Celebrities Who Couldn’t Repay Their Mortgage Debts

Unlike the ultra-rich 1% of our population who have accumulated more wealth than they can imagine, most of us rely on loans and mortgage to fulfill our dreams. When we finally hit the ceiling, we envy and begin to imagine that had we been rich, the situation wouldn’t have been like it is now!

But weirdly and not shockingly, it is quite baffling to know that even the celebrities who have earned enormous wealth and fame have also faced eviction, foreclosures or even gone bust. And not even the best financial advisor or bankruptcy attorneys can prevent the inevitable when the taxmen come knocking on their door.

The screenplay for these tragedies begins when these celebs start biting off more than they can chew. In other words, when celebrities start borrowing money to enjoy luxuries which they couldn’t afford otherwise or start spending like there is no tomorrow, these are signs calling for trouble. Following are the celebs who have gone broke and struggled to make ends meet in spite of having more wealth in few years than most of us would make in a lifetime.

1: Mike Tyson

Source: DailyMirror

From acting in big banner Hollywood Movies to biting his opponents in Boxing ring, Mike Tyson has seen it all. Known for his ferocious temper, Tyson was one man you would not want to go head-on in the Boxing ring. The former heavyweight champion earned $400 million over the course of his two-decade-long boxing career. However, he had an equally expensive lifestyle and loved spending money on limousines, lavish houses, jewelry, exotic animals among others. He also mortgaged loans from outside to buy massive properties in Las Vegas.

Of the many things he possessed, he forgot to hire a good financial advisor and no wonder his wealth disappeared more quickly than one can imagine. From $ 4oo million King to $23 Million in mortgages in a span of less than 2 decades. While filing for bankruptcy, he was dealing with multiple lawsuits and multi-million settlement bills. He claims to have taken control of his life back now. It took him over a decade to put the mortgage refinance program into action, and a trip to rehab to pull himself out of debt.

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