It's hard to imagine how someone could blow through millions of dollars.
But it happens a lot.
From Michael Jackson to Francis Ford Coppola, we rounded up riches-to-rags stories, featuring high-profile people who managed to lose their fortunes (and sometimes get them back again).
Marvin Gaye
Marvin Gaye's estate has an estimated net worth of $5 million.
Back in 1976, the Motown legend's divorce from his first wife, Anna Gordy Gaye, led him to file for bankruptcy. In order to cover the $600,000 Gaye owed his wife in alimony payments, the singer gave Anna the rights to his album "Here, My Dear."
The singer's financial troubles — along with drug addiction — followed him for the rest of his life, even though he continued to record albums and perform. He even moved to Europe in 1981 to avoid dealing with the IRS. Gaye was killed in 1984 when his own father shot him after a heated argument.
Kim Basinger
When Kim Basinger filed for bankruptcy in 1993, the actress had a net worth of $5.4 million.
Her reason for filing for bankruptcy was backing out of filming the movie "Boxing Helena." Main Line Pictures sued her to the tune of $8.1 million for breach of contract. In a new trial three years later, Basinger settled for $3.8 million.
Basinger has since appeared in multiple films, including "8 Mile" and "Cellular," and she signed a contract with IMG Models — at 60 years old. As of last year, she had an estimated net worth of $36 million.
Meat Loaf
Meat Loaf currently has an estimated net worth of $25 million, a far cry from where he was decades earlier.
The singer filed for bankruptcy in the '80s after Jim Steinman — who wrote many of Meat Loaf's songs — filed a lawsuit against Meat Loaf. This came just after the not-so-succesful release of Meat Loaf's album "Dead Ringer."
The singer's last hit album was released in 1993. He has since acted in movies (including "Fight Club"), released the TV series "VH1 Storytellers," and published an autobiography.
See the rest of the story at Business Insider
