Lisa Marie Presley, Tori Spelling & More Celebs Who Have Faced Financial Trouble

Lisa Marie Presley, Tori Spelling & More Celebs Who Have Faced Financial Trouble

Excerpts:

LISA MARIE PRESLEY

A few days after it was revealed that Presley is $16.7 million in debt in February 2018, Presley and her financial manager of 11 years, Barry Siegel, became embroiled in a legal battle, with Elvis Presley’s daughter claiming Siegel’s “reckless and negligent mismanagement” led to the loss of her fortune. Meanwhile, Siegel claims she “squandered” her own fortune due to her “excessive spending” habits.

Earlier in the month, court documents relating to Presley’s ongoing divorce from Michael Lockwood revealed she owes debts in a number of areas, including income taxes, a defaulted mortgage and credit card bills. Presley states she currently receives a monthly salary of $4,361 from her father’s estate, as well as $100,000 in dividends and interest from investments.

NICOLAS CAGE

2009 was not a good year for Cage, who said he had reached financial collapse, revealing his former accountant, Samuel J. Levin, was to blame.

According to the actor’s filing, Levin “lined his [own] pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin.” Levin denied the claims, saying he was paid a standard fee for a business manager.

The accountant, who had been hired by Cage in 2001, offered up his own account which painted the actor as a debt-ridden spender. Levin claimed he did everything short of cutting up the actor’s credit cards to stop the financial bleeding, including warning Cage’s agents and representatives and pleading with him not to buy more real estate.
“[Cage] knows that his losses are entirely and solely the result of his own compulsive, self-destructive spending, which he engaged in against Levin’s advice,” read Levin’s complaint. They reached a settlement the following year.

And if facing a financial crisis wasn’t enough, Cage was also sued for $13 million by his ex for fraud and breach of contract, and sued by a real estate company who said he failed to repay more than $5 million in loans — all in the same year.

50 CENT

In August 2015, the rapper-turned-actor (né Curtis Jackson) filed for bankruptcy in the middle of an ongoing lawsuit brought against him by Lastonia Lewiston, whose sex tape he allegedly posted online. He revealed in bankruptcy court that his monthly expenses total $108,000 – including bills for security, gardening, grooming and his wardrobe, the Associated Press reported at the time.

Almost a year later, Jackson posted a series of photos on Instagram that featured wads of cash. The act troubled a judge who said his online presence made her “concerned about allegations of nondisclosure and a lack of transparency.” The money used in several photos – including one where Jackson spelled out “Broke” – were purported to be prop money used for music video and photo shoots.

Jackson filed a debt-repayment plan, which aimed to pay $23 million over the next five years to those owed – including Lewiston and Jackson’s mortgage lender. He was discharged from bankruptcy in 2017 after paying off $22 million of debt thanks to a $13.65 million legal malpractice suit going in his favor.

STEPHEN BALDWIN

In 2009, the youngest Baldwin brother filed for Chapter 11 bankruptcy, claiming he was in millions of dollars in debt, Reuters reported. According to court documents, Baldwin owed more than $2.3 million in mortgages and taxes, and also had credit card debt.

This wasn’t the end of the financial drama for Baldwin, who was arrested in 2012 for tax evasion in New York for not filing his state income taxes in 2008, 2009 and 2010.

Baldwin pleaded guilty and was given a year to pay off $400,000. He did just thatand avoided probation.

GARY BUSEY

In 2012, Busey — who was once nominated for an Oscar for his performance in The Buddy Holly Story, filed for Chapter 7 bankruptcy protection after revealing that he had less than $50,000 in real assets.

The actor’s rep told TMZ: “Gary’s [bankruptcy] filing is the final chapter in a process that began a few years ago of jettisoning the litter of past unfortunate choices, associations, circumstances and events.”


See Also:

Celebrity, Fame, and Fortune Don’t Always Guarantee Happiness and Fulfillment

Actress Tori Spelling Reportedly Has Nervous Breakdown

People Struggle With Depression; It Doesn’t Matter How Famous They Are – an article by Z. Schonfeld

Hollywood Star Rachel McAdams Reveals She Has Social Anxiety

Lady Gaga Breaks Down Revealing She’s Alone Despite Fame, as Her Former Christian Teacher Warned

Sad Truth of Pop Singer’s George Michael’s Lonely Last Years

Entertainers Cher and Goldie Hawn Admit to Struggles with Insecurity or Anxiety

How People Learn to Become Resilient by Maria Konnikova

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