CAPE TOWN - Hollywood stars have risen and fallen on some occasions, losing their fortune and miraculously bouncing back.
We take a look at some of Hollywood's big stars who have fallen off the prosperous wagon, into financial woes and back to financial glory, according to GoBankingRates.
1. DOROTHY HAMILL
Dorothy Hamill entered the Hollywood scene at "America's Sweetheart" after winning the gold medal in the women's individual skating event at the 1976 Winter Olympics in Innsbruck, Austria.
Hamill and her ex-husband, Kenneth Forsythe entered a multi-million dollar deal to purchase the bankrupt traveling entertainment show, Ice Capades in 1993. Despite Hamill's efforts of revamping the show, it failed and they reportedly sold the company two years later.
A year after selling the show, Hamill's filed for bankruptcy with assets of R17.7m and R21.8m in debt. In her petition, she shockingly blamed her husband for her financial woes.
She has since risen above the occasion by writing a book, titled: “A Skating Life: My Story” and starring in the television movie “The Christmas Angel: A Story on Ice. Her net worth now is reportedly R68.4m.
2. LARRY KING
American television and radio host, Larry King did not always have a positive bank balance.
In 1978, he owed R4.8m to creditors and R191 000 in gambling debts. It is reported that his wife, Sharon, convinced him to declare bankruptcy. He was later banned from obtaining personal credit until 1985.
1985 however turned out to be a prosperous year for King who debuted his show, “Larry King Live” on CNN. “Larry King Live” earned him a whopping R2.7m per year starting salary.
Picture: Larry King. (Facebook).
3. TONI BRAXTON
Toni Braxton bounced back from bankruptcy twice.
The songwriter and singer first declared bankruptcy in 1998 and then later in 2010. During her second bankruptcy, Braxton landed the reality show "Braxton Family Values".
She then went on to purchase a R39.6m home in Calabasas in 2014. Her current net worth is R136.8m.
Picture: Toni Braxton. (Facebook).
David Adkins, better known as comedian Sinbad has a total of 43 acting credits. The comedian and actor filed for bankruptcy recently and claimed he owed debts of R150.4m.
His R218 842 per month in earnings was not enough to cover his debt. Later, in 2013, he redeemed his financial state by settling his debt.
Picture: Sinbad. (Facebook).
5. 50 CENT
Rapper and actor, Curtis Jackson, better known as 50 Cent filed for bankruptcy in July 2015, despite earning millions from the start of his career.
The bankruptcy filing followed lawsuits 50 Cent was hit with which was at R68.3m and R235.1m respectively. Bankruptcy documents revealed G-Unit Records and G-Unit Brands cost him more than R136.6m.
In 2016, 50 Cent reclaimed financial stability by settling his debt. A November 2016 income statement obtained by TMZ revealed he earned R456 000 from music royalties, which likely helped get his current net worth to R273.4m.
Picture: 50 Cent. (Facebook).
6. KIM BASINGER
American actress, Kim Basinger filed Chapter 11 bankruptcy in 1993 after being ordered to pay a R121.6m breach of contract judgment to Main Line Pictures.
Two years later, Basinger reached an agreement to pay her creditors just under R51.9m. Her net worth is now R546.4m.
7. NICOLAS CAGE
American actor, director and producer Nicholas Cage was once worth R2.5bn.
His reckless spending habits however led to him losing the bulk of his fortune. In 2009, Cage sued his former business manager Samuel Levin for R273m, claiming he led him toward financial ruin.
However, a counter-filing by Levin revealed that in 2007 alone, Cage purchased three homes for a total of more than R451m, 22 vehicles — including nine Rolls Royces - 12 pieces of expensive jewelry and 47 works of art and exotic items. Nearly one year later, the lawsuit was settled confidentially. In 2009, Cage claimed financial stability by ranking No. 5 on Forbes’ list of top-earning actors for 2009, with a total of R546m in earnings.
His net worth is now a healthy R341.5m.
Picture: Nicholas Cage. (Twitter).
8. DON JOHNSON
Don Johnson's company, Timber Doodle Glade Equity Venture LLC filed Chapter 11 bankruptcy in 2004.
Within the same year, Johnson managed to pay all creditors listed on his bankruptcy petition. This included a R100 320 bill to Aspen Valley Hospital and a R78 398 tab at Clark’s Market.
He also managed to salvage his house at the last minute with a R198.5m payment in 2006. In 2010, the “Nash Bridges” star was awarded more than R696.7m, when a jury determined he was owed R317.1m in profits from the USA Network series and a judge awarded him more than R382.4 in interest. Johnson’s net worth is now R546.3m.
Picture: Don Johnson. (Twitter).
The Barbados singer reportedly had R150.3m in the bank in 2009 and was left with R27.3m by the end of the year.
As part of a 2012 lawsuit filed against her former accountant, she claimed she was advised she could afford a house purchased between R95.7m and R10.2m, which she ended up selling at a R27.3m loss.
In 2014, she won roughly R136.7m in an out-of-court settlement against Peter Gounis of Berdon LLP, according to The Washington Post. Today, Rhianna has a net worth of R3.1bn.
10. BURT REYNOLDS
American actor and producer, Burt Reynolds filed for Chapter 11 bankruptcy in 1996.
Reports revealed that Reynolds was more than R136.7m in debt. In a 1994 custody hearing for his son Quinton, Reynolds said he lost the R546.9m he’d earned during his prime in the 1980s.
He blamed this on a number of factors, including his divorce from Loni Anderson -TMZ reported he agreed to pay her R3.2m, but did not pay the full amount until 2015. Reynolds also claimed that a former accountant stole R205.1m from him. Reynold’s net worth is now R68.3m.
Picture: Burt Reynolds. (IOL).
- BUSINESS REPORT ONLINE