We have all suffered from debt at some point in our lives – whether it be owing our parents a couple of hundred pound, credit card debt or even a mortgage. However, you don’t often think that some of the biggest music stars in the world would have to worry about such troubles – yet they have.
Michael Jackson was, and forever will be, the King of Pop. With a string of hits under his belt, you would probably never have thought that a man of his status would suffer from debt problems. However, he racked up a whopping $500 million in debt, with many of his bodyguards often going without pay to protect the artist. In fact, his bodyguards would even use their own money to fund the Jackson household, as many of his credit cards were declined.
Toni Braxton was forced to file for bankruptcy in 1998 as she accumulated a $3.9million debt. Unfortunately, she was forced to give up her music awards, as creditors tagged and marked her personal possessions for sale.
MC Hammer lived too much of the superstar lifestyle and was forced to file for bankruptcy in 1996. His debt problems all started when he bought a mansion costing a reported $12-20 million, whilst he kept people on his payroll for $500,000 per month.
Lady Gaga admitted back in 2011 that she went bankrupt as she spent millions of pounds on her out-there outfits for her Monster’s Ball tour. She reportedly accumulated £1.82million in debt, and claimed she had no idea about the extent of her debt. She stated that money means nothing to her, and that the only big things she’s purchased are her father’s heart valve and a Rolls-Royce for her parents.
Due to many disputes with his ex-brother-in-law, who was also his accountant, Billy Joel was forced to declare bankruptcy up to three times and lost $90 million as a result.
Elton John apparently asked to borrow $40 million from his bank to pay off his debts. The bank arranged a deal with the singer-songwriter that ensured they received a cut of his future earnings as security for the loan. We have a feeling he won’t struggle to pay that bank debt off!
Lil Wayne has suffered from debt throughout his career. After clearing up a tax debt of £7 million from 2008, it came to light that he owed the IRS $5.8 million in taxes due to two years of missed filings. Sounds like he needs a new accountant!
On April 2 2012, Lionel Richie performed on The Ellen DeGeneres Show to promote his new album to world; however, that same day he received a tax bill of $1.1 million for unpaid income taxes in 2010. However, he reportedly handled the situation immediately.
Back in 1976, Marvin Gaye had to file for bankruptcy when the royalties from his next album were promised to his ex-wife as an alimony substitute. As a result, he titled the album “Here, My Dear”. Oosh!