7. MC Hammer
MC Hammer‘s hit songs “2 Legit 2 Quit” and “U Can’t Touch This” helped him sell over 50 million records worldwide during the height of his rap career. Forbes magazine reported that Hammer’s net worth was around $30 million at one point, but that didn’t last.
He overspent on personal luxuries, private staff members, and supporting his friends and family, and found himself $13 million in debt. With no way to maintain his lavish lifestyle because of dwindling album sales, he had to file for bankruptcy in 1996. In 2007, there were reports that he still owed the IRS $700,000 in back taxes, but Hammer claimed he’d already paid that off.
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