Road of Celebs from Riches to Rags

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Celebrities make huge amount of money in their career-lives. Many of them are able to manage their bank balances wisely and some of them blow their wealth as quickly as they make it. Today, we have brought the stories of such celebs. These celebrities filed for bankruptcy and lost their residential properties of million bucks and other pricey possessions.

Probably, the art of ‘Money Management’ was foreign to these personalities. They assumed the money to keep flowing in so they could spend and just spend. Suddenly then, their career took a plunge, deep dive and the flow of money stopped. The harshness of time was so strong that they had to give up their expensive living and struggle to bounce back.

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Such stories have happened to many riches in the past and will continue to occur because they live luxurious, magnificent lifestyles and ‘say no’ to sacrifice that way of living. Here are five celebrities that made huge wealth during their careers and then a time in their lives came that left them in deep debt.

Amitabh Bachchan

Bollywood superstar Amitabh Bachchan wrote in his blog, “In the year 2000, when the entire world was celebrating the new century, I was celebrating my disastrous fortune. There were no films, no money, no company, a million legal cases against and the tax authorities had put notice of recovery on my home” he surely gone through a severe financial crisis. His event management and film production company was proved the main culprit for his insolvency. It was the TV show, KBC that changed his destiny and once again made him to climb the mountain of fame and fill his bank account.

Jackie Shroff

Actor Shroff faced a tough financial crunch in 2008 when his line of business, acting knocked the rock bottom. The condition worsened when shroff failed to repay the loan he took from the film-maker, Sajid Nadiadwala. As a result, Sajid filed legal proceedings against him but the intervention of Salman Khan rescued him. According to the reports, Jackie had to sell his flats to repay the loan.

Vijay Mallya

The king of good times, Vijay Mallya who is known for his jet set lifestyle is down in the plunk now-a-days, with possible collapse of in arrears ‘Kingfisher’ Airlines. After race horses and vintage cars, the flamboyant Mallya clutches sick companies like his kingfisher airlines, Indian Premier League team and F1 venture. His ill- conceived acquisitions have brought his ventures to standstill.  To pull through debts, UB group chairman is selling his assets.

Raj Kapoor

The movie ‘Mera Naam Joker’ became the reason of Raj Kapoor bankruptcy. The film took about 6 years to complete and huge amount of money was spent in making the movie. But, when the film was finally hit the theatres it flopped, leaving him and his film-studio almost bankrupt.

Lindsay Lohan

The 26 years old Lindsay had to file for insolvency in 2010. Her opulent lifestyle and   short of television offers left her with enormous debts. Her Debt went so high that she had to struggle to pay the rent. Her partying and drug addiction habits made her pocket burned.

As far as money is concerned, celebrities are no different to us- They save little, spend very much and make numerous bad money choices. It is their unpredictable earnings and pricy lifestyles that expose them to a greater financial risk than an average person.