There are a few names right at the top of the list of Hollywood movie directors who you associate with success at the highest level. Spielberg is one. Ridley Scott is another. Francis Ford Coppola is another. With movies like 'Apocalypse Now,' and 'Bram Stoker's Dracula' under his belt, Coppola's work has made millions at the box office, large swathes of which went straight into his bank account. Despite that, it was the movie business which made him broke.
Coppola truly believed in a movie called 'One from The Heart,' so much so that he decided to make it with his own money when he couldn't find a studio willing to invest in it. It turned out that the judgment of the studios was better than his. It was a box office bomb in every imaginable way. Coppola had poured $27m into making the film, and made less than $4m back. His debts spiraled to a massive $98m, and in 1992 he had to file for bankruptcy protection. A few box office sensations since then have helped him get back on his feet.
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.