These 7 Celebrities Made Bad Financial Investments — Here's How It Worked Out For Them

From Dennis Rodman to Ja Rule, celebrities are just like us in that they, too, can make bad financial investments.

Most recently, AfroTech told the story of NBA player Tim Duncan, whose scamming financial adviser cost him more than $20 million. Yet, most interestingly of all, Duncan remained unbothered by his ex-adviser’s behavior.

“Luckily I had a long career and made good money. This is a big chunk, but it’s not going to change my life in any way. It’s not going to make any decisions for me,” he said.

But while the likes of Tim Duncan can easily bounce back from bad financial investments, not every celebrity is quite as lucky.

These seven celebrities made bad financial investments — let’s take a look at how it worked out for them.

MC Hammer

Photo Credit: Neilson Barnard
Photo Credit: Neilson Barnard

As AfroTech previously reported, MC Hammer ran through more than $70 million in just about five years. You might say it’s the mother of all bad financial investments, though the Hip-Hop legend says he “wouldn’t change a thing.”

Michael Jackson

Carl de Souza
Carl de Souza

When Michael Jackson died in 2009, his estate was in a sad state of affairs. As AfroTech previously reported, his estate was first believed to be worth over $400 million, then was ultimately determined to be worth about one-quarter that amount. But it was Jackson’s bad financial investments — including his over-spending — that contributed to that value reduction.

50 Cent

Bad Financial Investments
JC Olivera

At the height of his career, 50 Cent was worth more than $200 million. And though he currently has a $40 million net worth (as AfroTech previously reported), he’s also made his share of bad financial decisions that forced him to file for bankruptcy.

Dionne Warwick

Photo Credit: Neilson Barnard
Photo Credit: Neilson Barnard

She’s a legend and everyone’s favorite Twitter auntie. But even though Dionne Warwick is a “Heartbreaker” on stage, she was even more of a heartbreaker when it came to her investments. Thanks to bad financial investments on the part of her financial adviser, she was forced to file bankruptcy with more than $10 million in debt. However, according to the singer’s official website, the bankruptcy was discharged, allowing her to keep her assets.

Allen Iverson

Bad Financial Investments
Gabe Ginsberg

Today, Allen Iverson is known for his myriad investments in Black-owned businesses and other diverse portfolio expansions. But before that, he blew through more than $200 million in a salary thanks to excessive spending, to the point that he had to file for bankruptcy after being unable to pay a jeweler who made him a custom piece, according to ClutchPoints.

Mike Tyson

Bad Investments
Photo Credit: Frederick M. Brown

Mike Tyson is a celebrity who has lost it all and built back better. But his bad financial investments were definitely the stuff of legend. As AfroTech previously reported, Tyson spent his money foolishly at the height of his fame — even going so far as to buy exotic tigers as pets! (He was basically ‘Tiger King’ before ‘Tiger King’ was a thing.)

Wesley Snipes

Celebrities Who Lost It All
David Livingston/Getty Images

According to Celebrity Net Worth, Wesley Snipes has a net worth of $10 million today, and he’s also enjoying a bit of a comeback thanks to roles in films like “Coming 2 America.” But before all this, Snipes was involved in one of the most high-profile tax evasion cases of the 20th century. According to People, he went to prison for 3 years and had to pay $5 million in fines for willfully avoiding paying his tax debt to the IRS.

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