Half Of Hollywood Is Broke -- Here Are The Stars Who Lost Or Squandered Their Fortunes


The only thing more fleeting than fame?

The money that often comes with it.

One member of this iconic girl group learned that the hard way this week.

And she’s only one of many celebrities who turn around one day and find themselves financially way in over their head.

MC Hammer earned a lot of money and used it to fund a lavish lifestyle as well as support his friends and family. In 1996, he revealed that he was $13 million in debt and filed for bankruptcy.

In June 2006, Wesley Snipes filed for bankruptcy. In October of that same year he was indicted for tax fraud -- he failed to pay over $12 million to the government over the course of six years. He's currently serving a three-year prison sentence.

Though he won't say exactly how much money it is he lost, Kevin Bacon and wife Kyra Sedgwick faced serious money problems due to Bernie Madoff's $50 billion ponzi scheme in 2008.

Nicolas Cage's exorbitant spending led him to two castles, 15 homes, and a fleet of yachts. But in 2009, the IRS claimed he owed over $6 million in income tax from 2007 alone. He is suing his business manager for negligence, but many of his homes are now in foreclosure.

Toni Braxton has filed for bankruptcy twice -- once in 1998 and once in 2010. The 1998 bankruptcy ended quickly, but her health problems which forced her to cancel a bunch of Las Vegas shows led to the second bankruptcy in 2010.

In October, 2011 it was reported that Chris Tucker's 10,000 square foot $6 million mansion is in foreclosure because he owes SunTrust bank about $4.4 million.

In August 2011, Merrill Lynch said that Burt Reynolds owes them over 1 million dollars, and filed foreclosure papers on his home.

Yesterday TMZ reported that former TLC singer T-Boz filed for bankruptcy, for the second time (the first time was in 1995). According to documents filed last month, she owes almost $800,000 -- mostly in mortgages on her $1.2 million home. She claims she's owed $250,000 in child support.

Some people will do anything for money.

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