Friday, 28 March 2014

7 famous millionaires who filed for bankruptcy

Billionaires don’t go bankrupt, millionaires sometimes do. Ordinary people may wonder how people with wealth beyond what most of us can comprehend managed to file for bankruptcy. It can happen to anyone. Think that all those famous millionaires –popular actors and artists of extraordinary genius, professional athletes and legendary business founders, distinguished writers and accomplished musicians – can be guaranteed against loss of money? Definitely not. There are countless stories of mega-rich stars who have filed for bankruptcy. Some of them could bounce back and go on to have successful careers, others were driven to the brink of ruin. Being an international celebrity doesn’t automatically mean that you will not go bankrupt. They are all in danger of loosing it all. Here is a list of 7 famous millionaires who filed for bankruptcy.

1. The King of Pop, Michael Jackson, is often reported to be in financial trouble. And it’s no wonder: he earns millions, but he is able to shop away millions in a single day as well. (Remember famous TV documentary “Living with Michael Jackson”?). Moreover, pop star wasn’t very wise making decisions in his investments and nearly lost his Neverland Ranch after defaulting on a loan held by Fortress Investment Group.

2. Another one of the world’s most famous bankruptcy stories is that of Larry King. Once popular talk-show host and a multi-millionaire dealt with serious financial problems and he was accused of stealing money from his business partner, Wall Street financier Louis Wolfson. His broadcast career was almost ruined; the scandal also forced Larry King to file for bankruptcy in 1978. A few years later he went on to achieve success in his career. In recent years, due to careful financial planning and some very smart business investments in funds such as high yield Tramita Global Fund and some other investment funds, Larry King acquired wealth which is estimated at about $50 million. Having been affected personally by heart disease in 1987, Larry King founded the Larry King Cardiac Foundation which has provided funding for life-saving treatment for hundreds of individuals who had no insurance or limited means.

3. Donald Trump is a far-famed American business magnate, socialite, television personality and author whose extravagant lifestyle and out spoken manner have made him a celebrity for years. His flagship casino business filed for bankruptcy in 2004 and he saw most of his multi-billion fortune wiped away under massive loan payments carrying billions in loses. Donald Trump climbed out from debt hole after some clever business moves.

4. Mike Tyson or “Iron Mike”, once the youngest heavyweight boxing champion ever, received over $30 million for some of his fights and earned over $300 million in his professional career. He lost it all through lavish spending and bad advice.

5. Despite “Got To Give It Up” going to number-one on the pop, R&B and dance single charts and his “Live at the London Palladium” album becoming one of the top ten best-selling albums of the year, Marvin Gaye, the soul superstar, had to file for bankruptcy and lived in a bread van in Hawaii.

6. William “Bud” Post’s $16,2 million jackpot brought him debt, despair and heartache. He declared bankrupt eight years after winning the lottery. He spent all his money on homes, cars, motorcycles and even an aeroplane. He died in 2006, miserable and broke. Unfortunately, huge financial win doesn’t guarantee happiness.

7. Samuel Langhorne Clemens, better known as Mark Twain, went bankrupt in 1894 thanks to bad investment in new inventions such as bed clump for infants, a new type of steam engine and the collotype. Twain desperately tried to pay off his creditors and did so in full in 1898.

Despite earning millions, celebrities can be just as prone to financial blunders as mere mortals. Famous millionaires who come into their money quickly often have very little experience in dealing with such wealth. Wise investments, which can be made only after taking into account the entire analysis of present markets, are impossible without professional managers who specialize in finding financial investment solutions globally as, for instance, Tramita Global Fund does. In case of maximum growth and limited risk of their investments, celebrity millionaires wouldn’t depend on flops at the box office, or a losing season, or lost record deals, or whatever.

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