Turns out 2009 was a bad fiscal year for Gaga as well. At the time, the Bad Romance singer’s career was booming, but her wallet was empty. A few years ago, Gaga admitted that she spent her entire $3 million fortune on her Monster Ball tour in hopes of making enough of a splash to secure a lucrative contract from entertainment production Live Nation, making her bankrupt the same time she was the top-selling artist in the country. Her gamble worked — after the tour, the concert giant offered the pop singer a $40 million contract.
Busta Rhymes was a pretty popular rapper in the late 1990’s and was supported by a few hits since then. Busta never achieved the superstar status that he thought he would while he spent way too much money. The end result of the spending was $800,000 in back taxes in 2014.
The trio barely profited from their monstrous success. After amassing a debt of $3.5 million, the group filed for bankruptcy in 1995, citing poor royalties and a breach of contract by Pebbles Reid, their former manager. Word is, some of the debt had something to do with Left Eye’s insurance payments for burning the house of her former boyfriend, Andre Rison.
This one probably comes as a big surprise considering how Nelly has stayed relevant in the mainstream music scene — and still flashes his money around from time to time. Fortunately, Nelly’s bankruptcy was short-lived, after losing all of his earnings in 2011 from a bad gambling habit.
Of the several U.S. presidents who have declared bankruptcy, it was Abraham Lincoln who filed twice. With no modern bankruptcy laws to protect him, his creditors took him to court and wound up paying his debts well into the 1840s.