7 Celebrities Who Suffered A Reversal Of Fortune

MC Hammer

The famous American Hip-hop recording artist, dancer and actor MC Hammer in 1990 had an estimated net worth of $33 million. But in less than three years he filed a bankruptcy protection with $1million in assets and $10 million in debt. He stated that his debt was not the cause of his expensive life style. It was due to his charity works for providing employment for more than 200 people in his community. As of 2013 reports are there that he still owed the IRS $800,000 in back taxes.

Kim Basinger

Kim Basinger is an American artist and Former Fashion model who has been in the industry for past four decades. Back in 1993 she was estimated with a net worth of $5.3 million. She filed a bankruptcy because she backed out from filming the movie ‘Boxing Helena’ and the Main Line pictures asked a compensation of $8.1 million for breaking the contract. But later it was settled down for $3.8 million. She still continues to work in movies as well as modeling.