Hehehe....Rapper
Beanie Sigel is serving two years in federal prison. Why? For none
other than failing to pay his tax bill.
Sigel owed a lofty total, more than $728,000 to be exact. Earning more
than $3 million between 1999 and 2005, he only paid $10,000 in taxes. It
could have been worse however as the rapper faced up to three years in
prison. Sigel became well known after becoming a part of Jay-Z's famed
Roc-A-Fella crew and put out four solo albums. This isn't his first time
in prison. He served a year and a day in 2004 for weapons charges.
Former
footballer Vince Young has a rather embarrassing tale of how he lost it
all. It's estimated the former quarterback earned $26 million in six
seasons of pro football. It's rumored he spent around $5,000 per week
alone at the Cheesecake Factory during his rookie year. He also spent
$6,000 at T.G.I. Fridays (at one sitting). Couple that appetite with the
approximately $600 worth of shots he'd do after games, we can start to
piece together his financial demise. He also took out a loan to throw
himself a birthday party estimated at $300,000. Young blew even more by
one time buying every ticket on a Southwest Airlines flight so he could
"be alone." We hope it was worth it
Former
"Happy Day's" star Erin Moran, who played beloved little sister Joanie
Cunningham, has fallen on unhappy times. It's been reported she was
homeless and living in hotels in Indiana. Sad times have certainly
befallen this former child star. After her and husband, Steve
Fleischmann, lost their California home due to foreclosure, they took up
residence in a trailer park with Moran's mother-in-law in Indiana. They
were kicked out due to heavy non-stop partying. From there, they took
to living in a hotel, but were kicked out for "partying and belligerent"
behavior. Reports say they are now moving from hotel to hotel. Talk
about riches to rags. Here's hoping Moran can still get things turned
around!
Former
Oakland A's star Jose Conseco has jumped on board the bankruptcy boat.
The controversial athlete blames multiple divorces and the economy for
his financial situation. We're all wondering how a person blows through
$45 million. However, the arrogant former star has had his fair share of
personal problems, money battles and legal issues since leaving the
MLB. In 2005 he admitted to using steroids while playing, which didn't
help his reputation. Two divorces cost him between $6 and $7 million.
His home was foreclosed on in 2008, and finally he filed for bankruptcy
in 2012. He's recently appeared on VH1's "Hollywood Exes" attempting to
reconcile with ex-wife Jessica.
"Deliverance"
and "Smokey and the Bandit" star Burt Reynolds has been going through
some financial rough patches. The 77-year-old actor is currently trying
to sell his Florida home for $5 million dollars. His fight to avoid
foreclosure started in August of 2011. It was then that mortgage lenders
filed foreclosure proceedings on his waterfront compound. His home
isn't small! It's a 5-bedroom abode with two guest houses, a swimming
pool, indoor waterfall and boat dock. He originally wanted to sell for
$9 million and in 2012 dropped it down to just under $5 million. As of
August, he was still in litigation with lenders.
We
all love Cousin Eddie from the "National Lampoon's" movies, but actor
Randy Quaid has been going through his own version of crazy. Between
2010 and 2012 he's had financial calamity and "other" problems. In 2010
Quaid and his wife were arrested after being caught squatting in the
mansion he formerly owned. They were forced to sell it and after
bouncing bad credit cards at luxury hotels, the pair was discovered
living in the guest house. Sad, yes, but then it gets weird. In 2012 the
couple sought refugee asylum in Canada to avoid "Hollywood Star
Whackers" a group apparently trying to kill him. Canada recently denied
the request. It's said Quaid won't be reprising his role in the upcoming
"Vacation" movie.
Oh
how hard the high can fall! After making millions as the lead singer of
the "Fugees," Hill failed to pay taxes in 2005, 2006 and 2007. When
asked if she "intentionally and willingly" failed to file returns, she
simply said, "Yes." This was last July. She was released on $150,000
bail. Hill faced up to 3 years in jail and $75,000 in fines. However, in
May, after paying more than $900,000 towards the taxes, she was
sentenced to 3 months. She compared her time in the music industry to
slavery her ancestors endured while talking directly to the judge. We
wonder if her ancestors would have felt the same way?
Evander
Holyfield was forced to leave his $10 million mansion because of
financial troubles. He owed more than $14 million on the home and it was
sold to JP Morgan for $7.5 million. We're hoping the former heavyweight
champ has downsized. The pad features 109 rooms on 235 acres in Fayette
County, GA. During his time in the ring, Holyfield made more than $200
million. Once his career slowed down though, his spending didn't. To
maintain the lavish home, $1 million per year was spent! The former
champ was also in debt due to the more than $500,000 he owes in child
support
Known
for his model good-looks, Terrell Owens made a lot of money in the NFL.
However, the wide receiver also lost it all. Of course, Mr. Owens
places most of the blame on his financial advisers. Whether they offered
bad advice or not, there's another contributing factor to his debt.
Terrell owes nearly $44,000 a month in child support to children he's
fathered with four different women. Owens also starred in his own
reality TV show, "The T.O. Show." Terrell is hoping to make a comeback
for the 2013 season. He has been working out with another troubled wide
receiver, Chad Johnson.
Chris
Tucker made up to $20 million for each "Rush Hour" sequel and then
dropped off the face of the earth. Until the IRS came knocking! Tucker
was actually a janitor at Burger King before becoming one of Hollywood's
highest paid actors. After blowing through his money, it was estimated
he owed $12 million in back taxes! During his time away from the big
screen, Tucker said he was essentially waiting for the next big thing,
something to challenge him. In 2011 he began doing stand-up comedy again
and even filmed a stand-up movie. He made it back to the big screen
this past year with a role in "Silver Linings Playbook." We're sure that
helped pay back some tax dollars!
Warren
Sapp earned millions during his prestigious NFL career. Before filing
bankruptcy, he was $6.7 million in debt. Lucky for Sapp, he had $6.45
million is assets he could liquidate. Those included 240 pairs of Jordan
shoes worth over $6,000, a $2,250 watch as well as a $1,200 lion skin
rug. He had been making $45,000 per month with the NFL Network, but they
fired him over comments he made they deemed as "outside the lines."
It's also said that Sapp sold off championship rings to pay for child
support. It was recently announced the Tampa Bay Buccaneers will retire
Sapp's #99 jersey this upcoming season. No word on what Sapp is up to
these days.
Stephen
Baldwin's money troubles have been popularly noted. In 2012 however the
actor was arrested for failure to file taxes in 2008, 2009 and 2010.
While his fees were lofty, $350,000, couldn't brother Alec spot him a
few? Regardless, Stephen pleaded "not guilty." Supposedly, Baldwin had
entrusted others to take care of his finances, including his taxes, and
they failed to do so. He faced up to 4 years in prison if convicted.
However, this spring, he plead guilty, produced $300,000 in back taxes,
and was released. Stephen also appeared this past winter on "Celebrity
Apprentice."
Allen
Iverson made a reported $200 million while playing in the NBA. That has
slowly withered away to nothing. In 2012, it was reported he owed
$859,000 to a Georgia jewelry store. It was in August of that year his
marriage fell apart resulting in divorce. Many say the former star has
hit "rock-bottom." It's sad to see someone who seemingly had it all fall
so far. Some blame Iverson's attitude, as he's been in trouble with the
law since high school. Regardless, the former basketball player whom no
one could stop on the court, has lost of his millions.
Fashionistas
literally freaked out when Betsey Johnson shut her doors after
declaring bankruptcy in 2012. However, the label has already bounced
back with a dress line to appease fans. Depending on which story you
believe, there were many contributing factors to the Betsey Johnson
bankruptcy. All of the explanations do center around the tanking economy
in 2008 and 2009. Regardless, Johnson is back in 2013! Her dress line
is sold at Macy's, Nordstrom, and other retailers. She also debuted her
reality show on The Style Network this month. It looks like there's
still plenty to see of the cartwheel turning 70-year old!
We're
all wondering how Nicholas Cage could owe $6 million in tax debt. Last
spring he even made a payment of over $600,000 to pay off one tax lien
alone! It's believed his problems started in 2009. He nearly filed
bankruptcy and also filed a $20 million lawsuit against a former
business partner. Cage blamed the partner for lining his own pockets
while sending Cage into financial ruin. His partner countered, saying
Cage was a lavish spender. We'd have to agree! His luxury purchases
include exotic pets, a full-time vet for those pets, a dinosaur skull, a
Lamborghini, a Gulfstream jet, two yachts, and an island (that's right,
an entire island!).
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