MC Hammer

Bankrupt Celebs

In 1996, MC Hammer (Stanley Burrell) was $13.7 million in debt due to his newfound lavish lifestyle that included a $30 million mansion.(Photo by Evan Agostini/Getty Images)

More from this Slideshow

Kim Basinger Kim Basinger filed for bankruptcy in 1993. The actress lost a $8.1 million lawsuit to Main Line Pictures for backing out of the eventual bomb, "Boxing Helena." She had to sell her $20 million town investment in Braselton, Ga. (Photo by Sean Gallup/Getty Images)
Larry King Larry King racked up substantial debts in the '70s and declared bankruptcy in 1978. (Photo by Jeff Gross/Getty Images)
Gary Coleman Once one of the highest paid child-actors of all-time, Gary Coleman filed for bankruptcy in 1999, pointing the finger at expensive medical problems and financial mismanagement. (Photo by Todd Williamson/Getty Images for TV Land)
Walt Disney There's no bankruptcy in the Magic Kingdom, but Uncle Walt's first business venture, "Laugh-O-Gram," wasn't quite as successful as his future ventures and he was forced to declare bankruptcy in the early 1920s. (Photo by Edward G. Malindine/Topical Press Agency/Getty Images)
MC Hammer In 1996, MC Hammer (Stanley Burrell) was $13.7 million in debt due to his newfound lavish lifestyle that included a $30 million mansion.(Photo by Evan Agostini/Getty Images)
Mike Tyson Tyson earned a reported $300 million in his boxing career but somehow managed to wind up in 2003 with $27 million debt thanks to a lifestyle that reportedly demanded $400,000 a month to maintain.(Photo by Sean Gallup/Getty Images)
Dorothy Hamill America’s ice-skating princess Dorothy Hamill made an ill-fated purchase of Ice Capades, having to eventually sell the company in 1995 and filing for bankruptcy in 1996.(Photo by Scott Wintrow/Getty Images)
Debbie Reynolds Hollywood sweetheart Debbie Reynolds’ 1997 bankruptcy stemmed from her Las Vegas hotel, the Debbie Reynolds Hotel and Casino, which eventually flopped.(Photo by Ethan Miller/Getty Images)
Lorraine Bracco Bracco filed for bankruptcy in 1999, after legal fees and taxes from a five-year legal battle with ex-Harvey Keitel over custody of their daughter Stella. (Photo by Stephen Lovekin/Getty Images)
Wayne Newton The Vegas showman filed for bankruptcy in 1992 with $20 million in debt. He and his finances recovered, but in 2005, the IRS claimed he owed them $1.8 million in back taxes. (Photo by Frazer Harrison/Getty Images)
Toni Braxton Braxton was $3.9 million in debt from financial mismanagement when she filed for bankruptcy, and all of her household possessions, including the two Grammys she won, were priced to sell so she could pay off her creditors. (Photo by Ethan Miller/Getty Images)
Marvin Gaye The “Let’s Get It On” crooner filed for bankruptcy in 1976 after the royalties from his next album were promised to his ex-wife as an alimony substitute. The album was titled “Here, My Dear.”(Photo by John Minihan/Evening Standard/Getty Images)
LaToya Jackson LaToya may not be as talented as brother Michael, but shares his financial management skills. The lesser Jackson filed for bankruptcy in 1995 after trying her hand at a singing career. (Photo by Michael Buckner/Getty Images)
Willie Nelson The country legend owed the I.R.S. $16.7 million in 1990, forcing the government agency to seize his bank accounts and real estate. Nelson released an album titled “The IRS Tapes: Who’ll Buy My Memories?” to pay them what he owed.(Photo by Jeff Gentner/Getty Images)
Donald Trump Famed entrepreneur Donald Trump was $900 million in debt in 1990, but clawed his way back to the top after financial restructuring and hosting his hit reality show, “The Apprentice.” (Photo by Stephen Lovekin/Getty Images)
Randy Quaid Quaid and his wife, Evi, filed for bankruptcy in 2000, ironically caused by a film the couple made called "The Debtors". According to the L.A. Times, the couple had assets of $3.4 million but debts of $3.5 million. (Photo by Frazer Harrison/Getty Images)
Burt Reynolds Reynolds was $10 million in debt when he filed for bankruptcy after his 1996 divorce.(Photo by Frazer Harrison/Getty Images)
John Wayne Bobbi... Not only did Bobbitt suffer an unfortunate injury inflicted by his ex-wife, he also found himself in bankruptcy. (AP-Photo/Wilfredo Lee)
Mickey Rooney The longest-working star in Hollywood filed for bankruptcy in 1996 over a $1.75 million debt owed to the IRS. (Photo by Chris Blumenshine/Getty Images)
Cyndi Lauper She's so unusual... and, at one point, so insolvent. Lauper filed for bankruptcy in 1981 before becoming an '80s icon. (Photo by Frazer Harrison/Getty Images)
Don Johnson The "Miami Vice" star's company filed for bankruptcy in 2004 to avoid having his Colorado ranch sold at auction. Johnson owed $930,000 to a bank and, among other debts, $5,500 to an Aspen grocery store. (Photo by David Livingston/Getty Images)
Tia Carrere "Wayne's World" actress Tia Carrere filed for bankruptcy early in her career. (Photo by Alberto E. Rodriguez/Getty Images)
Francis Ford Cop... The "Godfather" director has had his share of financial apocalypses from financing his films. His Zoetrope production company filed for bankruptcy in 1990. (Photo by Stephen Lovekin/Getty Images)
Corey Haim The former child star and one half of "The Two Coreys" reality show filed for bankruptcy in 1997. (Photo by Bryan Bedder/Getty Images
Isaac Hayes It was hot buttered bankruptcy for the soul singer in 1976. He and his wife owed over $6 million. (Photo by Jim Dyson/Getty Images)
Ted Nugent The Nuge went bankrupt in the late 1970s. (Photo by Bill Pugliano/Getty Images)
George Clinton Bankruptcy is not funkadelic... but the lead singer of Parliament had to declare it in 1985. (Photo by Kevin Winter/Getty Images)
Zsa Zsa Gabor She's been married seven times, but it was a libel lawsuit, not a divorce, that landed Zsa Zsa in bankruptcy court. (Photo by John Downing/Express/Getty Images)
Tom Petty Musician Tom Petty was $500,000 in debt in 1979 when he filed for bankruptcy. (Photo by Michael Buckner/Getty Images)
Margot Kidder She played Lois Lane in "Superman," but Margot Kidder didn't have anyone to rescue her in real life. Her bankruptcy in the 1990s was due to $600,000 of debt accrued from medical bills for an injury the star received on set. (Photo by Central Press/Getty Images)
Meat Loaf Battles and lawsuits between The Loaf and various managers and publishers left The Loaf bankrupt in the early 1980s. (Photo by Harry How/Getty Images)
Lenny Bruce Legendary comedian Lenny Bruce was declared a 'bankrupt pauper' in 1965. (Photo by Dove/Getty Images)
Anna Nicole Smit... Anna Nicole had her fair share of financial insanity during her lifetime - filing for bankruptcy in 1996 after a former employee sued her for sexual harassment - and won - an $830,000 award. (Photo by Kevin Winter/Getty Images)
Heidi Fleiss The Hollywood Madam declared bankruptcy in 1998 after getting of jail. She claimed to be $269,000 in debt. (Photo by Carlo Allegri/Getty Images)
P.T. Barnum Showman and Ringling Brothers & Barnum & Bailey Circus founder P.T. Barnum went bankrupt in 1871. (Photo by Hulton Archive/Getty Images)
Celebs Owe Money... To see who in Hollywood is behind on their taxes, click here.