In what is positively the last post on people with money loss woes, we have these celebrity calamities...
While I was researching all the previous posts on big winners/losers and infamous fortune blowers, I came across a few surprising UK and US celebrities who had made a fortune, then managed to destroy it.
I generally ignored footballers and other sportsmen, but included boxers, as their tales are either very salutary, or just bloody disgraceful examples of simple men being ripped off.
UK TV comedian Jim Davidson who was earning "£1 million pa" was declared bankrupt in 2006 owing £700,000 in tax. He later admitted: “I’ve never saved anything. I haven’t got any money now. None.”
UK TV comedian Freddie Starr lost a libel action which left him with a £960,000 legal bill. He said in 2015: "I used to earn £2million a year, but all I've got to live off is a small pension", and he now lives in a small flat in Spain.
UK TV comedian Tommy Cannon made bankrupt over an £800,000 tax bill in 2017. Cannon said: “I haven’t worked since Christmas.” He added it had been “hand to mouth” for a decade.
UK Singer Anita Harris faced a bankruptcy petition in 2015, but reached a settlement with the Tax Man. It was her second brush with financial disaster, after a 1985 Swiss bank collapse cost her and her husband £1million and their London home.
US singer Dionne Warwick declared herself bankrupt in March 2013 with just £780 in assets. Her liabilities included nearly $7 million owed to the Internal Revenue Service for the years 1991 to 1999, and more than $3 million in business taxes owed to the state of California.
US Boxer Joe Louis was a heavyweight champion between 1937 and 1949. During his boxing career he earned $4.6 million, but Louis himself received only about $800,000. he was an American hero for his service during World War II, but by the end of the 1950s, he owed over $1 million in taxes and interest. They really did a number on him, to such an extent that in 1953, when Louis's mother died, the IRS appropriated the $667 she had willed to Louis towards his debts. However with the help of friends such as boxers Max Schmeling and Jack Dempsey, as well as black mobster Frank Lucas (who paid a substantial amount of the debts), and after the IRS finally settled his debts, Louis lived fairly comfortably toward the end of his life.
US Boxer Iran Barkley was a WBC Middleweight, IBF Super Middleweight and WBA Light Heavyweight champion. During his playing career he amassed around $5 million. He became homeless in November 2010 after he was evicted penniless and unemployed, from his Bronx apartment. Through the support of the non-profit BronxWorks and the Ring 10 boxing charity, he was found housing and receives assistance so he can become self-supporting
Puerto Rican Boxer Wilfred Benitez was the youngest world champion in boxing history. Benitez had earned more than $3 million during his career. His father allegedly mismanaged most of the money his son earned. Today he is confined to a wheelchair and relies on government assistance to survive.
US Boxer Thomas "The Hitman" Hearns earned $40 million, and won eight world titles in six different divisions during a long career. Unfortunately in 2010, "The Hitman" was forced to auction many of his possessions to pay tax debts of $250,000.
US Boxer Riddick Bowe was the undisputed heavyweight champion, and earned $50 million during his fighting career. But his wealth was allegedly mismanaged by his advisor's. He was reportedly later seen trying to sell his own autographed memorabilia at a flea market in New Jersey.
US Boxer Evander Holyfield was the former undisputed cruiser-weight and heavyweight champion of the world, and earned $250 million. He remains the only four-time world heavyweight champion. But today he owes thousands of dollars in child support. His suburban Atlanta estate was reportedly auctioned off in 2008, to help meet his debts.
US Boxer Mike Tyson earned more than $350 million during his fighting years. This former undisputed heavyweight champion, holds the record as the youngest boxer to win the WBC, WBA and IBF heavyweight titles. He retired from professional boxing in 2006, and had already declared himself bankrupt in 2003. He claimed his promoter Don King robbed him, so in 2003 he sued the promoter, but decided to settle out of court for $14 million. His current net worth is estimated at just $1 million.
Its amazing how much bad advice high earning individuals can buy during their careers ..... they always think the money is going to go on forever.
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| Joe Louis - Ripped Off By Everyone ..... |
While I was researching all the previous posts on big winners/losers and infamous fortune blowers, I came across a few surprising UK and US celebrities who had made a fortune, then managed to destroy it.
I generally ignored footballers and other sportsmen, but included boxers, as their tales are either very salutary, or just bloody disgraceful examples of simple men being ripped off.
UK TV comedian Jim Davidson who was earning "£1 million pa" was declared bankrupt in 2006 owing £700,000 in tax. He later admitted: “I’ve never saved anything. I haven’t got any money now. None.”
UK TV comedian Freddie Starr lost a libel action which left him with a £960,000 legal bill. He said in 2015: "I used to earn £2million a year, but all I've got to live off is a small pension", and he now lives in a small flat in Spain.
UK TV comedian Tommy Cannon made bankrupt over an £800,000 tax bill in 2017. Cannon said: “I haven’t worked since Christmas.” He added it had been “hand to mouth” for a decade.
UK Singer Anita Harris faced a bankruptcy petition in 2015, but reached a settlement with the Tax Man. It was her second brush with financial disaster, after a 1985 Swiss bank collapse cost her and her husband £1million and their London home.
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| Dionne Warwick Has Had Her Money Troubles ... |
US singer Dionne Warwick declared herself bankrupt in March 2013 with just £780 in assets. Her liabilities included nearly $7 million owed to the Internal Revenue Service for the years 1991 to 1999, and more than $3 million in business taxes owed to the state of California.
US Boxer Joe Louis was a heavyweight champion between 1937 and 1949. During his boxing career he earned $4.6 million, but Louis himself received only about $800,000. he was an American hero for his service during World War II, but by the end of the 1950s, he owed over $1 million in taxes and interest. They really did a number on him, to such an extent that in 1953, when Louis's mother died, the IRS appropriated the $667 she had willed to Louis towards his debts. However with the help of friends such as boxers Max Schmeling and Jack Dempsey, as well as black mobster Frank Lucas (who paid a substantial amount of the debts), and after the IRS finally settled his debts, Louis lived fairly comfortably toward the end of his life.
US Boxer Iran Barkley was a WBC Middleweight, IBF Super Middleweight and WBA Light Heavyweight champion. During his playing career he amassed around $5 million. He became homeless in November 2010 after he was evicted penniless and unemployed, from his Bronx apartment. Through the support of the non-profit BronxWorks and the Ring 10 boxing charity, he was found housing and receives assistance so he can become self-supporting
Puerto Rican Boxer Wilfred Benitez was the youngest world champion in boxing history. Benitez had earned more than $3 million during his career. His father allegedly mismanaged most of the money his son earned. Today he is confined to a wheelchair and relies on government assistance to survive.
US Boxer Thomas "The Hitman" Hearns earned $40 million, and won eight world titles in six different divisions during a long career. Unfortunately in 2010, "The Hitman" was forced to auction many of his possessions to pay tax debts of $250,000.
US Boxer Riddick Bowe was the undisputed heavyweight champion, and earned $50 million during his fighting career. But his wealth was allegedly mismanaged by his advisor's. He was reportedly later seen trying to sell his own autographed memorabilia at a flea market in New Jersey.
US Boxer Evander Holyfield was the former undisputed cruiser-weight and heavyweight champion of the world, and earned $250 million. He remains the only four-time world heavyweight champion. But today he owes thousands of dollars in child support. His suburban Atlanta estate was reportedly auctioned off in 2008, to help meet his debts.
US Boxer Mike Tyson earned more than $350 million during his fighting years. This former undisputed heavyweight champion, holds the record as the youngest boxer to win the WBC, WBA and IBF heavyweight titles. He retired from professional boxing in 2006, and had already declared himself bankrupt in 2003. He claimed his promoter Don King robbed him, so in 2003 he sued the promoter, but decided to settle out of court for $14 million. His current net worth is estimated at just $1 million.
Its amazing how much bad advice high earning individuals can buy during their careers ..... they always think the money is going to go on forever.
It's reported that Manny Pacquiao who has earned £350m in a 70 fight career is only still fighting bease he's broke. Even his wage as a congressman in the Philippines parliament can't support him. He's 40 and an 8 division champion but still fights, risking brain damage because he's somehow lost millions.
ReplyDeleteWell he won on points .... lets hope he retires now. I understand he isnt broke but has given vast amounts of his wealth to the poor. Thanks for the comment.
DeleteFor a boxer to suddenly earn £millions must be like a fish suddenly winning a fleet of bicycles.
ReplyDeleteIt's some special form of scum who takes advantage of a boxer. They make something of themselves despite their disadvantage, out of the frying pan and into the fire, using their bodies as punching bags and their heads as targets, to be screwed over by the people pushing them into the ring to get a brain bashing.
I wanted to be a boxer when I was younger, but I wasn't poor enough.
There's a very touching episode of Little House on the Prairie which features a Boxer, well worth a viewing.
I agree that is sad the even modern fighters still get ripped off, or squander all their money e.g Tyson.
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