6 Stars Who Lost All Their Money – Movie News

Lost everything? The drama of stars who, through bad business decisions, fraud or eccentric lifestyles, have suffered significant damage to their assets.

In Hollywood industry, temple of glamor and appearance, people like to look after and show off the outward signs of wealth. A gleaming showcase of capitalism at its core, a American way of life even if artificial. But when you’re broke, of course, you avoid exposing your failure too much.

Not everyone is lucky enough to have the business acumen of Jessica Alba, who came up with the idea – building on her experience as a young mother – to create a company called Honest in 2011 after teaming up with a former NGO leader who advocates for protection of children from toxic materials. His cosmetics business is now valued at over $1 billion.

Bad financial investments, expensive lifestyles (and lawyers), scams of all kinds or a financial failure for a box office failure. Unable to service debts to their debtors, some stars have gone so far as to place themselves under Chapter 11 of the US Federal Code, a procedure called a “safeguard” that allows a company or individual to avoid bankruptcy through of restructuring. Or in Chapter 7, which also consists of the declaration of bankruptcy, and allows for a faster judicial procedure (between 3 to 6 months) and, above all, allows you to keep the assets, in certain cases.

O I love cinema highlights in this list, six cases of stars who got involved and lost a lot of money.

Nicolas Cage

Purchase of a complete dinosaur skeleton, millions of dollars spent on rare comics (including the first issue of Super man), several houses including a castle in Germany and England. Lots of luxury cars and more than $14 million in debt – nearly half of that was in taxes on their homes, never paid. In 2015, Nicolas Cage was estimated to have spent, between 1996 and 2011, no less than 150 million dollars. Two years later, his fortune was estimated at “only” 25 million.

An extravagant way of life, which led to him having to work on a huge amount of films to pay off debts and bail out the coffers, as well as to pay for the medical treatment of his mother, who died in 2021.

Stephen Baldwin

Alec and Stephen Baldwin

In the large Baldwin family, actor Stephen, Alec’s younger brother, filed for bankruptcy in 2009, unable to pay his taxes and home loans. In 2013, he was arrested and pleaded guilty to the IRS for failing to pay his taxes for three years between 2008 and 2010. Result: $300,000 fine and five years probation.

In 2017, his house was seized and sold at auction. For six years, he simply didn’t pay the $7,000 in monthly taxes, and the bank estimated the actor’s debt at $1.1 million.

Gary Coleman

Gary Coleman played the title character on the series Arnold for eight seasons, where he earned up to $70,000 an episode – before experiencing a chaotic career, between financial problems, suicide attempt and domestic violence. Suffering from a congenital autoimmune disease, he died in 2010, aged 42.

Coleman filed a lawsuit in 1989 against his parents and his manager, whom he accused of embezzling what he earned. All were ordered to pay nearly $1.3 million. Still, it wasn’t enough to pay off the actor’s debts, who filed for bankruptcy in 1999. After paying astronomical legal fees and a string of bad investments, he was forced to work away from film sets in a shopping mall.

Walt Disney

Walt Disney’s mark – and influence – on the cultural world is truly gigantic, that’s undeniable. but the father of Mickey Mouse, despite a creative genius and a visionary spirit, has also put his company in financial and even personal difficulties. In order to produce Snow White and the Seven Dwarfs, for example, he mortgaged his own house.

Early in his career, Disney founded Laugh-O-Gram Films Inc, the name of his first animation studio founded in 1922 in Kansas, when he was 21 years old. The studio and its productions under the name Laugh-O-Grams mark Disney’s first attempt at breaking into the world of film and animation. An inexperienced entrepreneur, his company faced a lot of financial problems, mainly due to unpaid orders for animated films by his distributors. As a result, Disney was unable to pay its employees’ salaries and rent.

Despite several attempts to keep the company going, he was forced to file for bankruptcy in July 1923, although he had to wait until 1927 to completely get rid of the problem. It was thanks to his brother’s financial help that he was able to rebuild Disney Brothers Studios in October 1923.

Burt Reynolds

’70s star Burt Reynolds in 2015 confided in vanity fair who lost more money than he thought possible, confessing that he simply didn’t pay much attention to his spending.

Land purchases, a private jet, 150 horses and up to $100,000 worth of wigs in the 1980s, just to hide baldness, followed by a very expensive divorce, brought the actor to financial ruin. As a result, Reynolds was unable to repay a $3.7 million loan, so much so that he filed for bankruptcy in 1996 with $10 million in debt. Burt Reynolds died in 2018.

Francis Ford Coppola

Coppola went bankrupt three times. In July 1992, he appealed to Chapter 11 of the US Federal Code for himself and his two companies, Zoetrope Corp. and Zoetrope Productions. Ten years earlier, he had already done the same thing.

The director had pledged his personal assets to contribute to the financing of Apocalypse Now, but it was his film The Bottom of the Heart, a terrible financial disaster, that cost him dearly, to the point of indebting him $ 71 million. Debts that took 20 years to pay off.

However, the filmmaker managed to turn around and make a fortune again, thanks to wine. In the late 2000s, his winery generated annual revenue of $500 million. And now, under the Francis Coppola Presents brand, the empire includes wines, an artisanal tomato sauce, pasta, cigar factory, two restaurants, five luxury hotels (including two in Belize) and boutiques to sell their wares in hotels.

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