It is hard to believe that somebody who used to have billions actually declared bankruptcy... But there, here are some examples:
MC Hammer - Hammer earned $33 million when his career peaked in the 1990s. He ended up more than $13 million in debt after building a $12 million mansion and spending $500,000 per month to support a 200 person traveling entourage.
Donald Trump - Technically Donald has not filed personal bankruptcy but four companies that bared his name
Michael Jackson - Forced to file for bankruptcy in 2007 after not having enough money for his staff at Neverland Ranch which cost more than $10 million per year to maintain.
Anna Nicole Smith - While fighting for her share of a $400 million fortune, Anna wracked up nearly $900,000 worth of legal fees before declaring bankruptcy in 1996.
Elton John - At the time Elton filed in 2002 his monthly expenses were more than $2 million, including $400,000 on his American Express alone.
Etc... You can click on the website's link to find more similar stories. The written pretty much proves that they are people just like us - tempted to treat themselves nicely, sometimes too nicely... ;)
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