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Bankruptcy, How They Did It
By: Saban21 Created:7-22-2008 List Contest: August

 

There is one certainty in life. The more you make, the more you spend. These famous bankruptcies show us how to do it in style.

When I become a billionaire I plan on purchasing a Batcave, and cryogenic preservation.

4 - Kim Basinger
Kim Basinger

Expenses:

20 Million

  • The _entire_ town of Braselton Georgia (a freakin' town!)

    8.1 Million
    Judgement for backing out of Boxing Helena
    • 3 - MC Hammer
    MC Hammer

    Income: $33 Million

    Expenses:

    $12 Million on a mansion

  • 33-seat theater
  • 2 swimming pools
  • $2M for Italian marble
  • 17 car garage
  • 2 gold plated "Hammertime" entry gates
  • Dishwasher in master bedroom for "cleaning up midnight snacks"

    $20 Million squandered
  • 17 cars
    - Lamborghini
    - Stretch limo
    - De Lorean
  • 2 helicopters
  • $1M in thoroughbred racehorses
  • Gold chains for his 4 pet rottweilers
  • Lease Boeing 727
  • $500k/month for 200 person entourage
    • 2 - Mike Tyson
    Mike Tyson

    Income: $450-740 Million

    Expenses:

    Connecticut Mansion

  • 50,000 square feet
  • 52 rooms
  • 5 jacuzzis
  • 2 billiard rooms
  • An elevator
  • Movie theater
  • Locker room

    Ohio Mansion
  • 8 Car Garage
  • Basketball court with Tyson Logo (and bleachers)
  • Sundae bar next to the pool
  • Faux gold ceilings (not expensive, but tacky)

    Vegas Mansion
  • 11,000 square feet
  • Wayne Newton neighbor
  • Patterned after a French Castle
  • 7 bedrooms

  • 1 other Las Vegas home

  • Don King - current lawsuit is for $100M in damages

    Legal fees
    - $9M on 2nd divorce proceedings
    - Countless run ins with the law
    - Countless civil suits against him

    $300 Million squandered
  • His 2nd wife spent millions
  • $340k on pagers and mobile phones
  • $600k on his birthday party
  • Pet Bengal tigers
  • Spent $500k in 1 hour at a Vegas jewelry shop on his friends
  • $400k monthly tab
    • 1 - Michael Jackson
    Michael Jackson

    Income: $500 Million - $1 Billion

    Expenses:

    $30M on Neverland Ranch

  • $200k / month to run
  • Zoo
  • Ferris Wheel
  • Bumper cars
  • Dragon Wagon kiddie roller coaster
  • Zipper
  • Merry-go-round

    ~$500M Squandered
  • 10 AIBO dogs at $5k each
  • $9K / night hotel rooms in Dubai
  • $6M shopping spree on the documentary Living with Michael Jackson
  • Plastic Surgery
  • $20M in lawsuit settlements
  • Millions hiring Hungarian soldiers to march in "teaser" video for album
  • Divorce settlement
  • $1M fee to Marlon Brando for appearing at event honoring Jackson
  • $625k / month in personal expenses

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