While Carson Palmer was a solid quarterback during his peak years in the early to mid-2000s, the amount of money teams have shelled out to him was not worth the performance he put up throughout his fifteen season NFL career. In the seventh grade, Palmer was getting attention for his size and arm strength later he would commit to the University of Southern California. Palmer would play for the Trojans from 1998-2002 and win the Heisman Trophy and lead his team to a 2003 Orange Bowl victory over Iowa. Palmer would put up career numbers including 11,818 passing yards and 72 touchdowns with a passer percentage rate of 59.1%.
After an impressive collegiate career at USC, Palmer was drafted 1st overall in the 2003 NFL Draft by the Cincinnati Bengals were he would play his best football in his professional career. Palmer led the Bengals to their first playoff appearance in fifteen years in 2005 and also led the team to the postseason an additional time in 2009. In 2005, Palmer signed a six-year, $97 million contract extension with the Bengals but ended up receiving only $84 million from the Ohio-based franchise. Carson also received $15 million for two years of service with the Oakland Raiders and $73 million for five years of service with the Arizona Cardinals. Palmer retired after the 2017 NFL season and left with his pocket lined with more than $174 million.
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.