We love our celebrities . . . they can sing, they can act, they can perform in a variety of ways to our delight. But managing money? Evidently God gave them no special skillset in that regard. Some, like the legendary Bob Hope (and even moreso, Oprah) parlay their money into great fortunes that make performing an optional activity for them, but others? Not so much. Some celebrity financial crash-and-burn scenarios are so egregious that one really has to question if we should enable their spending habit so enthusiastically. Here are a few examples of celebrity spending gone awry:
- Nicolas Cage - lost in lost wages: How do you blow $150 million? Well, you can start by buying an authentic dinosaur skull, a shrunken head collection, a Lamborghini formerly owned by the shah of Iran, and a deserted island, as well as numerous other properties - - which he evidently did. His spending largesse is the reason we have to watch him in an endless string of mediocre moneymakers today.
- Burt Reynolds - Cannonball Run meets Bombshell Barbie: Reportedly worth $60 million in his heyday, Burt fell victim to a common money black hole - - restaurant investments. What he was able to salvage was decimated through his continued lavish spending, as well as (some say) wife Loni Anderson's spending sprees.
- Tori Spelling - more well-known for debt production than Hollywood production: Tori Spelling's extavagant spending habits were honed while the daughter of famous producer Aaron Spelling thanks to his $600 million fortune. It must have been a shock when she was left just $800,000 in his will. After that, she had to rely on her own acting/production skills to fuel her shopping needs. Yikes!
- Mike Tyson - down for the count, but not out: For those of us who have followed Mike Tyson over the years, we know he is just as ferocious with his spending habits as he is in the ring. From pidgeons to Siberian tigers, exotic cars and a $2 million golden bathtub, Mike knew the magic formula for reducing a $300 million fortune to nearly $50 million of debt. The good news is the Mike Tyson we know today is a much more humble and reflective individual than that brash 20 year old who seized the world heavyweight title in a blaze of pugilistic glory.
- Johnny Depp - pirate of the Caribbean enters the Bermuda triangle: Johnny Depp, that marvelous chameleon of an actor, has shown himself to be just as versatile at spending huge sums of money. His fortune of $400 million or more has taken a broadside from purchases that include things like an $18 million yacht and a 45 acre French Chateau, as well as ongoing expenses such as monthly expenditures of $30k for fine wines and $200k for private jet travel. His ongoing divorce drama has not helped, but fear not - - he reportedly still has perhaps half his fortune.
- Michael Jackson - the Neverland budget was never really there: Michael Jackson set the bar very high for lavish spending, which included a penchant for unusual collectibles such as the gloves from the movie Edward Scissorhands, the Academy award statue from Gone with the Wind, and the skeleton of John Merrick (the Elephant Man). What seemed to be an endless fountain of cash, however, was largely a mirage - - Jackson actually was deeply in debt at the time of his death. Oddly enough, he won the distinction of being one of the highest paid DEAD actors - - reportedly making $400 million in 2018.
All in all, perhaps the best advice for these folks is #1: Pay the IRS, because they have no sense of humor, #2: If you take on a business manager, you better keep track of what they are doing with your money, and #3: You can spend like there is no tomorrow, but tomorrow always comes . . . unless, of course, you are dead.
