21 Bankrupt Celebrities – They Had It All And Spent Even More
15. MC Hammer
MC Hammer was most definitely touched when he went bankrupt in 1996. His huge hit and immense popularity didn’t help him. Back, with a vengeance, he became an ordained minister and even made his own search engine called WireDoo. His latest stunts include his duet with world super star Psy and various public awareness appearances.
According to Forbes, MC Hammer’s net worth at the height of her career was estimated at $33 million. So what happened between that time and the moment he was declared bankrupt? Well, according to those in the know, Hammer was spending way too much on various luxuries he (obviously) didn’t need and on a massive staff. His album sales started going down, slowly but steadily. He was supporting his family, had a lot of loans to cover and still insisted on living large. That’s how he ended up with a $13 million debt. He filed for bankruptcy in 1996 and most of his assets were sold.
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