While we do love and respect our elders and while Moses Malone and Alonzo Mourning are both from Virginia, we couldn't find it in our hearts to snub Allen Iverson as the NBA king of the Mother of States. Born in Hampton, Virginia, the 6'0 point guard redefined the game using his speed and dribbling ability to leave his defenders disoriented and embarrassed in front of millions of viewers. After all, Allen Iverson is one of the very few players to leave Michael Jordan on his heels and stumbling after utilizing his killer crossover.
After two years with Georgetown Hoyas, Allen Iverson declared himself to the NBA Draft where he was drafted first overall to the Philadelphia 76ers in 1996. He would go on to earn eleven NBA All-Star honors, three All-NBA First Team roster spots, and one NBA MVP (2001). Unfortunately, his only opportunity to win an NBA title was stripped by Kobe and Shaq's Lakers during the 2000-01 NBA season. While he might have had his shortcomings, he is the reason why seven-footers today play face-up, dribble-first basketball. Allen Iverson single-handedly changed the game forever.
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.