Hollywood’s 9 Most Financially Irresponsible Celebs

When it comes to managing money, some celebrities are really bad. Even though they have made millions of dollars, they didn’t manage it properly and are now broke. Instead of saving their money or investing it wisely, many of these celebrities threw caution to the wind and spent it with wild abandon. We all make mistakes, but squandering your fortune is a pretty big one – especially if it leaves you with nowhere to live. Since there are many celebrities out there who made a lot of money and are currently broke, we made a list of the 9 worst. We aren’t sure these celebs will ever learn.

9. Mischa Barton

Since being killed off “The O.C.,” Mischa Barton’s career hasn’t really taken off and, in the last few years, her money problems (and her mental health issues) have taken center stage. In 2010, the former television star was evicted from her New York City apartment and sued by the landlord for nonpayment of rent. Things haven’t improved since. Her Beverly Hills home is currently in foreclosure because she can no longer afford to pay the mortgage. We don’t see this ending well!

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8. Kelis

Kelis made the right decision when she dumped Nas for cheating her when she was seven months pregnant. Unfortunately, she was flat broke at the time. Nas proved himself to be anything but a gentleman. According to Kelis, he refused to give her a penny, even for medical expenses, so she took him to court. Since she is so strapped for cash, Nas has been ordered to pay his ex $20,000 in spousal support and $5,000 in child support.

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7. Lindsay Lohan

Lindsay Lohan is notoriously bad with money and, despite making millions earlier in her career, she has nothing to really show for it. When she was having trouble paying back taxes a couple of years ago, Charlie sheen gave her $100,000 to help pay off her debt, which didn’t really teach her anything. The troubled starlet was reportedly paid $2 million this year for her self-titled docu-series and rumor has it that she already burned through that cash. According to an article in Vanity Fair, Lohan is now making money by charging fees to appear at nightclubs in London.

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6. Courtney Love

After Kurt Cobain’s death, Courtney Love should have been set for life. Unfortunately, the controversial singer ended up burning through a big portion of her deceased husband’s fortune. Love estimates that she lost about $27 million, most of it being used to settle her various lawsuits. She claims that she isn’t going to sweat it and that she makes enough to live on. Let’s just hope she’s better with her own money than she was with Cobain’s.

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5. Pamela Anderson

Pamela Anderson is reportedly broke. According to Star magazine, she is $1.2 million in debt because of unpaid taxes and debts to a construction company that she hired to remodel her home, construct a swimming pool and construct foundations for a guest house. Before remarrying Rick Salomon, the former “Baywatch” star was living in a one-bedroom trailer because she couldn’t afford to pay the construction company for their work.

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4. Tori Spelling

A year ago, Tori Spelling admitted that she and her husband Dean McDermott’s overspending and poor decision-making has put the family in serious financial trouble. The couple made some bad decisions with their real estate. With their constant buying and selling of property, they ended up selling a few of their homes at a loss. It also didn’t help that they continued to live the high life even though they could no longer afford it. Spelling claimed in her memoir “Spelling It Like It Is” that she can’t let go of her expensive tastes. Let’s hope she can for her family’s sake!

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3. Kate Gosselin

Since losing her reality shows, “Jon & Kate Plus Eight” and “Kate Plus 8,” Kate Gosselin has been struggling to make ends meet. A year ago, she admitted that much of the fortune she accumulated from her reality show career was spent and that she doesn’t have a steady income. Instead of getting a 9 to 5 job, Gosselin and her brood recently did a two-part reunion special on TLC, “Kate Plus 8: Sextuplets Turn 10,” and more installments of the show are supposed to air this December. Let’s hope she manages this income better than the last!

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2. Heidi Montag and Spencer Pratt

Since “The Hills” ended, Heidi Montag and Spencer Pratt have blown through about $10 million and now they are broke. In an interview with In Touch magazine, reality TV’s most hated couple claims that they have found themselves in dire financial straits because they didn’t let go of their expensive lifestyle when they lost their steady income. “Every time we’d go out to eat, we’d order $4,000 bottles of wine. Heidi was going to the mall and dropping $20,000 to $30,000 a day. We thought we were Jay Z and Beyonce,” Pratt said. Wow – these two are unbelievable!

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1. Nicolas Cage

Nicolas Cage has never fully gone bankrupt, but he has come pretty close because he has a spending problem. In 2009, his spending habits were called into question when the Oscar-winning actor filed a $20 million lawsuit against his former business manager alleging that he was reckless with his money and did not pay his taxes. His former manager countersued, claiming that he had warned Cage that he was living beyond his means and urged him to spend less. In 2007 alone, the actor had bought three additional residences and 22 automobiles, which include nine Rolls Royces. No one needs that many homes or that many cars!

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Cate has a B.A. and an M.A. in English Literature and has been the Managing Editor of Fame10 for more than 6 years. Despite having a love for the works of Thomas Hardy, Leo Tolstoy and Lord Byron, she also has an intense fascination with pop culture. When she isn’t writing for Fame10, she’s planning her next big adventure in Southeast Asia.