21 Bankrupt Celebrities – They Had It All And Spent Even More
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19. Willie Nelson
The legend that still rocks the world of music with his talent and energy owed IRS over $32 million in 1990 and had to file for bankruptcy. The following year he released an album called “The IRS Tapes: Who’ll Buy My Memories”, sufficient to say that everything has been fine since.
But let’s go back to that staggering amount of unpaid taxes. 32 million bucks is a crazy sum of money. One of the reasons may lay in the fact that during the 1980s Nelson made some really bad investments. He was advised to invest in certain tax shelters that all eventually went bust. His debt to the IRS grew due to penalties and interests, leading to the unfortunate amount of $32 million.
Nelson eventually managed to lower the sum to $16 million, one half of the original debt, and in another renegotiation he was to pay even less – $6 million. Nelson recorded the album mentioned above, with all the proceedings from it going straight to the IRS. By 1993 he cleared his debts.
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