Bad business sense, scams, lavish lifestyle… There are plenty of reasons to try to explain how certain talents have experienced major setbacks in their careers. The proof by eight.
In the Hollywood industry, temple of glamor and appearance, we like to take care of and display the outward signs of wealth, a gleaming showcase ofAmerican Way of Life, even artificial. Suffice to say that when you are ruined, you of course avoid shouting it too loudly.
Not everyone is blessed with the business acumen of a Jessica Alba, who had the idea – by putting her experience as a young mother to good use – to create her company called Honest in 2011, after teaming up with a former leader of an NGO campaigning for the protection of children against toxic materials. Her cosmetics business is now valued at over $1 billion.
Bad financial investments, expensive and ruinous lifestyles, abysmal legal fees, scams of all kinds, colossal financial failure of a flop at the Box Office… These are not the reasons that are missing to explain the bankruptcies of certain talents Hollywood, to the point of having to place themselves under the regime of Chapter 11 of the US Federal Codea so-called “safeguard” procedure which allows a company or an individual to avoid bankruptcy by restructuring, unable to honor its claims with its debtors.
Others are placed under the chapter 7 diet, which also consists of declaring bankruptcy, allows for faster legal proceedings (between 3 to 6 months), and above all, allows you to keep your property, in certain cases. Useful for not ending up on the street…
How far away the time when the Oscar winner Nicholas Cage managed to earn $ 40 million in 2009 … For once, the actor is a good example of a ruinous lifestyle. And had also spoken about it frankly in an incredible river interview published in the New York Times in 2019.
Purchase of a complete dinosaur skeleton, millions of dollars spent on ultra rare comics (including the first edition of Superman), several houses including a castle in Germany and England, lots of cars of course… In 2012, he declared that he had to US tax over $14 million. Nearly half of this amount concerned taxes on his residences, never paid… In 2015, it was estimated that the star had spent, between 1996 and 2011, no less than 150 million dollars… Two years later, his fortune was estimated at “only” $25 million. That is to say if she had melted like a skin of sorrow…
An extravagant lifestyle therefore, which led him to shoot in an industrial quantity of films, just to pay off debts and replenish the coffers; but also to be able to pay for the medical treatment of his mother at the end of her life, who died in 2021.
Muse of the 1980s lining up films like never ever again, The best, Batmanthe sulphurous 9 1/2 weeks, Kim Basinger crossed the 1990s with a certain tranquility with other roles such as in The Karen McCoy caseculminating in 1997 with an Oscar won for his composition in the formidable LA Confidential.
On the financial side, however, it was a little more complicated… In 1989, it spent no less than $20 million to buy a large housing complex in Braselton, Georgia. She had taken it into her head to develop an amusement park or even a movie studio. In 1993, she was forced to declare bankruptcy. A misfortune rarely arriving alone, she was also sued by the producer of the film Boxing Helena, Carl Mazzocone, for breach of contract; Basinger to headline the film. She was ordered to indemnify the producer and pay her legal fees. A slate of $8.1 million, which she will manage to dodge in 1995. Still, his legal fees during these two years of proceedings did not really help his finances…
The case of John McTiernan really hurts. Behind the scenes of her incomprehensible remake of roller ballthe fire had smoldered under the ice between the filmmaker and the producer, Charles Roven. To the point that Mc.T had hired a sulphurous private detective, Anthony Pellicano, to wiretap the producer. In April 2006, during an open hearing in federal court in Los Angeles in what will be known as the “Pellicano case”, McTiernan pleaded guilty to lying to the FBI during questioning about his involvement in the affair. “In fact, I asked Anthony Pellicano to wiretap Charles Roven in August 2000. I spoke to him about it, I never received a report (…) About two weeks later, I I paid and I broke the contract” declared the scenario writer. Finally sentenced, he spent 328 days in detention, to benefit from an early release in February 2014. Having to pay astronomical lawyers’ fees (as often in the United States…), logically unable to work, the filmmaker declared himself even bankrupt during his imprisonment. Since Basicreleased in 2003, he did nothing more.
In the (large) Baldwin family, I ask for Stephen. Now widely subscribed to direct-to-video bis films, the latter nevertheless made a brilliant debut in a masterpiece, The Beast of War. He also played a formidable Michael McManus in a film that has become a classic, Usual Suspects.
Alec’s younger brother declared himself bankrupt in 2009, unable to pay his taxes and repay his mortgages. In 2013, he was arrested and pleaded guilty to the US IRS for not having paid his taxes for three years, in 2008, 2009 and 2010. Amount of the slate: $300,000, and five years of probation. In 2017, his house was even seized and sold at auction,. For six years, he had “simply” not paid the $7,000 in monthly repayments, while Deutsche Bank estimated the amount of the actor’s debt at $1.1 million…
Gary Coleman embodied the character of Arnold for eight seasons in the cult series Arnold and Willy, where he earned up to $70,000 per episode. Before experiencing a chaotic career, between financial problems, attempted suicide and domestic violence. Suffering from a congenital autoimmune disease, he died in 2010 at the age of 42.
He tried a 1989 lawsuit against his parents and his financial adviser, Anita De Thomas, whom he accused of siphoning off his earnings. They were ordered to pay him nearly $1.3 million. Charming family… Still, that was not enough to pay off the actor’s debts, who declared bankruptcy in 1999. After paying his astronomical legal fees and a series of bad investments, he was even forced to work away from film sets, to boil the pot, like security guard in a shopping center…
The imprint -and influence- of waltz disney on the cultural world is truly gigantic, beyond measure. If the general public undoubtedly knows certain anecdotes related to the father of Mickey Mouse, highlighting his creative genius, his visionary spirit and his keen business sense, the latter has also more than once his company in financial difficulty, and even on a personal level. To be able to produce Snow White and the Seven Dwarfs for example, he had outright mortgaged his house.
Early in his career, Disney had founded Laugh-O-Gram Films Inc; the name of his very first animation studio founded in 1922 in Kansas City, Missouri, when he was 21 years old. The studio and its Laugh-O-Grams-named productions mark Disney’s first attempt to break into the world of film and animation in particular. He also recruited future big names in animation, such as Ub Iwerks Where Hugh Harman.
An inexperienced entrepreneur, his company experienced many financial problems, in particular due to orders for animated films not paid for by its distributors. As a result, Disney was unable to pay its employees’ salaries and pay the rent.
Despite several attempts to keep the company afloat, he was forced to declare bankruptcy in July 1923, although he would have to wait until 1927 to get rid of the problem completely. It was thanks to the financial assistance of his brother that he was able to rebuild the Disney Brothers Studios in October 1923. A huge empire in the making…
70s star fielding classics like Issuance, full mouth Where gator, Burt Reynolds was brought back into the limelight by Paul Thomas Anderson in Boogie Nights, where he played porn producer Jack Horner. In 2015, he told Vanity Fair : “I lost more money than possible, because I never paid attention to it”.
And the interested party to shell out his multiple expenses like a rosary: purchases of land, private jet, no less than 150 horses, and even $100,000 in wigs in the 80s, just to hide his baldness. The expenses of her lavish wedding in 1988 with Loni Anderson, followed by a very expensive divorce, have completed the ruin of the actor. If the couple divorced 5 years after their marriage, the acrimonious divorce proceedings took… 22 years. Mind-blowing.
As a result, Reynolds was unable to repay a $3.7 million loan, so much so that he filed for bankruptcy in 1996. posting a debt of $10 million. Died in 2018, he toured until 2017 in many productions, often Direct-to-video.
Francis Ford Coppola
The example of the master Coppola is unique and unparalleled in Hollywood. The director has gone bankrupt three times. In July 1992, he applied to be placed under Chapter 11 of the United States Federal Code, both for himself and his two companies, Zoetrope Corp. and Zoetrope Productions. Ten years earlier, he had done the same thing.
If he had pledged his personal assets to help finance Apocalypse Nowit’s his movie Falling for something, a terrible financial disaster, which cost him dearly, to the point of indebting him to the tune of $71 million. Debts that will take 20 years to repay. It’s his masterpiece Dracula which will help him, although not completely, to get back in the saddle.
In a success story that is ultimately very American, the filmmaker manages to make a fortune again, thanks to the wine business. At the end of the 2000shis wine empire generated an annual income of $500 million. And now, under the brand Francis Coppola Presentshis empire includes wine, an artisanal tomato sauce factory (we are not denying his origins!), pasta, cigars, two restaurants, five luxury hotels (including two in Belize), shops to sell his products in luxury hotels… That is to say that Francis firmly believes in his lucky star.