Stars Who Filed for Bankruptcy
Celebrities often have the best savings accounts there is. After all, they earn hundreds of thousands, maybe even millions, of dollars whenever they make movies or get endorsement deals and the like. It’s always a surprise, therefore, to hear of a popular star or artist go through bankruptcy. After all, how is it possible to spend all that money in their bank accounts? It does happen, however, and more often than you might think. This could be because of overspending on cars and diamonds, and maybe even snapping going crazy over homes for sale. For some, it may even have something to do with bad life decisions like substance abuse. Here are some very interesting ways in which big stars depleted their net worth.
John Elway is considered as one of the greatest American football quarterback off all time, and during his 16 career season, he devoted all to the Denver Broncos. Since he was in demand for his skills at that time, Elway earned millions playing America’s favorite sport. When he retired, he was worth around $145 million, some of which he invested in a Ponzi scheme, and lost a lot of money in that. The loss hurt the football legend financially, especially when he chose financing the Ponzi scheme over buying a 10% stake in the Denver Broncos team for $15 million. Had Elway accepted the offer made by Broncos owner Pat Bowlen then, he could have earned a whopping $388 million today.
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