MC Hammer (Bankrupt in 1996): Stanley Kirk Burrell, as the rap star was named at birth, is one of the best-known tales of celebrity excess. After earnings a reported $33 million in the calendar year 1991 alone he was saddled with debts worth $14 million at the time he filed for bankruptcy. Those debts include race horses, 17 cars, an airplane, a record label and a home on nearly 12 acres that was bought for $30 million — and offered for $6.8 million after the bankruptcy. Oh yeah, and don’t forget the $500,000 he owed to Deion Sanders according to filings. MC Hammer spent as much as $500,000 a month on a crew as large as 200 people, according to reports. Nice work if you can get it! But don’t fret, because in the intervening years Hammer has bounced back. According to reports he is in the process of creating his own search engine, called WireDoo, which will compete with Google (NASDAQ:GOOG) and Microsoft (NASDASQ:MSFT) search engine Bing. I’m sure it will be a profitable business venture for him …
9 Ugliest Celebrity Bankruptcies in History
When it comes to cash-pressed celebs, these are the worst
Article printed from InvestorPlace Media, http://investorplace.com/2012/07/10-ugliest-celebrity-bankruptcies-in-history/.
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