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3. Toni Braxton – Don’t Trust The Record Labels, Toni!
She was an R & B superstar of the 1990s, one of the biggest names in a revival that spawned the likes of Beyoncé, among others. She was considered a peer to Whitney Houston. She had almost 30 million units in album sales for her first three albums, two number one hits, six Grammys, and no money. That’s right, superstar singer Toni Braxton was used badly by record companies and agents, accruing less than $2,000 in royalties on her very first recording contract and ending up perpetually in debt to her record company. She also had a thing for expensive home furnishings, never a cheap way to go. She was forced to file for bankruptcy in 1998. Things seemed to take a turn for the better for Toni in the mid-2000s but then she became ill, had to cancel a Vegas residency, and declared bankruptcy again. She finally became solvent (hopefully for good) in 2013.
2. Meat Loaf – Spent It On The Gravy
It’s not the biggest bankruptcy filing a celebrity has ever gone through, but it’s not the smallest either. Actually, given that he declared for bankruptcy not once but twice in the ‘80s, perhaps Meat Loaf was just trying to set the record for bankruptcy filing at the time. The singer, who is most famous for the rock anthems “Paradise by the Dashboard Light” and the all-time (and widely misunderstood) arena rock anthem “I’d Do Anything for Love (But I Won’t Do That),” was in debt for about $1.5 million the first time he lost everything. That’s what I don’t get. His songs were huge hits. He made a sh*t-ton of money. He couldn’t possibly have had the imagination to spend everything himself on crazy stuff, could he have? I mean, this is Meatloaf, not Johnny Depp. He literally is a meat & potatoes kind of rock star. Who knows? Maybe he spent it all on gravy…
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