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12 Celebrities Who Made Millions and Went Broke

broke braxtonToni Braxton, recording artist

Braxton has sold more than 40 million albums in her career so far. But she’s filed for bankruptcy twice – in 1998, due to an abominably one-sided new artist contract with LaFace Records; and in 2010, after abruptly canceling a one-woman Las Vegas show because of her unexpected battle with lupus, leaving her with up to $50 million in debt.

Braxton has since launched a comeback with a hit reality TV series, The Braxton Family Values, a Lifetime movie, a Broadway stint, and a new collaboration album.

Braxton recently made the news when she purchased a $3 million home in the exclusive gated community in Calabasas, California, just six months after settling her second bankruptcy.

broke owens 1

Terrell Owens, NFL legend

Owens earned an estimated $70 million throughout his football career as a wide receiver. By 2012, he had blown through most of his fortune. Financial setbacks forced Owens to sell several of his high-priced homes for under market value; he was inundated with child-support payments upwards of $50,000 a month to four different women; and he was recently hit with a tax lien of nearly $500,000.

Owens has succeeded in reducing his child support payments. According to TMZ, last April he sued his financial advisers for “opening a bank account without his knowledge and then forging his signature, and leading him to really bad investments, including a failed Alabama casino.”

The talented football player has tried his luck at a comeback, but no NFL team has been willing to take a gamble on him.

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