Hollywood stars who lost their fortune – and whether they got it back again

With a combined net worth of around $100 million at the turn of the century, Hollywood power couple Kevin Bacon and Kyra Sedgwick seemed destined to reap the rewards of their film successes. However, the Footloose legend and his movie star wife ended up losing nearly their entire fortune in a Ponzi scheme.

The pair and many others were scammed by disgraced financier Bernie Madoff, who promised high-return investment opportunities with the couple's astronomical fortune. Despite a grueling legal battle, Kevin and Kyra only received a fraction of their funds back – though two decades later, they’ve bounced back with an estimated net worth of $45 million. 

Showcasing his unwavering optimism, Kevin told The Guardian, “Pretty quickly we were able to see all the things we had, as opposed to whatever we lost…children, health, love, a nice home. So we got through it together”.

From Bond girl to Batman star, Kim Basinger was raking in the money throughout the ‘80s, but was forced to file for bankruptcy in 1993 following a lawsuit. The actress was sued by Main Line Pictures after pulling out of the movie Boxing Helena, describing the script to the court as “strange” and “the worst television writing in history”. 

Kim was ordered to pay $8.1 million after it was found she breached an oral contract – though the dispute was resolved four years later, the case had already bankrupted her. Years later, her role in L.A. Confidential (1997) not only bagged her an Oscar, but put her back on the big-budget acting trajectory. Kim now has an estimated net worth of $20 million.

“If he made $100, he spent $100,” Burt Reynolds’ ex-wife Loni Anderson revealed in the documentary I Am Burt Reynolds (2020). The Smokey and the Bandit star had lavish spending habits, reportedly blowing through his $60 million net worth on multiple properties, private jets, and even 150 horses. The star ended up filing for Chapter 11 bankruptcy in 1996 after falling into $10 million worth of debt, exacerbated by a costly divorce from Loni. 

Burt managed to get out of debt two years later, but continued to struggle with financial issues. “I’ve lost more money than is possible because I just haven’t watched it,” he told Vanity Fair in 2015. “I haven’t been somebody who’s been smart about his money”. The acting legend passed away in 2018.

Gossip Girl star Kelly Rutherford filed for bankruptcy in 2013 after a lengthy custody dispute with her ex-husband, Daniel Giersch. The costly lawsuit, combined with a significant salary drop since the popular teen drama ended, forced her to declare nearly $2 million in debts during her Chapter 7 bankruptcy filing. 

The custody dispute was dragged out due to Daniel moving the couple’s two children to Monaco, meaning Kelly had to navigate complex international family law. The star ultimately decided to relocate to be with her children. “It was a heartbreaking time. But I focus on the good most of the time, I really do,” she told People in 2024. “I’m very thankful of where we are. I have a great relationship with my kids”.

At the time of the King of Pop’s death in 2009, he was thought to be over $500 million in debt. To fund his lavish spending habits, on items including gold-plated cars to a $1.5 million Academy Award statue from Gone with the Wind, the Thriller singer took out multiple high-interest loans, using his music catalog as collateral. 

Since his untimely passing, Michael’s empire has flourished under the stewardship of attorney John Branca and music executive John McClain, who have turned his estate into a multi-billion dollar franchise. The pair have managed his posthumous music royalties and licensing deals, which have continued to skyrocket thanks to his enduring popularity. 

After a near-fatal stroke in 2001, Sharon Stone’s $18 million in savings was depleted, mismanaged by financiers who took advantage of her condition. “When I got back into my bank account, it was all gone. My refrigerator, my phone – everything was in other people’s names. I had zero money,” the Basic Instinct actress told Vanity Fair. 

After continuing with her high-profile career and making a return to modelling, which she’s candidly shared generates more income than acting, Sharon is now thought to have a net worth of approximately $25 million. 

Prior to her “Girls Just Want To Have Fun” popularity, Cyndi Lauper’s music was the reason she declared bankruptcy. Her band, Blue Angel, were sued in 1981 by their former manager Steve Massarsky for $80,000, which led Cyndi to declare bankruptcy. The Time After Time singer worked as a waitress and local club singer until she met producer David Wolff, who went on to manage her solo career.

With the release of She’s So Unusual (1983), Cyndi was able to bounce back from her financial struggles and reach a settlement with Steve, allowing her to move ahead with her landmark solo career.

Nicolas Cage may be Hollywood royalty, but he suffered some financial woes after a series of lavish purchases. After amassing a fortune of around $150 million, the Ghost Rider star developed a taste for the extravagant – think a haunted mansion in New Orleans, European castles, and exotic pets like octopuses. This spending eventually landed the Oscar winner in hot water; by 2009, he owed the IRS $6.2 million and faced multiple property foreclosures, worsened by the global financial crash. 

To pay off his debts, Nicolas worked tirelessly, starring in all sorts of films from direct-to-video to blockbuster hits. “When I was doing four movies a year, back to back to back, I still had to find something in them to be able to give it my all,” the star told GQ in 2022. “I never phoned it in. I was caring”. He’s now estimated to have a net worth of around $40 million.

Despite the success of her album Secrets, Toni Braxton’s record deal with LaFace and Arista Records left her earning a mere 35 cents per album, even as her label raked in around $170 million. When the Grammy-winning singer sued to escape the contract in 1998, the label countersued – forcing Toni to file for bankruptcy at the height of her fame.

Over a decade later, the “Unbreak My Heart” singer filed for bankruptcy again in 2010, exacerbated by health issues and the foreclosure of her Nevada home. After the court discharged most of her debts, the R&B legend has slowly rebuilt her fortune, admitting to ABC News that she “lost touch with reality” regarding her spending. She’s since thought to have a net worth of approximately $8 million.

At the height of his fame, rapper MC Hammer was sitting on a fortune of around $70 million, but even superstardom couldn’t keep up with his extravagant lifestyle. The “U Can’t Touch This” hitmaker – born Stanley Kirk Burrell – found worldwide success with his album Please Hammer, Don’t Hurt ‘Em (1990), and soon splurged on a $30 million California mansion and a 200-person staff. When record sales plummeted, the rapper’s fortune evaporated, and by 1996, he filed for bankruptcy with over $13 million in debt.

The rapper has since managed to rebuild a more comfortable life, through alternative avenues like investment and consulting. While he’s no longer topping charts, he still performs occasionally and has now accrued an estimated net worth of $2 million.