Tom Petty was an American singer-songwriter, multi-instrumentalist, record producer, and actor. He was the lead singer of Tom Petty and the Heartbreakers, formed in 1976. Petty recorded a number of hit singles with the Heartbreakers and as a solo artist. In his career, he sold more than 80 million records worldwide, making him one of the best-selling music artists of all time. He was inducted into the Rock and Roll Hall of Fame in 2001.
Petty was found unconscious at his home, not breathing and in full cardiac arrest, early in the morning of October 2, 2017. He was taken to the UCLA Medical Center in Santa Monica, California, where he died at 8:40 pm PDT that evening. On January 19, 2018, the Los Angeles County Department of Medical Examiner-Coroner announced that Petty had died from an accidental overdose of prescription pain medication. Petty's family revealed that he had suffered from multiple medical problems; those medical problems included emphysema, knee difficulties, and a hip fracture that occurred on Petty's final tour. Tom's final last words at a performance before playing his hit song "American Girl" was: "We love you dearly. I want to thank you for 40 years of a really great time. We're almost out of time. We got time for this, right here."
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.