MC Hammer, entertainer
MC Hammer became the example for what Black entertainers should avoid after coming into fame. In 1991, Hammer made over $33 million. His spending included luxury cars, airplanes, a record company, the largest entourage in celebrity history, and a $30 million mansion (complete with a bowling alley, 17-car garage and a baseball diamond).
By 1996, he had amassed $14 million in debt and declared bankruptcy.
Hammer later became a minister, launched a tech startup (a search engine called WireDoo), and in 2012 joined Korean pop star Psy onstage at the American Music Awards for a performance of “Gangnam Style.”
Mike Tyson, heavyweight boxer
Former heavyweight boxing champ Tyson was once worth $400 million. In 2003, he filed for bankruptcy and was reportedly $50 million in debt. Last year, Tyson declared he was finally stable: “I’m totally out of bankruptcy.”
For much of 2013, Tyson kept busy with film cameos and a 36-city tour of his one-man show, “Mike Tyson: Undisputed Truth,” written by his wife, Kiki Tyson, and directed by Spike Lee.

