Celebrities Who Got Rich and Then Lost It All

Tom Petty

Tom Petty declared bankruptcy in 1979. He wasn't broke; the stint was just a legal paly to get himself out of an exploitative contract with a record label that refused to pay him due to internal debt. They pocketed 100% of the cash that he earned for them (which was millions) while claiming that they were deeply in debt and needed a bailout. Petty filed for bankruptcy to get the attention of the IRS and the Better Business Bureau. He ended up winning the case, shutting down the label, and claiming all of his lost profits. 

Advertisement

Next Page →

The More You Know

  • Jamie Lee Curtis is Jake Gyllenhaal's godmother, and Jake is Heath Ledger's daughter's godfather.
  • Steve Jobs became a vegan because he believed it would stop him having body odor, reducing his need to shower.
  • Kanye West used to work at the Gap.
  • In 1978, Tim Allen was arrested for possession of 1.4 pounds of cocaine and was sentenced to three to seven years in jail. He was let out on parole after two years and four months.
Next Page →