Celebrities Who Couldn’t Repay Their Mortgage Debts

9: Walt Disney

Source: Venngage

Walt Disney founded his first company Laugh-O-Gram Studio in 1921 with the intention of making animated fairy tales. He and his partner bought a used camera to make short advertising films. However, When Disney’s backing firm from where he borrowed loans went broke, his studio could not finance his employees and had to file for bankruptcy.

A couple of years later, he decided to mortgage his assets and borrow a financial loan from friends and family to start a new company Disney studios. With his debts forgiven and new company properly funded, Walt Disney went on to create the most iconic cartoon character — Mickey Mouse in 1928. Destiny struck again and in 1937, he was close to bankruptcy again while producing ‘Snow White and the Seven Dwarfs’ and this time he lent money from banks
who helped him finish the production and that movie went on to broke all records.