Celebrity bankruptcies: 12 famous faces, and flame-outs
Celebrities, they’re just like us: broke. Not all of them and not all of the time, of course, but even those who live lives of wealth and renown sometimes find themselves short of the former. At which point, like so many other individuals and corporations before them, they file for bankruptcy. The reasons for celebrity bankruptcy vary, of course. There are the classics: extravagant divorce and creative accounting. There are also more novel explanations, such as entourage bloat or the financial burdens that arise from buying a small town.
-- Brendan Buhler
Image 1 of 4
Celebrity bankruptcy: Kim Basinger( Theo Wargo / Getty Images / September 26, 2012 )
She was a Bond girl and Batman's girlfriend, and by the end of the 1980s, Kim Basinger capped the decade by being part of an investment group that, for $20 million, bought the town of Braselton, Ga. True, it was a small town, with only about 500 residents. But, you know, it was still a town. The plan was to turn it into a tourist attraction and a center of film and television production. Those plans never came to fruition, and Basinger encountered serious financial trouble in 1993. After she withdrew from a role in "Boxing Helena," the film's producers sued Basinger and were awarded more than $8.1 million in damages. Before that was overturned, Basinger filed first for Chapter 11 bankruptcy and then Chapter 7. That same year, Basinger's bankruptcy court liquidated her holdings in Braselton for a substantial loss.