Everybody knows about the classic 1990s movie 'Titanic,' starring Leonardo DiCaprio and Kate Winslet. What fewer people know is that various studios had tried to bring the story of the Titanic to the big screen before, and that most of those attempts proved to be as doomed as the vessel itself. 'Raise the Titanic' was ITC Entertainment's attempt to put a new spin on the legend of the ship, and came out only eight years before the Celine Dion-soundtracked epic.
From the start, the plot of the film sounded strange. Instead of focusing on the plight of the passengers, it revolved around an attempt to raise the stricken ship to access a precious mineral contained within the cargo - a mineral that would give supremacy to either the U.S. or Russia at the height of the Cold War. The Cold War was coming to an end, people weren't interested in this strange blend of reality and fiction, and barely $7m was made back against a budget of $40m. The studio was forced into the sale of its assets.
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.