When you hear about Eddie Murphy's childhood, it's amazing he looks as calm and self-assured as he does in this picture. He was barely eight years old when his father passed away. Not long after that, his mother was struck down by a serious illness, and was left with no option but to place her young son in foster care. He took solace in stand-up comedy, and was mesmerized by the work of Richard Pryor. Following in Pryor's footsteps, he started out in the entertainment business as a stand-up comedian when he was fifteen years old.
It didn't take long for the talented Murphy to gain attention from television producers, and he was recruited for 'Saturday Night Live,' which gave him his first big break. He took the ball and ran with it, converting TV fame into movie fame by landing parts in 'Beverly Hills Cop,' and then more child-orientated comedies like 'Dr. Doolittle.' There's still a whole generation of people in their early 20s out there who only know him as 'The Nutty Professor,' but that's better than not being known at all!
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.