Burt Reynolds (Bankrupt in 1996): If you think tabloid news about Tom Cruise and Katie Holmes breaking up is a recent phenomenon, just harken back to the high profile divorce of Burt and Loni Anderson. The messy proceedings saddled him with $10 million in debt even as an extravagant lifestyle and a chain of failed Florida restaurants bled him dry. The money troubles haven’t stopped, however, as Merrill Lynch Credit recently has threatened to foreclosure on his four-acre waterfront state in Florida to collect a $1.2 million debt. And until recently, he owed California $225,000 in back taxes over about 15 years.
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