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.
The first Briton to represent his country in Olympic ski jumping, Michael Edwards is better known as Eddie The Eagle. He once held the world stunt jumping record, clearing ten cars and six buses, was British ski jumping champion and amateur speed skatings world number nine.
Eastenders barman Alfie Moon wont be the one buying the drinks if you bump into him in your local. Shane Ritchie, who played Moon in the television serial, was forced to sell his dream 2m mansion to avoid bankruptcy after getting into arrears on his 8,000 per month mortgage. Ritchie had to re-mortgage the house, which he bought for 400,000 in 1996, five times, as his debts spiralled to 500,000 after his career faltered.
Former barrister Clarissa Dickson Wright was the youngest woman ever to be called to the bar, but is much better known as one of televisions Two Fat Ladies along with fellow food enthusiast, Jennifer Paterson. She claimed that plans to film new series were dismissed every year by BBC politicos, while one of her three bankruptcies was said to be due to the champagne bill for her mothers funeral.
Former world boxing champion, Chris Eubank, was declared bankrupt in November 2005, owing 1.3m in tax, blaming his situation on the poor advice he was given during his boxing career. Two years before, a bankruptcy petition against him failed, and an unpaid credit card bill of 120,000 to American Express was just one of a number of financial problems he experienced, after earning more than 10 million in his career, which funded his extravagant and eccentric lifestyle. In 1992, Eubank said: The taxman doesnt allow you to stop; hes a gangster.
It has been estimated that Mike Tyson, former boxing Heavyweight Champion of the World, has, in the past 20 years, made around $400 million. But every penny of this fortune has been spent. The jewellers in Las Vegas realised that Christmas had come early when Tyson walked in on December 22nd, and left with a $175,000 gold chain featuring 80 carats of diamonds.
At one time, actor Burt Reynolds was just as famous for his distinctive moustache as he was for bankruptcy. He became a household name in both America and Europe after box office hits such as Cannonball Run (1981). His 1996 divorce from Loni Anderson cost Reynolds dearly, forcing him to sell properties on both coasts of America to service debts of $10m and filing for bankruptcy. Creditors and politicians were furious when bankruptcy loopholes were tightened too late to stop Reynolds retaining his $2.5m Florida mansion. Reynolds case was even cited by senators as one reason for changing the law. Dissatisfied creditors, who argued that bankruptcy was an easy option for people who would not pay their debts, were influential in a further change in bankruptcy law in 2005.
With ten Top Ten singles, surpassing even the achievements of the Beatles, Bros were the archetypal modern-day boy band. Their fan club at one time had 30,000 members, making it the biggest of its kind in the country. Despite selling 17 million albums, their lifestyle was too extravagant for their earnings, as they spent 700,000 in just 18 months. Twins Matt and Luke Goss were sued by drummer Craig Logan for unpaid royalties after the group folded. The brothers nearly went bankrupt after being ordered to pay Logan 1m. The difference between net and gross was not easy to understand for the adored teenagers.Archives
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