8. Kim Basinger – Lost $19M Buying A Town
Most people’s dreams of wealth entail cars, yachts, mansions, and beautiful partners with whom to indulge in the fun. Some folks might envision an island in the Caribbean or even swan-diving into a pile of gold coins a la Scrooge McDuck. But have you ever thought about owning your own town? Is that even legal?
In short, yes. Actress Kim Basinger purchased the town of Braselton, Georgia for $20 million in 1988. Basinger became a household name in the ’80s as a model and then starred in films like L.A. Confidential, Batman, Never Say Never Again, and The Natural. After accumulating more money than she knew what to do with, Basinger purchased most of the land in Braselton (1,691 acres) with the goal of turning the town into a tourist attraction, including movie studios and a film festival. The bold plan didn’t last long, crumbling as quickly as it came to fruition. In 1993, Basinger sold the town for $1 million for a total loss of $19 million.
In unrelated news, Basinger was later robbed of more millions by ponzie scheme crook Bernie Madoff. Her bank account took another hit, but Kim managed to bounce back, continuing a respectable on-screen career with roles in countless films and even an appearance in Playboy.
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