Even with immense wealth and the best advisors at their disposal, celebrities are not immune to the pitfalls of poor business decisions.
Here are some high-profile cases where celebrities faced significant financial losses due to misguided investments or failing ventures.
Kim Basinger: Bought A Town
In one of Hollywood’s more unusual tales of investment gone wrong, actress Kim Basinger purchased most of the land town of Braselton, Georgia, for $20 million in 1989.Her aim was to turn it into a tourist attraction with movie studios and film festivals.
However, the dream never materialized. Burdened by financial troubles, she sold up a few years later for a mere $1 million, facing a massive loss.
Chris Tucker: Financial Mismanagement
Renowned for his role in the “Rush Hour” series, Chris Tucker faced financial turmoil after mismanaging his wealth.
His investment in high-risk ventures coupled with extravagant spending led to IRS issues, including a $14 million debt in back taxes, causing a significant dent to his fortune.
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Curt Schilling: A Failed Gaming Empire
Former baseball star Curt Schilling invested a large portion of his earnings into launching 38 Studios, a video game company. Despite ambitious projects, the company crumbled under financial pressure, leading to bankruptcy in 2012. Schilling lost over $50 million and faced lawsuits related to the venture’s collapse.
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50 Cent: A Boxing Promotion Knockout
Rapper and entrepreneur 50 Cent, also known as Curtis Jackson, tried his hand at boxing promotion, founding SMS Promotions in 2012. Despite signing high-profile boxers and hosting events, the company struggled with legal issues and financial discrepancies, filing for bankruptcy in 2015.
Jackson lost several million dollars, demonstrating the risky nature of sports promotions.
