We tend to associate fame with fortune, but these two things don’t always go hand in hand. There are many celebrities, especially musicians, who’ve become incredibly successful with chart topping hits or high record sales, but they don’t have the finances to show for it. Their lack of cash typically stems from bad business deals, legal disputes or irresponsible spending. Here are 9 musicians who went broke!
9. Toni Braxton
Grammy award winning singer Toni Braxton filed for bankruptcy not once, but twice! She first filed in 1998 and blamed an unfair contract with her record label. She had released huge hits like “Breathe Again” and “Another Sad Love” which sparked $ 170 million in sales, but she claimed she only got a royalty check for $ 1,972 in her first recording contract and unsuccessfully sued Arista and LaFace Records. She also admitted she had a bit of a spending problem. Braxton managed to dig herself out of debt with the release of her 2000 hit “He Wasn’t Man Enough” but once again filed for bankruptcy in 2010 when her Toni Braxton: Revealed show was abruptly cancelled. She has since completed mandated financial management courses and most of her debt has been discharged.
8. Meat Loaf
Michael Lee Aday, better known by his stage name Meat Loaf, is a hugely successful singer, songwriter and record producer. His Bat Out Of Hell trilogy albums sold more than 50 million copies worldwide, and continue to sell nearly 40 years later! During the ’80s, Meat Loaf filed for bankruptcy after his friend Jim Steinman, who wrote many of Meat Loafs biggest hits, filed a lawsuit against him. After struggling to find a new writing partner, he finally teamed up with John Parr in 1986 and recorded Blind Before I Stop. The album was a complete failure and caused Meat Loaf to go bankrupt. He lost everything and his relationship with long-time writer, Steinman, completely deteriorated.
Thanks to: Celebrities – Fame10