14 Actors Who Went Broke
Death and taxes, they say, are the only universal constants, and there's some truth to that old adage. Yet for many who follow Hollywood discourse, it can be hard to escape the feeling that while the rich and famous aren't immortal, they never have to face the same kinds of financial problems that the rest of us do. After all, a single million-dollar deal can paper over any problems, right? Well, there's another saying, too: Mo' money, mo' problems, and there's truth to that maxim as well.
Over the years, some of Tinseltown's biggest stars have found themselves mired in even bigger financial quagmires than the average Joe will ever see. Because though they might have millions in the bank, they often find themselves tens of millions in debt. And when an actor's career hits the skids, things only get worse. So let's take a look at actors who had some of the biggest money problems — and went totally broke as a result.
Nicolas Cage spent his fortune on ridiculous riches
In the most famous case of an A-list celebrity losing it all, Nicolas Cage went completely broke thanks to the kind of overspending spree that Hollywood rarely sees. And he wasn't on the downturn of his career when it happened — he was still at the height of his fame and pumping out hits: In 2009, on the heels of hits like "National Treasure: Book of Secrets" and "Knowing," he was named one of the highest-paid actors in Hollywood. But after buying everything from a pair of European castles to several exotic pets, rare comic books, and two islands in the Bahamas, Cage probably realized he might not be spending so wisely.
On top of throwing around his cash, though, Cage also had some of his investments go belly up, including real estate deals that cost him millions. At the worst of it, Cage owed some $14 million to the IRS, and the agency placed a lien on his investments, while a home he bought in 2006 for $8.5 million went into foreclosure. Eventually, Cage was sent spiraling toward bankruptcy and was forced to take on more movie roles just to get a paycheck. But thanks to starring in as many as four movies a year, Cage got back in the black.
Kim Basinger shouldn't have bought that town
Audiences probably remember Kim Basinger best for her turn as Vickie Vale in Tim Burton's 1989 "Batman" film. During her best years, however, she was one of the biggest stars in Hollywood, starring in "9 1/2 Weeks," "L.A. Confidential," and "The Natural." Married to Alec Baldwin in the 1990s, she had financial struggles earlier in her career that snowballed after losing a multimillion-dollar lawsuit to a movie studio after she refused to star in "Boxing Helena."
Ordered to pay $8.1 million in damages, Basinger sold off some of her assets after going to bankruptcy court. But her problems had started years before when she purchased the entire town of Braselton, Georgia, in 1989 for $20 million. Yes, you read that correctly. Basinger had plans to turn Braselton into a tourist destination, but those plans never materialized and the lawsuit forced her to sell her private land in the town piecemeal to get out from underwater. Worse still, her investment was only worth a fraction of its original cost by the time the bills came due in 1994.
Ultimately, the total judgment against Basinger came down on appeal, reportedly shy of $3.8 million, helping the actor return to solvency.
Mekhi Phifer resuscitated his career after bankruptcy
Mekhi Phifer already had a solid resume when he joined the cast of the hit medical drama "ER" in 2002. He stayed with the series for eight seasons, appearing in a total of 135 episodes across its run, but being the star of one of TV's biggest shows didn't make him impervious to financial ruin. By 2014 — just six years after his final episode of "ER" — Phifer declared bankruptcy.
According to court papers, Phifer had amassed some $1.3 million in debts. That might not sound like much for a network TV A-lister, but what stunned many when the news came out was that the actor claimed he had just $67,000 in assets. As chronicled by TMZ at the time, the legal filings also detailed that Phifer was spending nearly $12,000 a month, while owing over a million dollars in taxes on top of tens of thousands in legal fees and unpaid child support.
Phifer was hit with a massive lien by the IRS, but thankfully for the actor, he was able to get his financial house back in order. In 2015, Phifer was back from bankruptcy and he's since returned to TV with major roles in "Frequency," "Love, Victor," and "Truth Be Told."
Court costs drained Johnny Depp's bank accounts
Like Nicolas Cage, superstar Johnny Depp was once ranked among the highest-paid actors in Hollywood. Thanks to his role as Jack Sparrow in the billion-dollar "Pirates of the Caribbean" movies, Depp was earning about $30 million a year by 2015 and was reported to be worth upwards of $200 million as recently as 2019. But by 2023 the actor was in deep debt, with reports that he had lost an eye-popping $650 million during the years-long court battle with his ex-wife Amber Heard.
According to the New York Post, Depp had to take out a $10 million loan to avoid losing two homes. Still, it wasn't just the court case that created the debt, because Depp had been facing financial troubles for years. He'd mismanaged his expenditures with purchases that included a French chateau, a massive yacht, and multiple private islands. And in 2016 the banks nearly foreclosed on Depp's smaller, third home before Depp was able to pay back millions owed on the residence. For now, Depp hasn't had to declare bankruptcy, and with a sixth "Pirates" movie in development, he may have a chance to loosen his financial belt soon.
Lindsay Lohan's star plummeted
Former Disney star Lindsay Lohan came up in the late '90s as a teen actor, starring in the remake of "The Parent Trap" before being cast in another iconic remake, "Freaky Friday." She hit it even bigger in 2004 with "Mean Girls," and it seemed like she was ticketed to become a true Hollywood super-starlet. But from there, her career quickly fell apart, and she instead became one of the most scandal-plagued stars in Hollywood.
Between stints in rehab to brushes with the law, it seemed like nothing could go right for Lohan, and in 2016, the wheels completely fell off. Lohan couldn't come up with the rent for her $4.2 million residence in London, leading her landlord to petition the court for her to be declared bankrupt if she couldn't cough up a $95,000 payment. They claimed in a letter that she hadn't paid rent in six months. At the same time, Lohan was also being accused of theft by her former fiance, Egor Tarabasov, who claimed she'd stolen some of his expensive designer jewelry.
Gary Coleman had a stroke of bad luck
Star of "Diff'rent Strokes," Gary Coleman led one of the biggest hits on TV when he was just 10 years old. He remained in the role for all of its eight seasons, catapulting him to superstardom before he was old enough to drive, and during the show's run, he was reported to be making $64,000 a week. Over the years, though, Coleman faced his share of struggles, and that includes his finances.
As a child actor, Coleman had to deal with the problems that many young stars face, as adults around him looked to take advantage of his sudden stardom and wealth. According to Coleman himself, he was talked into bad investments and had his assets mismanaged by his adoptive parents, agents, and lawyers. He took those parents to court with accusations of theft, while persistent medical issues cost him plenty, too. But he wasn't just playing the blame game and admitted that he was equally at fault for losing his fortune, which in 1990 was said to be around $7 million (almost $21 million today, adjusted for inflation). In 1999, Coleman officially filed for bankruptcy claiming he was $72,000 in debt — more than he had the assets to cover.
Burt Reynolds wishes he'd spent more?
A true Hollywood sex symbol of the 1970s, Burt Reynolds was said to be earning $10 million a year when he was atop the Hollywood mountain, and it wasn't all from acting. He had a diversified portfolio of assets that included a restaurant chain and real estate all across the country — from Malibu to Beverly Hills and North Carolina — as well as a variety of custom cars, multiple aircraft, and six figures worth of wigs.
By the 1990s, however, Reynolds' career wasn't what it used to be, and according to the actor himself, he wasn't the kind of man to even keep track of what he was spending. In 1996, he found himself millions in debt and unable to get out of it, resulting in a bankruptcy filing that claimed he had $6.65 million in assets but owed nearly twice that amount.
Reynolds was able to get out of the deep financial hole, and when he died in 2018, he was said to have a net worth of about $5 million. And as strange as it sounds, he said in a 2015 interview with Vanity Fair that he had no regrets — other than wishing he'd spent even more.
Sinbad's business expenses piled up
Born David Adkins, Sinbad adopted his mononymous moniker while on the stand-up circuit before he broke into Hollywood. He got his first prime-time break in the "Cosby Show" spin-off "A Different World" before getting his own show, "The Sinbad Show," in 1993. Though he didn't star in a '90s movie called "Shazaam," he did star in "The Meteor Man," "Houseguest," and "Jingle All the Way." But all the money he made at the peak of his fame was apparently gone by 2009, when the once-great Sinbad filed for bankruptcy protection (he had to refile in 2013 due to paperwork errors).
As he described in his court filing, the then-56-year-old owed the IRS more than $8 million and more than $400,000 in other debts. Sinbad insisted, in an interview with The Huffington Post, that the moolah he owed was comprised of business expenses relating to his company. "I spent money, and I kept thinking, 'I get one more movie and I'll wipe these bills out,' but that movie never came," he said. In the end, Sinbad was able to pay off his creditors, but not before selling his Los Angeles home.
Robert Downey Jr. ended up homeless
There may be no star bigger than Robert Downey Jr. these days, almost entirely thanks to his time playing Iron Man aka Tony Stark in the Marvel Cinematic Universe. With a current net worth of thought to be in the $300 million range after he was raking in between $10 million and $75 million a movie, he's also among the wealthiest stars in Hollywood, but what makes it even more mind-boggling is that not too long ago, Downey was flat on his butt and totally broke.
While many are well aware of the struggles he faced with the law and with drug addiction, many aren't aware of the depth of his financial trouble while he was going through it. Arrested multiple times in the 1990s on various drug charges, Downey did prison time before early release in 2000 allowed him to land a comeback role on "Ally McBeal." But after yet another arrest for drug possession, Downey found himself unable to land a paying gig, and he was reportedly homeless. But thanks to the help of some high-profile friends, Downey was able to continue working and make his way out of his financial hole. And thanks to a string of comeback projects like "The Singing Detective" and "Kiss Kiss Bang Bang" as well as an impressive performance in the 2007 thriller "Zodiac," Downey was gaining renewed attention. All of that momentum led to Marvel casting him as the first star in their nascent movie franchise ... and the rest is history.
If you or anyone you know needs help with addiction issues, help is available. Visit the Substance Abuse and Mental Health Services Administration website or contact SAMHSA's National Helpline at 1-800-662-HELP (4357).
Kelly Rutherford suffered through a long, expensive custody battle
Most TV fans know her as Lily van der Woodsen on "Gossip Girl," but Kelly Rutherford also had a multi-year run on "Melrose Place" back in the 1990s. In more recent years, she's starred in "Pretty Little Liars: The Perfectionists" and in 2018 took a recurring role in the reboot of "Dynasty." But it hasn't been all hit roles for Rutherford, because in 2013, she hit the skids and filed for bankruptcy, with most of her financial problems coming from a costly legal battle.
That court fight was with her ex-husband over custody of their two children, and she came out on the losing end. But if losing a custody fight over her kids wasn't bad enough, the skyrocketing legal bills led her into massive debt — she spent about $1.5 million on lawyers alone. She filed for bankruptcy, claiming she held just $24,000 in fungible assets, but creditors sought more than $2 million that she couldn't supply, including back taxes, credit card bills, and more.
It took nearly four years, but in early 2017, Rutherford's bankruptcy case finally concluded, with her ex-husband receiving just a small portion of the $1.5 million he had filed for.
Joey Lawrence blew his wealth and fame
Joey Lawrence became something of a teen heartthrob in the 1990s playing Joey Russo, brother to the eponymous character played by Mayim Bialik on "Blossom." Thanks to his newfound stardom, Lawrence was also able to pursue his first love, music, launching a singing career that has continued to this day. But along the way, he lost everything and had to rebuild his career.
Though he was a major star in the '90s, Lawrence's net worth took a dive after his show "Melissa & Joey" ended in 2015. Things became so bad for Lawrence and his wife, in fact, that they began selling their personal belongings online. They reported that they had less than $44,000 in assets while owing more than $406,000 to creditors when they filed for bankruptcy in 2017. This included everything from back taxes to credit card bills and unpaid rent and loans, not to mention extravagant purchases that were never paid off. At his worst, Lawrence had $8,000 in the bank and just $60 in cash.
Following his financial rebound, Lawrence and his wife separated, and in 2020 he filed to terminate spousal support during divorce proceedings. Their divorce was settled in 2022 after both parties reached a private settlement.
Randy Quaid went money-crazy
Brother of Dennis and uncle of Jack, Randy Quaid might be best remembered for a slew of awful sequels that include "Caddyshack II," "Major League II," and "National Lampoon's Christmas Vacation 2: Cousin Eddie's Island Adventure." But he's also had small roles in several all-time classics, including "Independence Day," "Brokeback Mountain," and the original "Vacation." These days, he's known mostly for his eccentric personality and legal woes — which also includes going broke.
His first money battle came in 2000, when Quaid filed for bankruptcy, claiming $3.5 million in debts but $3.4 million in assets. In 2007, Quaid and his wife were struck with a $1 million forfeiture after they failed to appear in court on felony vandalism charges. In 2009, Quaid and his wife, Evi Motolanez, were arrested for an unpaid hotel bill, and then a year after that they were reeled in for squatting in a home they had previously owned (but lost).
Their legal troubles continued, with the couple facing deportation to their native Canada after unsuccessfully suing the U.S. State Department. And their sanity spiraled, too, as Quaid and his wife also claimed to be hunted by a terroristic group called the "Hollywood Star Whackers."
Drake Bell squandered his success
Even the biggest stars often have trouble managing their finances and spending smartly. But when that star is young and eager, the temptation to live large and throw caution to the wind can be hard to temper. That's what happened to Drake Bell, the young Disney star who became a TV sensation when he was just a teenager, starring in the smash hit "Drake & Josh." In 2014, just six years after the show ended, Bell — who also moonlights as a musician — was forced into bankruptcy.
When Bell's financial woes were first revealed to the public, People magazine reported that he was over $1.5 million dollars in debt. His home — worth nearly that exact amount — wasn't enough to cover both what he owed and his monthly expenses, said to be in excess of $18,700 a month, while his earnings were listed as just shy of $3,000 a month. But Bell was still an in-demand actor; that same year, he starred in his third "Fairly Oddparents" live-action movie, and he was even voicing Spider-Man in cartoons for Disney. In recent years, though, Bell has rebounded, and in 2023, it was reported his net worth was in the neighborhood of $600,000, with his musical career also amounting for some of his current income.
Stephen Baldwin begged for money
He might never have been as successful as his big brother Alec, but Stephen Baldwin had plenty of hits himself, appearing in both "The Usual Suspects" and "Bio-Dome." But even a celebrity like Baldwin isn't immune to the effects of a global financial crisis, and in 2008 he was feeling the heat. And a year later Baldwin and his wife filed for bankruptcy after defaulting on their mortgage, unable to pay a reported $1.2 million on their home in Rockland County, New York — while it was only worth just $1.1 million.
But the trouble he faced due to the 2008 financial crisis wasn't the worst of his woes. In 2014, the youngest Baldwin brother was in hot water for tax evasion and pleaded guilty in court. And almost a decade later, Baldwin was reportedly back in dire straits again, begging his famous family to help bail him out. But it wasn't his older brother he went running to, but his daughter Hailey's husband — Justin Bieber. A source close to Bieber told OK Magazine that the pop star was happy to help keep Baldwin from going under.