Famous and Flat Broke: How These 5 Movie Stars Made (and Lost) Their Fortunes

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Many people think that movie stars are all wealthy individuals. However, there have been some individuals who have earned tens of millions of dollars during the height of their careers. Not all careers continue on that trajectory, though. Here are five stars who once made millions but wound up losing it all (or much of it).

1. Nicolas Cage

At the height of his career, Nicolas Cage was earning over $40 million a year and was one of Hollywood’s top-paid actors. He starred in major blockbusters like National Treasure, Con Air, and Face/Off. But his spending habits were legendary—he bought castles, dinosaur skulls, exotic pets, and even a private island. Eventually, his outlandish purchases caught up with him, and he faced foreclosure on several properties. In 2009, the IRS hit Cage with a $6 million tax bill, forcing him to sell many of his prized assets. Though he’s since worked to rebuild his career, his financial collapse remains one of Hollywood’s most dramatic.

2. Wesley Snipes

Wesley Snipes made a name for himself with roles in hits like Blade, White Men Can’t Jump, and Demolition Man. By the late ’90s, he was a household name and had millions in the bank. However, his refusal to pay taxes for several years led to serious trouble. In 2008, he was convicted of three misdemeanor counts of failing to file tax returns. Snipes served nearly three years in prison and faced major fines from the IRS. His financial reputation never fully recovered, though he continues to act in smaller roles.

3. Lindsay Lohan

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Lindsay Lohan went from a Disney darling to a household name with films like Mean Girls and Freaky Friday. She was earning millions before the age of 21, with endorsements and movie deals piling up. But her fortune quickly faded due to legal issues, rehab stints, and a reputation for being unreliable on set. Lavish spending and a lack of professional work dried up her income fast. By 2012, the IRS had seized some of her assets to settle unpaid taxes. Now sober and starting a family, Lindsay Lohan is making a bit of a comeback. We’ll see how it impacts her finances.

4. Burt Reynolds

Burt Reynolds was one of the biggest box office stars of the 1970s and ’80s, with hits like Smokey and the Bandit and Deliverance. Despite earning millions, he filed for bankruptcy in 1996 after a string of bad investments and an expensive divorce. He also admitted to spending lavishly on real estate and luxury items he didn’t truly need. Poor financial advice further damaged his net worth. Reynolds sold many of his personal items to cover debts in his later years. Even with a long and respected career, financial security remained elusive until the end.

5. Kim Basinger

Kim Basinger won an Academy Award and starred in blockbuster films like Batman and L.A. Confidential. At her peak, she bought the entire town of Braselton, Georgia, for $20 million, hoping to turn it into a tourist attraction. The project failed, and she was forced to sell it for a major loss. She also backed out of a film deal that resulted in an $8 million lawsuit. Legal fees and bad investments severely damaged her fortune. Basinger eventually filed for bankruptcy in 1993 to get back on her feet.

Fame Doesn’t Guarantee Financial Security

Just because you are famous doesn’t mean you’ll be financially secure. These movie stars are proof of that! Lavish lifestyle, poor financial decisions, and trouble with the IRS could rob anyone blind overnight. Whether you’re a star or not, it’s key to live within your means and be smart with your financial planning. At the end of the day, wealth requires wisdom!

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Drew Blankenship

Drew Blankenship is a former Porsche technician who writes and develops content full-time. He lives in North Carolina, where he enjoys spending time with his wife and two children. While Drew no longer gets his hands dirty modifying Porsches, he still loves motorsport and avidly watches Formula 1.