s not just sports stars who struggle to keep up with mounting debts and outstanding tax bills. Singer Toni Braxton has a chequered financial past. She first filed for bankruptcy in 1998 and was forced to take the same action in 2010. At the time of the second plea, she was believed to owe more than $50 million. Fellow singer, Lil Wayne has also encountered financial problems. Although the rapper’s net worth is estimated at $135 million, he owed the IRS over $12 million in 2012 and has since paid back $7 million in tax that was evaded between 2007 and 2008.

It’s easy to assume that every celebrity has a giant bank balance, but famous people have a track record of falling into debt and owing the IRS.

Infographic Design By Snappy

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