The lives of Hollywood celebrities seem glamorous, as they buy massive houses, expensive cars, and wear designer clothes. However, even the most famous celebrities have issues with money.
There are many inspiring rags-to-riches stories in Hollywood. They are celebrities who came from nothing and eventually got their big break. But the opposite also happens. Here are celebrities who were once rich and are now having financial troubles.
Nicolas Cage
Actor Nicolas Cage attends Paper Street Films' Screening Of "The Runner" at TCL Chinese 6 Theatres on August 5, 2015 in Hollywood, California
One of the biggest names in Hollywood, Nicolas Cage, bought many homes, cars, and artifacts. In 2015, reports started to emerge about how the actor blew his $150 million fortune due to excessive spending from 1996 to 2011.
The IRS placed tax liens on multiple properties that he owned and then had the actor hand over more than $6 million for failing to pay his 2007 tax bill, according to ABC News.
Cage's financial situation led him to sell many of his belongings. As of May 2017, Cage is worth $25 million. He is still taking in many roles in movies; the most recent one was 2018's "Spider-Man: Into the Spider-Verse," where he played as Spider-Noir.
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Stephen Baldwin
Actor Stephen Baldwin attends The Cinema Society With Chrysler & Bally Host The Premiere Of "Stand Up Guys" After Party at The Plaza Hotel on December 9, 2012 in New York City.
Alec Baldwin's younger brother Stephen Baldwin filed for bankruptcy in 2009 while owning money on taxes and mortgages, according to Hollywood Reporter.
In 2017, Stephen Baldwin's house was foreclosed by the bank after six years of no mortgage payments. He was also arrested and served five years in probation for failing to pay taxes for three straight years.
50 Cent
"50 Cent" Jackson attends a ceremony honoring him with a star on the Hollywood Walk of Fame on January 30, 2020 in Hollywood, California
50 Cent broke out as a rapper in the late '90s, and he became famous worldwide in the early 2000s. He makes most of his money from a diverse business empire.
In 2015, 50 Cent was reportedly $32.5 million in debt while he was caught up in lawsuits and unpaid child support payments. In 2016, he declared bankruptcy.
In 2018, the rapper allegedly became a millionaire again because, according to reports, he had 700 bitcoins that he paid on his 2014 album. 50 Cent later filed court documents that state that the reports were not true and that he had never owned any bitcoins.
Toni Braxton
Toni Braxton poses in the press room during the 2019 American Music Awards at Microsoft Theater on November 24, 2019 in Los Angeles, California.
The singer talked about her financial troubles in an interview with ABC's "20/20" back in 2012. The "Unbreak My Heart" singer said that in 1998, she had to file for bankruptcy due to her recording contract paying her poorly.
Braxton revealed that she received less than $2,000 in royalties. In 2008, she had to cancel a Las Vegas revue due to ongoing health issues, which forced her to again file for bankruptcy.
The singer has since starred on her own reality TV show, WE TV's "Braxton Family Values" and on other made-for-TV movies. She went on a tour in 2019 in support of her latest album "Sex & Cigarettes."
Aaron Carter
Aaron Carter attends 102.7 KIIS FM's 2017 Wango Tango at StubHub Center on May 13, 2017 in Carson, California.
The teen pop star talked to US Weekly in 2016 about the financial trouble he was facing. He talked about not having any savings despite being on the business since he was a child.
The singer revealed that when he turned 18, he was hit with all the taxes. He filed a Chapter 7 bankruptcy in 2015 and was in $100,000 in debt. Now the 31-year-old singer went on tour and, in 2018, released an album called "Love."
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