24 celebrities who were rich and famous before losing all their money

Many celebrities go from being rich and famous to being involved in lawsuits or spending sprees that trigger bankruptcy.

United States President Ulysses S. Grant was broke after leaving the Oval Office.

Michael Jackson, MC Hammer, and 50 Cent all went from being top musicians with great wealth to bankruptcy and debt.

Actors like Nicolas Cage and Kim Basinger have also declared bankruptcy.

The lives of the rich and famous often seem glamorous, but even the biggest celebrities have issues with money.

Despite many inspiring stories of celebrities who came from nothing and worked their way out of financial hardship, the opposite also happens. From musicians to athletes to movie stars, sometimes fame and wealth result in a disastrous spending spree.

Here are 24 examples of rich and famous celebrities who lost all of their money at one point in their careers. Some of them managed to bounce back, while others remain in financial trouble.