What do Burt Reynolds and Thomas Jefferson have in common? How about Kim Basinger and Gary Coleman? What about MC Hammer and… well I think that name tells you where this is going. They are all famous filers of bankruptcy and members of a long line of celebrity debtors. We look forward to their tales of woe on the last five minutes of the eleven o'clock news. We marvel at the details of each financial fiasco. One can't help but wonder how could such fortune turn into such debt?
If you ask Kim Basinger, she might tell you it was her weakness for the town of Braselton, Georgia. Basinger bought the town for $20 million around the time she dropped out of the movie Boxing Helena. While this might have been a wise career decision, the financial fallout was severe. After being sued for breach of contract, Basinger filed for bankruptcy and had to sell the town.
Mike Tyson might point his finger at his pet tigers. They were among the boxer's many outrageous purchases and accounted for over $8,000 of his debt. Of course, these innocent, caged beasts represented only a fraction of Tyson's lifestyle which demands $400,000 a month to maintain.
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