Magic Johnson is single-handedly for converting casual basketball supporters into full-blown fanatics throughout the '80s as one of the originators of the Lakers 'Showtime' era. Not only was Magic Johnson's basketball IQ unlike anything ever seen before, his speed and fluidity were, and still is, one of the most awe-inspiring things to ever be seen in the Great Western Forum. At 6'9, Magic took command of the court at the point guard position, something that was unheard of when he hit the professional hardwood for the first time in 1979.
But prior to being drafted by the Los Angeles Lakers first overall in the 1979 NBA Draft, the Lansing, Michigan-bred superstar led his Michigan State teammates to an NCAA National Championship in 1979. The following year as a rookie, Magic Johnson was forced to play the center position in the 1980 NBA Finals against the Philadelphia 76ers and earned his first NBA Championship. Johnson would go on to win additional four NBA Championships with Los Angeles Lakers (1982, 1985, 1987, 1988). Twelve NBA All-Star honors and five MVPs don't hurt his resume either. Not to mention the guy's a billionaire so, basically, everything he touches turns to gold. What a life, what a legacy.
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.