A penny for your thoughts, Bob? Here's a candid image of one of the greatest and most respected singer-songwriters of all time, in a pensive mood. The guy sitting next to him isn't too bad either, that's Tom Petty! The two legendary country and folk performers are getting ready to perform at the first ever 'Farm Aid' in Illinois, back in 1985. The festival, which is based around raising money for farmers in the USA, continues to run to this day. It was founded by some more country legends - WIllie Nelson and Neil Young - and they brought in some friends to help get things off the ground. It helps when you have friends like these!
Already world renowned in their own right, Dylan and Petty joined forces in 1988 to form the Travelling Wilburys, a supergroup that also contained George Harrison, Roy Orbison, and Jeff Lynne. And who knows - the conversation that started the whole thing off might have taken place right here, at the exact moment this picture was taken!
Not all celebrities have fame and fortune, some are just famous – and in a ton of debt. They came from rags to riches, then went back to rags. Whether they’ve filed bankruptcy, ended up in court, or just can’t stop spending, celebrities mismanage their money just like everyone else. They just hide it well.
50 Cent coined the term “wanksta,” then “partied like it was his birthday” until he filed Chapter 11 bankruptcy in 2015. The rapper was said to be anywhere between $10 million and $50 million in debt. In 2016, a federal bankruptcy court judge in Connecticut approved a plan for the founder of G-Unit to pay his debts back. He was able to get his bankruptcy discharged in February of the following year.
Following a 45-year-long career in Hollywood, acting in more than 70 films, actor Gary Busey found himself in more debt than he was worth. In 2012, it was reported that Busey owed between $500,000 and $1 million worth of debt, but only had $50,000 to his name. The 74-year-old actor owed money to hospitals, banks, the L.A. Waterworks District, and even a storage company. He filed Chapter 7 bankruptcy that same year. Despite his longstanding career in Hollywood, Busey's net worth is now only $500,000.
Burt Reynolds is still worth five million dollars, but his battles with debt date back more than 20 years. Between bad investments and a pricey divorce from actress Loni Anderson, the 1970s superstar had to deal with over $10 million in debt and decided to file Chapter 11 bankruptcy in 1996. While testifying in a 1994 custody hearing, the South Florida native said he spent $40 million getting through his divorce.
The former Hollywood bad boy, Charlie Sheen owes the IRS nearly $5 million. But that's not all. In 2016, his net worth was reportedly still as high as $150 million, but he was nonetheless $12 million in debt at the time – including mortgages, legal fees, and taxes. That same year, Debt.com reported Sheen owed nearly $300,000 on an American Express card alone.