It's somewhat of a toss-up between Tom Chambers and Byron Scott for the NBA king of Utah, but we think it's fair to say that Byron Scott's impact and name rings more of a bell with basketball fans than Chambers does. Hailing from Ogden, Utah, Byron Scott and his family relocated to Inglewood, California, which had to an intense culture shock. He played his collegiate ball at Arizona State for three years before declaring himself to the NBA Draft where he was selected fourth overall by the San Diego Clippers in 1983.
The Clippers went on to trade Byron to the Lakers for Norm Nixon and Scott instantaneously became a contributing member of the Showtime Era LA Lakers. Byron played a full decade with the Lakers racking up three NBA Championships (1985, 1987, 1988) before having stints as an Indiana Pacer and Vancouver Grizzlie before returning to the Lakers in 1996. In 1998, Byron hung up his sneakers for good and has made a career as an NBA head coach coaching for teams like the New Jersey Nets, New Orleans Hornets, Cleveland Cavaliers, and his former team Lakers from 2014-2016.
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.