10 Filthy Rich People Who Lost Their Fortunes

10 Filthy Rich People Who Lost Their Fortunes

– (chuckles) Everyone, I
just made a billion dollars and it’s gone just like that. So many of us have dreams
of being rich and famous. Or, at least the rich part. And some people actually
attain that dream. But then sometimes as quickly
as they amass their fortune, they lost it all in spectacular ways. Here are 10 filthy rich people
who lost their fortunes. Number 10 is Mike Tyson. “I can’t buy dinner no
more, let me eat your ear.” Over his 20 year career,
from 1985 to 2005, former boxing heavyweight
champion Mike Tyson was showered with respect. He knocked out every opponent
in his first 19 fights which brought in bigger and bigger paydays with each fight and promo deal. By the end of his run, he
made over 400 million dollars. But he managed to go into debt
by over 38 million dollars. Lavish spending and
financial irresponsibility had him hemorrhaging
money by the millions. Tyson’s monthly expenses
amounted to nearly $400,000. And the man spent millions on cars, parties, two tigers,
his elaborate gardens, and salaries for dozens of people. The once undisputed champ
filed for bankruptcy in 2003. Though Buster Douglas was the
first to give him a knockout, Tyson’s biggest came from his wallet. Number nine is Rick Burton. Nevada developer and
Rightpath Limited co-founder Rick Burton was looking
like a superstar in 2008, outbidding other millionaires
for big projects. And two major ones helped bring his entire empire crashing down. The first was a project in Las Vegas which would bring a
corporate luxury jet terminal to McCarren International Airport. The second was a resort
in Glendale, Arizona, called Main Street. But, neither endeavor
ever came to fruition. After their failures, dozens of lawsuits were filed against Burton and Rightpath by unpaid creditors. After having hundreds
of millions of dollars, he ended up in 2012 owing over
310 million dollars in debt. Rick Burton was forced to file
for chapter seven bankruptcy, revealing that he had
only $6,600 to his name. Well, at least he spent all
his money on business ventures as opposed to, like,
avoiding his giant tax bill. (laughing) Who would do that? That’s coming up next? Number eight is Willie Nelson. While he is unquestionably
one of the most famous country music artists of all time, Willie Nelson has found himself neck-deep in financial trouble. In the late 1980s, the
superstar was handed a tax bill of 16.7 million dollars, a staggering number the
man simply couldn’t afford. After some smart work by his legal team, led by attorney Jay
Goldberg, got that amount down to six million, Nelson
still couldn’t come up with such an amount so
he simply ignored it. But, as you could imagine,
the IRS does not like being ripped off by any such an amount. On November 9th, 1990,
Nelson’s home was raided and all of his assets were seized. Literally, the only
thing the IRS didn’t take was Trigger, his guitar. Eventually, through an
unusual deal involving giving proceeds from a new
album directly to the IRS, Nelson paid what he owed. Hoo, that is savage by the IRS. They’re gonna take everything, but, “Here, Mr. Nelson, we’re just
gonna leave you your guitar.” “Enjoy.” Number seven is Clint Murchison Jr. Imagine inheriting your family’s assets and vast wealth and then
losing more than you gained. Well, that’s just what happened
to Clint Murchison Jr., who inherited his father, oil baron Clint Murchison Sr.’s
companies and fortune. Unfortunately, due to
several bad investments and business decisions,
Murchison squandered that wealth fairly quickly. After establishing the Dallas
Cowboys as an NFL team, he sold them far too early
collecting a fraction of what he would have earned if he waited. Mistake after mistake cost him dearly. With the plummeting price of oil and a collapsing real estate market, Murchison found himself
nearly half a billion in debt. In February 1985, Murchison was found in one of the biggest
personal bankruptcy cases in the history of the United States. Number six is Marvin Gaye. ♪ Let’s get it on ♪ In the 1960s, Marvin Pentz Gay Jr., more famously known as Marvin Gaye, was a big musical success
helping to redefine Motown. But in the early 1970s, Gaye
left the pop genre behind. After grieving over the
loss of a dear friend and collaborator Tammi Terrell’s death, began releasing darker and sadder music. In 1977, despite having made
tens of millions of dollars with his music, Gaye found
himself addicted to drugs and in the midst of a
divorce with Anna Gordy, his first wife. And just like that, he was broke. He couldn’t even afford
to pay the $600,000 that he owed in alimony. So, he gave Gordy the
rights to his next album. Unfortunately, sales were low and by 1981, Gaye was hiding out in
Europe avoiding the IRS due to unpaid taxes. ♪ I need financial healing ♪ ♪ Hiding out, oh yeah ♪ Number five is Jack Whittaker. Andrew Jack Whittaker took
home a cool 113 million after winning the Power
Ball Lottery in 2002, the biggest jackpot ever
paid out in West Virginia. But less than a year
later, began losing it in large numbers. $545,000 that he left in
a suitcase in his car, for some reason was stolen. “Okay, honey, just going to the store. “Got all my money in a suitcase. “This can’t end badly.” He gave tens of millions
to various charities including starting his
own and gave the person who sold him the ticket a new house, Jeep, and a check for $44,000. In 2004, Whittaker’s
granddaughter and her boyfriend were each found dead, which
led Jack down a dark path. Losing millions to gambling
and giving lots away, he was sued by Caesars
Atlantic City Casino after checks amounting
to 1.5 million bounced. In the end, Whittaker ended
up losing more than he won. See, this is why people say
money doesn’t make you happy. Go for a walk, find a loved one, meditate. That’s the stuff that makes you happy. No joke here, just giving
you some life advice. Number four is Curt Schilling. On September 25, 2007, Curt Schilling threw his final pitch
for the Boston Red Sox, retiring from professional baseball after having made over 150
million dollars over 20 years. He created Green Monster Games in 2006, soon after changing its name to 38 Studios and was given a 75 million
dollar guaranteed loan from the Rhode Island Board
of Economic Development to develop the business
and bring 450 needed jobs to the area. However, even after the launch
of the company’s first game, a mass email was sent out laying
off all the staff members. Schilling’s company defaulted on the loan and didn’t have enough to fulfill payroll. “Yes, hi, Curt, it says
my paycheck bounced. “What happened?” “Oh, that, no, just, we’re out of money. “We’re bankrupt.” “Oh, well, okay. “Well, I’m gonna take the
stapler ’cause that’s mine.” It filed for bankruptcy on May 24, 2012, leaving Curt Schilling with a net worth of only 1 million and in a lawsuit with the state of Rhode Island. Number three is M.C. Hammer. I don’t care if he’s bankrupt, I will forever love this
guy’s parachute pants. Better known for his hit
hip-hop song U Can’t Touch This, the parachute pants-wearing
American rapper, Stanley Kirk Burrell,
better known to millions as M.C. Hammer, was the pioneer of pop rap in the late 80s and early 90s, and the first rapper to hit
diamond status for an album. According to Forbes
Magazine, in the early 90s, Hammer enjoyed a financial status of over 33 million dollars. However, the mid to late
90s found his album sales plummeting and his unpaid
loans, luxurious lifestyle, and payroll for his many employees cost him a lot more than he had. He wound up in debt
over 13 million dollars while still trying to support
his friends and family. On April 1, 1996, after
realizing there was no way he could recoup the cost
that he’d accumulated, Hammer filed for chapter 11 bankruptcy. “Hey, Hammer, you owe me money. “No, break it down.” Number two is Sean Quinn. In February of 2008, John Ignatious Quinn, better know as Sean Quinn,
was the richest person in the Republic of Ireland, Amassing over six
billion dollars in wealth through clever business
deals and investments. But, soon after reaching
that billionaire status, everything came crashing
down for the businessman. Confident in his fortune,
Quinn quickly increased his family stake in the Anglo
Irish Bank in early 2008. But, later that same
year, the bank experienced near collapse and was taken
over by the Irish government in January of 2009. Quinn Insurance and Quinn
personally were fined millions for improper loans, aiding
in his financial woes. But, amazingly, it took
less than three years for Quinn to lose his billions. He was declared bankrupt in 2011. So much for luck of the Irish. And number one is Michael Jackson. Though he was beloved
by million upon millions of fans worldwide and brought
in over 300 million dollars with the sale of his music alone, the King of Pop met financial ruin and then went far past it. Michael Jackson made some
very wise investments, including the purchase of
The Beatles music library for 47.5 million dollars. But, unfortunately,
made some more bad ones. In 1988, he spent 17
million dollars on the land supporting the Neverland
Ranch and then proceeded to spend around five
million dollars a year on keeping it operating. After court settlements
cost him tens of millions brands began dropping him en masse, reducing his income
while his expenses grew. It’s estimated that by the
time he met his untimely death, Jackson had gone into severe debt and owed anywhere between
300 and 500 million dollars. Regardless of all that, we can all agree that Bubbles the Chimp was
probably the best investment. Look at that little monkey, so cute. I want one. So, those were 10 filthy rich people who lost all of their fortune. If you guys enjoyed
this, remember to give it a big thumbs up. Also, be sure to subscribe to my channel, if you haven’t yet, and click the bell beside the subscribe button
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I’ll see you guys next time. Bye-bye.

100 thoughts on “10 Filthy Rich People Who Lost Their Fortunes”

  1. irs. think they own everything. if you ignore them and do not give them a large chunk of your earnings, they do what any other gangster mob does. they send out their goons to harrass you. only difference, irs use the police as their goons, and the government lets them get away with it.

  2. Jack Whittaker is my good friends uncle, and he just got a HUGE settlement from the IRS bc they took too much from his lottery winnings! So crazy to see him on this video

  3. Hammer is a clear story of a good heart trying to carry too many people (friends and family) after they make it big. Thatโ€™s why he had such a large crew of dancers and stage hands and therefore so many people to pay.

  4. Its people living beyond their means why not give to charity if you got tens of millions in the bank you dont need tens of millions in the bank i would share it out to the needy poor give to charity and the homeless there are people out in the world who are dying from hunger disease being with out homes young families that cant afford bills rent food people lost their homes in natural disasters fires floods earthquakes but yet some people have millions if not billions in their banks if you can afford to pay for massive 10 bed mansion you can afford to help the poor and the desperate. Not all homeless are on drink or drugs some have bad luck in life things happen

  5. My grandfather was the vice president of McDonald's Canada and owned a hotel (4 Season's Hotel) room (more like suite! It was a two level,3 bathroom, 2 BDRM, dinning room with a 12 seat marble dinner table and very large living room. Anyways every Christmas party was held there. But as my cousins and I were too young to go to the party we had to stay in the suite, but we decided to sneak down to the pool in the elevator but to our surprise Vanilla Ice & MC Hammer were in the elevator!!! I will never forget that!! But I always wondered what happened to them. Thank you for sharing ๐Ÿ˜

  6. Michael did not loss all his fortune.He still had his house and many stuff like his hat glove and concerts which would probably be able to pay his debts and still have so much money left

  7. Rick burtons money he had left was 666 dollar?? Rly all the diffrent amounts of money but it had to be 666…. Better call ghodt busters or something i were him

  8. Michael jackson is the the best pop singer๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€๐Ÿ˜€that is how much i love his songs.

  9. I rememeber going on a cruise to the Bahamas when I was a kid in the mid 90s and there was a luxury hotel on one of the islands. The tour guide told us that Michael Jackson was currently renting the presidential sweet for something like $1000 a night for the past month but had only stayed in the room a handful of times. Looking back he was definitely not the best at managing money.

  10. Hee heeee She's just a girl who claims that I am the one but the kid is not my son……. Bubbles and Michael rip have a nice afterlife๐Ÿ’Ÿ

  11. if any of them are smart enough to spend 10% of their assets to buy couple stocks, they would be billionaires by now, oh well.

  12. The IRS didn't seize Willie Nelson's guitar because he didn't have it in his possession. It was in his daughter's possession at the time of the raid

  13. Matt love your vids man!

    I have a question. What does Curt Schilling know about video games?
    He would've faired better if he had done something in baseball

  14. It's amazes me, these people live in luxury, that I could only imagine. Then they seek forgiveness after they spend it all.

  15. If he wants more views, he should dress elegantly. Dress got power ! 0094772503617 whatsapp.

  16. Idk about people buying a lot of luxurious things, Im here just wanting to buy a high-end pc and rent a decent sized apartment and more money to be used at the grocery.
    Im below 18 btw

    Also keep up the good work Matt ๐Ÿ™‚

  17. FUN FACT-Jack Whitaker was already a Millionaire.
    I'm from Jackson County Wv, what really happened bour that stolen dough was that he got a half a mill stolen outside a Strip Club ๐Ÿ˜‚๐Ÿคฃ

  18. It wasn't Tyson's fault he went bankrupt 1st time around it was all don king and boxing itself that did that to him. But tyson also had a part to play later on screwing himself a little.

  19. I dont want to be famous but I would love to be rich you don't know how hard it is to not be able to pay your bills at the end of the month

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