10 Biggest Celebrity Bankruptcies: Bankruptcy, despite being a scary word, is often heard when talking about big corporations and enterprises. And, in fact, some bankruptcies have made history, and changed the course of economy. On our list the top 12 largest bankruptcies we presented some of the greatest bankruptcies in US history, comprising the largest corporations in the world. Some companies have filed for bankruptcy and managed to recover through a merge, like Texaco Inc.’s 2001’s merge into Chevron Corporation (NYSE:CVX). In other cases, like the CIT Group’s, only being bailed out by the U.S. government under the Troubled Asset Relief Program could get the company back on its feet.
Nevertheless, there is another kind of bankruptcy that might just not affect the course of global economy, but indeed the course of our daily entertainment. Today we have confectioned a different list: The 10 biggest celebrity bankruptcies. Who you ever wondered how could a bazillion celebrity lose everything overnight? Check out this countdown of the biggest celebrity bankruptcies.
No. 10 Biggest Celebrity Bankruptcies: Larry King
This talk-show celeb was arrested in 1971 and charged with larceny for supposedly stealing $5,000 from Louis Wolfson, a Wall Street financier and his business partner. Even though the charges were dropped, Mr. King couldn’t manage to get any regular job for years, and had to declare bankruptcy in 1978. But his talent was still intact, and his luck changed when he was offered a late-night talk radio show in Washington D.C., the first step to becoming the TV legend he now is.
No. 9 Biggest Celebrity Bankruptcies: MC Hammer
Everything was smooth for MC Hammer during the eighties, until in 1990 he realized he was simply spending more than he was actually making. With a 200-person crew which he paid $500,000 a month, we finally had to declare bankruptcy in 1996, with a $13 million debt. Today Mr. Hammer is worth just $ 1.5 million.