He isn’t the only one.
From Mike Tyson to Francis Ford Coppola, we rounded up riches-to-rags stories, featuring high-profile people who who found themselves in a tricky financial situation.
Marvin Gaye's estate has an estimated net worth of $US5 million.
Back in 1976, the Motown legend's divorce from his first wife, Anna Gordy Gaye, led him to file for bankruptcy. In order to cover the $US600,000 Gaye owed his wife in alimony payments, the singer gave Anna the rights to his album 'Here, My Dear.'
The singer's financial troubles -- along with drug addiction -- followed him for the rest of his life, even though he continued to record albums and perform. He even moved to Europe in 1981 to avoid dealing with the IRS. Gaye was killed in 1984 when his own father shot him after a heated argument.
When Kim Basinger filed for bankruptcy in 1993, the actress had a net worth of $US5.4 million.
Her reason for filing for bankruptcy was backing out of filming the movie 'Boxing Helena.' Main Line Pictures sued her to the tune of $US8.1 million for breach of contract. In a new trial three years later, Basinger settled for $US3.8 million.
Basinger has since appeared in multiple films, including '8 Mile' and 'Cellular,' and she signed a contract with IMG Models -- at 60 years old. As of last year, she had an estimated net worth of $US36 million.
Meat Loaf currently has an estimated net worth of $US25 million, a far cry from where he was decades earlier.
The singer filed for bankruptcy in the '80s after Jim Steinman -- who wrote many of Meat Loaf's songs -- filed a lawsuit against Meat Loaf. This came just after the not-so-successful release of Meat Loaf's album 'Dead Ringer.'
Cyndi Lauper currently has an estimated net worth of $US30 million.
The singer had a rough start, though. She spent four years singing and writing songs for the group Blue Angel. The group's 'Polydor' album (released in 1980) never took off, causing Lauper to file for bankruptcy in 1981. She sang -- dressed like a geisha -- in a Japanese restaurant and worked retail before releasing her hit album 'She's So Unusual' in 1983.
In September 2014, Lauper teamed up with singer/songwriter Sara Bareilles to record a song for the campaign Shine a Light, which raises money for pediatric cancer research.
When rapper MC Hammer released his hit album 'Please Hammer Don't Hurt 'Em' in 1990, he had an estimated net worth of $US33 million.
Not long after, in 1996, Hammer filed for bankruptcy protection with a total of $US1 million in assets and at least $US10 million in debts. Years later, Hammer told Oprah Winfrey his debt wasn't a result of frivolous spending. He said, 'I took my money and employed 200 people in my community. I had a payroll of a million dollars a month at times.'
Hammer is now married with five children, and does everything from investing in internet startups to preaching to developing iPad apps. As of 2013, he reportedly still owed the IRS $US800,000 in back taxes.
When Francis Ford Coppola filed for bankruptcy protection -- for the second time -- his assets were listed at $US52 million.
The director blamed the majority of his debt on the making of 'One From The Heart,' a movie that cost $US27 million to film but only earned $US4 million. In 1992, when he filed for bankruptcy protection, Coppola had liabilities of $US98 million.
Former MLB pitcher Curt Schilling earned just over $US114 million during his 19-year career.
After retiring, Schilling sunk almost all of his net worth -- $US50 million -- into founding a video-game company, then lost his entire fortune when the company filed for bankruptcy in 2012. He was forced to sell many of his possessions (including his famous bloody sock and his $US3 million Massachusetts home).
After an eight-month battle with cancer, Schilling went back to work in the 2014 as an analyst for ESPN, where he is now.
The talk show host admitted that he was 'flying high' back in the '60s during his time in Miami. In 1972, he was arrested for grand larceny and accused of stealing $US5,000 from a business partner. The charges were eventually dropped, but King struggled to find a journalism job for several years thereafter. In 1978, he filed for bankruptcy with a total of $US352,000 in debt. He was saved when CNN offered him a late-night talk radio show in Washington, D.C., that same year, which later became the famous 'Larry King Live' that ran for 25 years.
Mike Tyson earned a staggering $US400 million over the course of his 20-year boxing career.
His earnings didn't exactly last him, though. The former heavyweight champion filed for bankruptcy in 2003, with a total of $US23 million in debt. His debts included a $US9 million divorce settlement, $US13.4 million to the IRS, and $US4 million to the British tax authorities.