Celebrities with the worst money problems
WalletPop compiled a list of the 10 celebrities with the worst money problems. Most are from incidents in 2010, although some had such large debts from the past that they couldn't be ignored. We may have missed a few, so search the Internet for your favorites and let us know in the comments section who else should make the list.
Tiger Woods: $100 million
The $100 million that Woods owes to his ex-wife in a divorce settlement may not be a money problem to Woods, who has a net worth of $900 million and makes $85 million a year, according to CelebrityNetWorth.com. But $100 million is still a lot of money and it has to hurt to write a check that large to an ex. And with his golf game falling short lately, that annual salary may also be on the decline.
Jay-Z: $50 million
The rapper must be thankful he signed that $150 million music deal with concert promoter Live Nation. That money should come in handy as he tries to cover his $50 million loss on two Manhattan hotel projects that he bought in 2007, but has been unable to turn into J Hotels. Some reports have him spending $65 million on the property. Whatever the amount, it's been a losing proposition for Jay-Z. The housing market crashed, something even Jay-Z, born Shawn Carter, couldn't fix with the Midas touch he has had on his other businesses.
O.J. Simpson: $33 million
After being acquitted of murdering Nicole Brown Simpson and Ronald Goldman, a civil court found Simpson liable for $33.5 million to the Goldman family in a wrongful death suit. But then things got even worse. Simpson is now in a Nevada prison serving up to 33 years for robbery and kidnapping. Simpson tried to make money by writing a book entitled If I Did It, Here's How It Happened, but that project was quickly shelved.
Robert Blake: $30 million
The former Our Gang and Baretta star is really down on his luck. Even though Blake, now 72, was acquitted of charges of murdering his ex-wife in 2005, he was still found liable to her family for wrongful death and ordered to pay $30 million. Blake filed for bankruptcy in February 2006 and owes California $1 million in back taxes. News reports say he is working as a stable boy at a ranch in Malibu.
Wesley Snipes: $17 million
Snipes was convicted in 2008 of three counts of willfully failing to file federal income tax returns for years in which he earned $38 million between 1999 and 2004. He was sentenced to three years in prison for failing to file and pay $17 million in taxes. The actor sought an appeal to avoid serving prison time but it was denied. This month, another judge gave him 20 more days to seek a new trial. He remains free while on appeal.
Nicolas Cage: $13 million
Talk about living beyond your means. The actor is reported to have 15 palatial homes around the world, four yachts, a Gulfstream jet and millions of dollars in jewelry and art. Cage claims that his former financial manager was incompetent and that is the reason why Cage owes more than $13 million in taxes for the tax years of 2002 through 2004 and 2007.
Chris Tucker: $11 million
The Rush Hour star owes the IRS more than $11.5 million in unpaid federal taxes in 2001, 2002, and 2004 through 2006. He reportedly made $20 million for "Rush Hour 2" in 2001 and $25 million for "Rush Hour 3," which opened in 2007. Seems like he should have been able to afford the tax bill.
Sinbad: $10 million
The comedian, born David Adkins, owed the federal government $8 million in back taxes, and the state of California $2.5 million in back taxes. He filed for Chapter 7 bankruptcy in 2009 with $11 million to $49 million in liabilities. Want to help him out? Earlier this year, Sinbad put his Los Angeles home up for sale for $3 million.
Wyclef Jean: $2 million
The presidential candidate in Haiti and musician owes the IRS more than $2.1 million. The federal tax liens are for Jean's returns from 2006 to 2008. The liens are on his $1.85 million home in New Jersey, according to The Smoking Gun.
Jean has also had problems accounting for where he has spent money collected for Haiti earthquake relief through his charitable foundation. The Smoking Gun reported that Jean used his foundation to pay himself and a business partner more than $410,000 for rent, production services, and Jean's appearance at a benefit concert.
Jose Canseco: $320,000
This measly amount puts Canseco at the bottom of the list of celebrities with the worst money problems. But as someone who earned more than $45 million during his baseball career, you'd think that paying off more than $320,000 in delinquent taxes wouldn't be a problem.
To make some extra cash, Canseco wrote a book exposing other steroid users in baseball, and is fighting in mixed martial arts bouts. He's sold his mansion and World Series rings, but at least he hasn't gone bankrupt.
Aaron Crowe is a freelance journalist in the San Francisco Bay Area.