The larger-than-life rock star made one of the biggest-ever selling albums with Bat Out of Hell. But he was forced to declare himself bankrupt after unscrupulous managers, Dellentash and Sonenberg, not only stole his money, but sued him for breach of contract. The album Blind Before I Stop alienated his rock fan base when the producer put a dance beat on every track. The failure of the album led to his second bankruptcy and his financial affairs only recovered with the release of Bat Out of Hell 2, which became a bestseller in 1993.
The success of MC Hammers single, Cant Touch This and album Please Hammer, Dont Hurt Em, earned the rapper an estimated $33m. This new wealth enabled him to buy helicopters, a $12m crib and keep an entourage of 300 people, whose wage bill alone was around $500,000 a month. His concerts often featured 60 on-stage performers and 100 people backstage. However, the earlier success wasnt repeated and he was forced to file for bankruptcy, owing more than $10m. This included $1m to two lawyers, $1m to his merchandiser, Winterland Prods, 750,000 in property taxes, $100,000 in income tax, a $500,000 loan from Dallas Cowboys player Deion Sanders and $110,000 to an interior decorator whose business failed after MC Hammer didnt pay him.
Michael Barrymore was a presenter of light entertainment and game shows on British television. These include the highly successful Strike It Lucky and Kids Say the Funniest Things. The success of these shows led to Barrymore headlining the 1995 Royal Variety Performance and becoming one of the highest-paid television performers.
production itself. Bart, who died in 1999, aged 68, is often credited as being the father of the modern British musical, yet he passed away virtually penniless, relying on the help of friends and royalties from Oliver!, which producer Cameron Mackintosh had arranged after the writer had sold the rights.
After John Burton Races ex-wife was declared bankrupt, following an application for 15,000 from a creditor, the chef went bankrupt himself just two months later. Despite being awarded a Michelin star, their restaurant, the New Angel in Dartmouth, Devon, closed, due to mounting debts. Burton Race was in Australia at the time, filming Im A Celebrity Fortunately for him, Clive Jacobs, a friend and lastminute.com millionaire, bought the business, where Burton Race is again working as head chef.
Joe Swash, former star of Eastenders and winner of Im A Celebrity wasnt very good at managing his money, ending up in the High Court in London, owing 20,000 in unpaid tax as well as debt consolidation loans.
Jim Davidsons services to entertainment, in particular with the armed forces overseas, earned the comedian and television presenter an OBE in 2001. Davidson claimed that he spent 10,000 every week on maintenance, taxes, agents commission and school fees, following a meeting with the Inland Revenue in 2003. Im still paying the same maintenance, commission and school fees as I did when I was earning five times as much as I do now. He was declared bankrupt in 2006, after failing to keep up payments on a 1.4m tax bill, which he had managed to reduce to 700,000.
George Best was the original superstar celebrity footballer. At the height of his fame, surrounded by fast cars and beautiful women, he was taking home 3,500, while other players were earning just 75. Bests most famous quote is: I spent a lot of money on booze, birds and fast cars. The rest I just squandered. Best was also a gambler, and was declared bankrupt in November 1982, with debts of 22,000. At the time of his death, George Best had an outstanding mortgage of 100,000 and he owed Londons Cromwell hospital 300,000 in treatment fees.Archives
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