Hailing from Silver City, Mississippi, Spencer Haywood probably has the most unique entry story into the realm of professional basketball than anyone else on this list. After moving to Detroit in 1964, Haywood led his high school basketball team to the state championship game and won in 1967. Later, he found himself averaging an insane 28.2 points and 22.1 rebounds per game while attending a community college. He was contacted to join the Men's US National Basketball Team for the 1968 Summer Olympics where he would go on to lead the team in scoring averaging 16.1 points per game and setting a United States field goal percentage record of 71%.
Following the Olympics, Haywood transferred to the University of Detroit where he revealed that he would go pro following his sophomore year of college. The NBA denied Haywood's request to enter the NBA Draft due to the rules stating that he would enter with his graduating class. Haywood being the forward-thinking young man that he was, he joined the ABA and won Most Valuable Player before being drafted to the Seattle Sonics in 1970. Haywood would go on to become an NBA Champion with 1980 Los Angeles Lakers and 4x NBA All-Star. Way to work the system, Spencer.
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.