We’ve heard a lot of rags to riches stories, and it’s always inspiring and uplifting to hear how ordinary people become multimillionaires because of business acumen or plain good luck. But how about the reverse, riches to rags stories? Unfortunately, money isn’t forever. Even for extremely deep pockets, it could be empty if you don’t look into your finances well. We should learn from these unfortunate individuals not to squander away money… we should keep some for the rainy days. Here are 10 of the most famous people that went broke.
MC Hammer back in the 1990s ruled the airwaves. His song ‘U Can’t Touch This’ was ultimately a success, selling 18 million units. At his height of popularity, MC Hammer was earning $30 million a year. However instead of saving and investing his money wisely, he bought a lavish mansion with 200 servants working full-time, and 19 horses in his personal stable!
His luck changed when Rick James sued him and ended up $13 million poorer. He tried to do a number of comebacks, none of which were really successful.
David Segel gained his wealth in real estate and became a multimillionaire. However, he also had a lavish lifestyle. He and his wife announced in 2008 that they are building the largest single family home in USA, complete with 30 bathrooms and a 90,000 sq. ft. roller rink!
Amidst the extravagance, the US suffered a recession and the family lost everything. In fact, their meltdown is captured in a documentary ‘The Queen of Versailles’, where the Segel family attempted to sue the filmmakers but lost.