10 Millionaires Who Lost It All

10 Millionaires Who Lost It All 10) Mike Tyson Over a career spanning 20 years, celebrity boxer Mike Tyson accumulated a fortune of over $400m The champion lived a life of luxury, spending over $4

5m on cars and motorcycles alone Other extravagant purchases included two white Bengal tigers, costing $140,000 each, and a bathtub costing $2m His spending caught up with him however, and in 2003 he filed for bankruptcy, claiming he had $27m worth of debts He has since held entertainment boxing show tours and forged an acting career to help pay off his debts Source: New York Times 9) Al Goldstein In the late 1960s, Al Goldstein founded SCREW, a highly explicit pornographic magazine

The venture turned into a multi-million dollar company, selling 143,000 copies a week, whilst at this peak Goldstein was worth $11 million in money and assets However, with competition from Playboy and the emergence of internet porn, demand for SCREW started to fall The company eventually folded in 2003 A year later, Goldstein was declared bankrupt and spent the rest of his days living in homeless shelters and working as a greeter in a New York deli Source: New York Times 8) Björgólfur Guðmundsson [BYOL-GOL-VOOR, GU-EH-MUND-SON (stress on the ‘eh’)] Björgólfur Guðmundsson was the majority owner and chairman of Icelandic Bank Landsbanki, which in March 2008 made him the 2nd most wealthy person in Iceland, with a net worth of $1bn

However, in December of that year, after the market crash caused a total collapse of the Icelandic banking system, Forbes revalued his worth at $0 Landsbanki was eventually taken over by the government and Guðmundsson held over $700m in debt Luckily, he doesn’t have to live an impoverished life, as his son Thor Guðmundsson, worth $2bn, is Iceland’s wealthiest person Source: Telegraph 7) Marion Jones At the 2000 Sydney Olympics, track athlete Marion Jones took home 3 gold and 2 bronze medals, making her an American sports icon She subsequently made million of dollars in endorsement deals from sports brands like Gatorade and Nike

However, in 2007 after intense investigation, she confessed to using performance-enhancing steroids She was stripped of both her medals and sponsorship deals, and was then forced to pay hundreds of thousands of dollars in legal fees After landing 6 months in prison for her drug offenses, and with no sporting career left, she filed for bankruptcy with just $2000 to her name Source: ESPN 6) Michael Carroll At just 19 years old, Michael Carroll from Norfolk, England, won the top prize in the lottery, picking up over $13m Instead of saving and investing his new found wealth, the teenager spent his money on parties, drugs, prostitutes, and even built a demolition derby racetrack in the backyard of his newly bought mansion

Just four years after he’d won the jackpot he’d spent it all, and now works in a biscuit factory, packaging shortbread on minimum wage Source: BBC 5) Seán Quinn In 1973 Seán Quinn founded the QUINN group, which started as a small quarrying family business and grew into a manufacturing empire By 2008 Quinn was named the wealthiest man in Ireland, with a staggering estimated worth of $6bn He invested in one of Ireland’s largest banks, Anglo Irish Bank, and built up a 25% stake However, the Irish Bank collapsed during the 2008 financial crisis, which wiped out Quinn’s investment, riddling him with debt

By 2012 Quinn had filed for bankruptcy and, to this day, his family continue to fight in court against paying back $25bn worth of loans Source: BBC 4) Johnny Unitas Johnny Unitas was one of the highest paid quarterbacks in the NFL in the 70s, earning $13m in today’s money He invested his fortune in a series of restaurants, real estate ventures, and borrowed millions of dollars from the city of Baltimore to buy a circuit board manufacturer

Unfortunately, every single business he invested in failed, and Unitas declared bankruptcy in 1991, owing as much as $32 million His financial difficulties continued up until his death, resulting in the Maryland taxpayers having to foot the bill Source: New York Times 3) Jordan Belfort Stockbroker Jordan Belfort founded Stratton Oakmont in 1989, a trading floor that used an illegal pump and dump technique to gain massive profit on penny stocks His company boomed, and by the age of 25 he was worth $85m

He spent his fortune on supercars, yachts, and drug-fueled parties in his mansions However, in 1995 authorities shut the company down for illegal trading and Belfort was sentenced to 4 years in prison for money laundering and fined $1104m that he had fraudulently taken from investors Source: The Independent 2) Allen Stanford In 2008 Allen Stanford was named one of the richest men in America, with a net worth of $22bn

As the chairman of the Stanford Financial Group, he spent over $100m on planes and helicopters, as well an excessive $12m just to lengthen his yacht by just 18 meters One year later though, authorities discovered that his company was operating under a massive Ponzi scheme, scamming over 20,000 investors by selling over $7bn worth of fraudulent certificates of deposit Stanford lost his entire fortune and is currently serving a 110-year prison sentence Source: Guardian 1) Eike Batista [IKE-EE, BAT-EE-STA] (ike-ee rhymes with pikey) From the 1980s, Eike Batista built a commodity empire, which by 2012 made him the 7th richest man in the world, with $30bn to his name

Soon after gaining this title, however, oil production slowed and decreased investor confidence, which resulted in rising debt payments and falling stock prices By July 2013, Batista’s fortune plummeted to $200m and just five months later he filed for bankruptcy with a net worth of minus $1bn Source: Business Insider

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.