Famous People Who Have Filed for Bankruptcy Part 3
Kim Basinger 1953-
The actress most notable for her role as Lynn Bracken in L.A. Confidential from which she won an Oscar for best actress in a supporting role, experienced great financial success after a string of prosperous movie roles. Due to her successful movie career, Basinger earned enough money to purchase the town of Braselton, Georgia. However, soon after she purchased the town, she dropped out of the movie Boxing Helena and was sued for breach of contract. Unable to pay the damages resulting from the lawsuit, Basinger filed for bankruptcy in 1993. As part of her bankruptcy, she sold the town.
MC Hammer (Stanley Burrell) 1962-
In 1996 the musician /entertainer known as MC Hammer, famous for his hit song “Can’t Touch This,” filed for Chapter 11 bankruptcy. Burrell claimed he did not have the income to support his lavish lifestyle and defend all the lawsuits that were filed against him.
Walt Disney – 1901-1966
The famous cartoon creator Walt Disney had many pitfalls before finding success. In 1920, Disney filed for bankruptcy after the main financial supporter of his new animated fairytales business filed bankruptcy. Disney said he was no longer able to pay his employees or the rent and was left no choice but to file bankruptcy himself. In 1923 with a loan from his parents and his brother, Disney formed a new company. In 1928, Disney created the “Mickey Mouse” character and the rest is history.
Larry King 1933-
The now famous talk show host has interviewed over 30,000 people during his career, but King’s rise to fame cost him financially. In King’s past, he was in debt $352,000, charged with grand larceny and accused of stealing $5,000 from a business partner. The charges were later dropped, but the scandal left him unable to get back on his feet. In 1978 King filed for bankruptcy.
Donald Trump 1946-
The wealthy businessman’s businesses have gone through Chapter 11 bankruptcy four times, in 1991, 1992, 2004 and most recently in 2009. Like many other companies, Trump’s businesses felt the impact of the economic ups and downs over the past couple of decades. After each bankruptcy, Trump continued to have financial success. Trump says, “I’ve used the laws of this country to pare debt. … We’ll have the company. We’ll throw it into a chapter. We’ll negotiate with the banks. We’ll make a fantastic deal. You know, it’s like on ‘The Apprentice.’ It’s not personal. It’s just business.”
Mike Tyson 1965-
Unable to pay his bills the professional fighter filed a Chapter 11 case in August of 2003.
Sammy Kershaw 1958-
In February 2007, the country music singer filed a Chapter 13 bankruptcy case. In the early 90’s, Kershaw had some successful country hits, but has not experienced any newfound success. The bankruptcy was also due to the financial difficulties he was facing with a restaurant he owned.
Stephen Andrew Baldwin 1966-
One of the famous Baldwin boys, actor Stephen Baldwin is known for his roles in movies such as The Beast and Born on the Fourth of July. Baldwin also played Barney Rubble in the Flintstone’s Viva Rock Vegas. In 2008, Baldwin was on Donald Trump’s Celebrity Apprentice television show. Baldwin is also a minister and appears weekly on a Christian radio show. On July 21, 2009, Baldwin filed for Chapter 11 bankruptcy, after he defaulted on his mortgage loan. Baldwin claims he was more than $2.3 million in debt.
Jose Canseco 1964-
Jose Canseco is famous for becoming the first baseball player in major league history to hit 42 home runs and steal 40 bases in the same year. Canseco was born in Cuba and moved to the U.S. as an infant with his family. After his career in major league baseball and a stint on Season 5 of The Surreal Life, Canseco had to let go of his $2.5 million Encino, California home in May 2008. Canseco cited the plummeting property values and a high mortgage as his reasons for letting the property go. Canseco said “It didn’t make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else.” In 2008, his house was sold at foreclosure and he filed for Chapter 7 bankruptcy.
Vince Neil (Wharton) 1961-
The singer of the rock bank Motley Crue known for their hits Dr. Feelgood and Girls, Girls, Girls filed for Chapter 7 bankruptcy in 1998. Later on, Neil was not satisfied with the performance of his bankruptcy lawyer and thought he was negligent in the handling of his bankruptcy case. The bankruptcy judge refused to reopen the case, and Neil has since started several business ventures.
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