7 Celebrities that went from Rich to Broke - This list will shock many! (+Photos)

Celebrities that went from Rich to Broke - Being a successful celebrity brings with it a bank account that can be bigger than life itself. While the majority of celebrities invest, save and spend their money wisely some of them have not been so lucky. More.. 10 fascinating photos from World War II 10 most attractive airlines stewardess around the world (With Pictures) Bootylicious: Top 20 celebs with the biggest & sexiest butts in the world – You need to see #1 (+Photos) The most reliable ways to know if she is a slut – Make sure you see this! Several Hollywood celebrities have gone from rich to broke for a variety of reasons and here is a list of them... Sherman Hemsley

Before he passed away Sherman Hemsley got himself into some serious trouble with the IRS. In 1999 he was forced to file for bankruptcy after entering into a loan that left him $1 million in the hole. He also owed the IRS money he couldn’t pay back. Eventually he reached a settlement outside of court but never fully recovered financially from the ordeal. Navigate using arrows below Courtney Love SEE ALSO: 20 Billionaires who lost all their money - #1 will leave you in a big shock! (+Photos) Courtney Love has found herself deeply in debt after racking up a $350,000 debt on an American Express card. She has not been able to pay that debt off and is not able to tap into her daughter’s trust fund to get the money. Mike Tyson In 2003 Mike Tyson found himself filing for bankruptcy. In his case he was living well beyond his means despite the fact that he had made more than $300 million as a boxer. Unfortunately for him he blew the money on numerous cars and mansions, as well as tigers he kept as pets. Nicolas Cage SEE ALSO: 20 Billionaires who lost all their money - #1 will leave you in a big shock! (+Photos)

Nicolas Cage found himself in financial trouble when the IRS demanded he pay them back $6.2 million in taxes that had previously gone unpaid. By this time Cage had already successfully paid back $666,000 to the IRS due to the fact that he withheld tax payments in lieu of making personal purchases. As a result of his financial troubles he had to sell both his $3.5 million mansion in New Orleans and his $35 million Hollywood home. Wayne Newton Wayne Newton had to file for bankruptcy in 1992 after he sued NBC in a liability case and spent $20 million. In 1998 the IRS sued Wayne Newton for back taxes worth $1.8 million. He also had to pay penalties and fines totaling $60,000 to an airport in Michigan because he abandoned a plane there. The $60,000 was to cover the cost of inadvertently renting the storage space for the plane. Kim Basinger SEE ALSO: 20 Billionaires who lost all their money - #1 will leave you in a big shock! (+Photos) Kim Basinger found herself broke after failing to be able to pay $8.1 million for damages incurred from breaking a contract. She was accused of breach of contract when she backed out of doing a movie titled Boxing Helena. Four years before Basinger filed for bankruptcy she had purchased a Georgia town known as Braselton at a cost of $20 million. Two years after she filed for bankruptcy she sold her ownership of Braselton. Vince Neil Vince Neil was sued for $16,000 in 2010 by a bankruptcy lawyer that had represented him previously. Twice in his life, Vince Neil has gone into debt. These stories are all proof that becoming famous does not necessarily mean a celebrity is set for life. The responsible ones succeed in keeping their money while others make foolish choices and lose it. - Richest Lifestyle CLICK HERE to join our BBM Channel for faster updates TOP POSTS YESTERDAY Top 10 wonders of the world (With Pictures) Top 10 Most expensive Lamborghini cars (With Pictures) 10 Tips on how to get filthy rich with sporting bet – Learn the tricks now! 10 most expensive bikes in the world & their prices (With Pictures) 10 Inspirational celebrities with shocking diseases (+Photos) Top 7 Most beautiful wives of African footballers (With Pictures) 10 craziest ways to lose weight fast. Top 20 fastest supercars in the world 2015 (+Photos) 10 royal families riddled with incest (With Photos) 10 most evil children in history of the world – You will be shocked to see their evil deeds (With Pics)