It’s not that hard to lose millions of dollars. It happens all the time. Especially to rock stars.
Here are some examples:
1. Mick Fleetwood. He claims he’s been bankrupt about SEVEN times. Quote, “I’m like Donald Trump.” Mick claims he’s snorted $60 million worth of cocaine over the course of his career, and once sunk his fortune into an Australian farm.
2. Meat Loaf. His 1977 album “Bat Out of Hell” sold more than 40 million copies. But six years after its release he declared bankruptcy. He had lost a lot of money on lawsuits related to the royalties he was getting.
3. Ted Nugent. He declared bankruptcy in 1980 following a string of bad investments, including a mink farm, a herd of Clydesdales, and a failed hotel in Flint, Michigan.
4. Cyndi Lauper. She went broke BEFORE she got famous. She was in a group called Blue Angel, and was eventually sued by their manager. She finally climbed out of the hole when her debut album, “She’s So Unusual”, became a hit.
5. Willie Nelson. The IRS told him in 1990 that he owed $32 million in back taxes. He was able to square up by 1993, though.
6. Courtney Love. By her own estimate, she’s lost $500 million to shifty lawyers, managers, and banks over the years, and she’s been dead broke several times.
7. Billy Joel. He hired his own brother-in-law to handle his affairs . . . and got screwed. The guy stole millions from him, while also taking out loans and making risky investments in his name.
8. John Oates. He found out he was broke in 1987 . . . and freely admits he just lived above his means. At the time, he claimed that the $50 in his wallet was his only liquid asset.