There was nothing cooler in the 1980s than 'Miami Vice' it was the best cop show on television, and did a lot for the way that 80s fashion turned out. The original show is still fondly remembered by audiences, and had a spark and charm that was singularly lacking from the 21st-century movie remake, of which the less is said, the better. Don Johnson was one of the stars of the show, but while he may have been a police officer on television, he was accused of a serious crime in 2002.
Johnson found himself charged with money laundering - a charge he denied, and was ultimately cleared of, but not without unwelcome attention falling on his personal finances. His much-loved home in Colorado was within 24 hours of being foreclosed when he somehow came up with $14.5m to repay debts owed against it in 2008, and it's believed that he took on more debt to help him pay that bill. A more recent $19m court case victory against a former production company he worked with has eased his woes since.
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.