Rich people who lost all their money

[poxpower]

I thought it would be nice to have a large repository, a shrine if you will, to the endless and eternal stupidity of humans. Even blessed with instant fortunes, these poor souls have managed to end up broke. Don't think you can antimustache harder than by being worth several millions one year and having several millions IN DEBT the next.

These stories are mostly hilarious and tell you exactly what to not do with money.

http://unlockyourwealthradio.com/2013/11/23/14celebritieswholostitallfinancially/
http://www.celebritynetworth.com/articles/entertainment-articles/10-millionaires-billionaires-lost-everything/

Just remember: 109 rooms might not be a reasonable number of rooms for one house, unless you're an ant colony.
Let's find more!

[iris lily]

I am sorry to read that Kyra Sedgewick and Kevin Bacon were Madoff scammed, I had no idea.  I like both of them because they seem pretty level headed.
 No wonder he took that ridiculous network tv role, ugh, it's a horrific show, it rachets up tv torture-violence a notch.

I am not sorry for Ralph Lauren, he sells entirely too much crap masquerading as posh to people who don't need it. But wait--didn't I see Lauren sponsoring Masterpiece Theater on PBS? hmmm, I wonder what's up with that. Maybe it's his company that is the sponsor while his personal wealth went to the dogs.

And speaking of dogs, Michael Vick. Who gives a chit about that f**ktard.

[NinetyFour]

Yeah, I can't be sorry for someone who owns a SEVENTEEN THOUSAND ACRE ranch near Telluride.  That would be Ralph Lauren.

[luigi49]

http://www.dailymail.co.uk/news/article-2544209/NFL-QB-files-bankruptcy-just-seven-years-signing-25-million-contract.html

[ritchie70]

Anyone notice this from the second article?

Johnny Unitas

... Unitas diversified his money, dabbling in real estate, restaurants, and other industries. By a stroke of really bad luck, each business he invested in failed...

That just seems so unlikely to be "really bad luck." Doesn't it?

[MgoSam]

The sad thing is that so many of these athletes thought that they were making wise investments with their money by going into real estate or other ventures. Most likely they were surrounded by friends and advisers that steered them in this direction when they would had much more utility by investing in a low-cost index fund. Of course this would mean little for their friends to siphon off...