Pretty much everyone wishes that they could be rich and famous. However, it’s actually very common that when people suddenly get a windfall of money too quickly, they end up losing everything. Even if they seek guidance from a financial professional, that’s no guarantee that their massive fortunes can handle their spending habits. Here at Home Addict, we’ve pulled together some stories of celebrities who got rich too fast, and ended up losing their homes.
Professional boxer, Mike Tyson, is considered to be one of the greatest fighters in the world. He quickly grew a fortune for his athletic career, but he was also living an incredibly lavish lifestyle. According to Forbes, Mike Tyson may have been worth as much as $685 million at one time. Other sources indicate it was “only” $300 million. Either way, it’s a massive amount of money. But by 2003, he had accrued nearly $23 million in debt, and didn’t have any way to pay it back. So he had to declare bankruptcy.
Mike Tyson had to sell his 52-room mansion in Connecticut for $4.4 million. Inside the home, there were two pools, and its own nightclub. He actually sold the home to rapper, 50 Cent, who continued on the legacy of throwing amazing celebrity parties there. However, 50 Cent quickly grew tired of the property, saying that it cost $61,000 a month to run the place. He tried listing the property for $18.8 million, and eventually had to take a huge loss by selling it for $3.1 million. Today, Mike Tyson’s net worth is estimated to be a more “modest” $10 million. (via The Sun)