Celebrities in Debt

Celebrities in Debt

Many of us mere mortals struggle in our day to day lives to make ends meet. With the recession taking its toll on people’s bank balances and lifestyles, many of us are opting for a night in instead of a night out, 241 offers, holidays in the UK and the bike instead of the bus to work.

Well as much as you may be struggling now, don’t think that those high flying celebs are rolling in the cash pot. Many celebrities over the years have got themselves into hundreds of thousands of pounds of debt, trying to keep up with the lavish lifestyle, the celebrity world brings.

Well to make you feel a little bit better and so you don’t feel as bad spending a few pennies on that gorgeous black dress, or a couple of pints in the pub, take a look at these super spending celebrities and the messy situations they got themselves in.

Kerry Katona

One of the biggest celebrity spenders this year has been Kerry Katona who declared herself as bankrupt last month due to an unpaid tax bill. The former Atomic Kitten star has just been dropped as the face of Iceland, after being snapped taking cocaine earlier in August 2009.

Kerry earnings over the past few years does not equate to her spending. The star is reported to have earned £1 million for her book, ‘Too Much Too Young,’ £750,000 for her Iceland ad contract, £400,000 annual earnings for her column in OK! Magazine, £250,000 from her diet and fitness video, £100,000 for her reality shows ‘My Fair Kerry’ and £25,000 for winning I am a Celebrity.

The star actually spends £1.5 million on her luxury five-bed house in Cheshire, £115,000 on a Lamborghini for hubby Mark, £90,000 on a top end Range Rover, £70,000 Porsche Cayenne GTS and £12,000 on a motorbike for Mark...again.

Shane Ritchie

Shane Ritchie may be a famous star on the TV screen but don’t expect to see him splashing his cash on expensive furniture or buying everyone a drink at the pub.

Despite the rumoured £200,000 wage packet during his time at Eastenders, the lovable Alfie Moon faced arrears on the £8,000 a month mortgage of his £2million mansion. Ritchie had to sell his dream home to avoid bankruptcy and clear up his debts.

The TV star bought the house complete with a pool and cinema in 1996 for £400,000, but had to remortgage five times over the years running up £500,000 in debt after his career nosedived. Returning to our TV screens as the lovable Alfie Moon, he used his new income to splurge £250,000 in a 40th birthday party and fund a movie called Shoreditch starring Joely Richardson.

“I bankrolled it to the tune of half a million,” he says. “Every penny I had went into it. Last summer my car was repossessed. I could not pay the mortgage for a year and bailiffs were threatening to come round over a £2,000 bill.”

His friends helped him clear up his immediate debts and will no doubt be expecting to see their cash returned now Ritchie is back in the money.

Bill Roache

Another soap star who got caught up in the celebrity stardom is Coronation Street’s Bill Roache who plays Ken Barlow.

The long standing Corrie actor was made bankrupt in 1999 and was ordered to pay legal costs despite winning a libel case against the Sun newspaper. He was awarded £50,000 in damages but because the figure was exactly the same that the paper had offered him in an out-of-court-settlement, he had to meet the legal costs of around £120,000 and his debts are believed to have spiralled to £600,000. Not like the Ken we know and love in the street then!

Mike Tyson

Former boxing champion Mike Tyson became a household name during a career which earned him more than £165 million. However, the famous boxer is now longer throwing his money around after being declared bankrupt with debts of more than £70 million.

His luxurious mansions have long since been sold along with his collection of classic cars. The boxing champion now lives in a modest rented home in Phoenix.

Adam Faith

Former 1960s singer, Adam Faith made a living out of telling others how to handle their money... I bet many wish they didn’t take advice of him.

After the collapse of the satellite television channel he founded, The Money Channel saw him declared bankrupt with debts of £32 million.  Faith unfortunately died in 2003 and left his widow, Jackie to deal with pressure from creditors demanding she moved out of their marital home. Agents for an insolvency firm handling her late husband’s affairs claimed half of the family possessions along with 50 per cent of a ‘paltry’ life insurance policy.

George Best

Former footballer, George Best, lived his life surrounded by women, gambling, fast cars and alcohol.

At the height of his career, Best was taking home £3,500 a week while the average footballer would bring home £75. But the large wage packet and the alcohol fuelled lifestyle failed to support the footballer and his life and health.

He took up gambling after he gave up football, claiming that it was his way of filling the void in his life. In November 1982, George was declared bankrupt, owing creditors £22,000. His most famous comment on his lifestyle was, “I spent a lot of money on booze, birds and fast cars. The rest I just squandered.”

Kim Basinger

In March 1993, the stunning Kim Basinger pulled out of Boxing Helena, four weeks before shooting.

The studio sued the star, which resulted in Basinger declaring she was bankrupt to settle the £6 million claim. This terrible decision also came after her ill-fated move in 1989 to buy the town of Braselton, Georgia, for £12.5 million, which was later sold. The late 80s also brought further bad news for the star as her first husband, makeup artist and Basinger’s manager, filed for a divorce. He reportedly demanded a £15 million settlement.

Most celebs have and will continue to be lavish spenders as long as the money keeps rolling in. What they forget to realise is that money does run out if you don’t keep on working, or you spend in excess on things you don’t necessarily want or need.

We mere mortals may have to learn the hard way sometimes but at least we don’t come down with a bump with debts of £6 million! Kind of makes you feel a little bit sorry for these not-so-clued-up celebs living in a fantasy world!

Obligation Free Remortgage Quotations

Get a Quote »