Why these famous faces passed away penniless.
These stars once had fame and fortune beyond most people’s wildest dreams – but they were all either completely broke or majorly in debt by the time they died.
For some, the lavish lifestyles and addiction issues that are all too common in the world of celebrity resulted in hefty bills and bank balances in the red. For others, however, it was simply a case of their star power fading, resulting in work drying up and a dramatic reversal of fortune.
Billie Holiday rose to fame in the 1930s, with hits like Strange Fruit, I’ll Be Seeing You, and Gloomy Sunday helping to cement the singer-songwriter’s status as an all-time great. But despite her success, life was far from easy for the tragic jazz musician. As well as encountering racism in the showbiz industry and dealing with troubled personal relationships, Holiday also struggled with an addiction to alcohol and drugs. She was 44 years old when she passed away from cirrhosis in 1959 and is reported to have had just 70 cents in her bank account at the time of her death. According to reports, she also had $750 ($8k today) strapped to her leg. Her dire finances and estrangement from her husband meant that while thousands of people attended her funeral, which had been paid for by a wealthy fan, Holiday didn’t have a tombstone until almost a year after her death.
Elvis Presley shot to fame in the mid-1950s, with a long string of smash hits that are still adored by fans to this day. Presley also launched his movie career around this time, landing lead parts in movies such as Jailhouse Rock (1957) and Blue Hawaii (1961). It’s estimated that the “King of Rock ‘n’ Roll” earned somewhere between $100 million and $1 billion over the course of his epic career. Yet when Elvis Presley died from a heart attack in 1977, aged just 42, he only had $5 million ($25m in today’s money) in the bank. In fact, he passed away owing double that amount to the IRS in unpaid taxes after years of extravagant spending and drug addiction. As inheritors of the estate, Elvis’s ex-wife Priscilla and his father Vernon were left to foot the enormous tax bill. Priscilla worked tirelessly to turn the estate around, later transforming Elvis’s beloved Graceland home into a major tourist attraction. As a result, the estate was worth an incredible $100 million ($211m today) by the time it was passed down to the couple’s daughter, Lisa Marie Presley, in 1993. Lisa Marie herself was reportedly $4 million in the red at the time of her sudden death in January 2023, with more than half of the debt owed to the IRS.
Michael Jackson is undeniably one of the most successful musicians in history. Nicknamed the “King of Pop”, he’s sold around 750 million records worldwide to date, with his 1982 album Thriller the best-selling album of all time. Between 1985 and 1995, it’s estimated that Jackson earned $50 million to $100 million a year (around $101m-$203m in today’s money) from touring, record sales, merchandise, and endorsement deals. Despite his global stardom and staggering earnings, the singer reportedly left behind debts of $500 million (approximately $723m today) when he died in 2009. Decades of overspending and over-borrowing – not to mention the hefty upkeep costs of his beloved Neverland Ranch home in California – were said to be the driving factors behind his financial woes. In 2022, it was reported that Jackson’s estate has raked in around $2 billion since his death, thanks to lucrative assets such as his music catalog and imaging rights.
Former child star Corey Haim launched his acting career back in 1981, at the tender age of 10. In 1987, the teen became a household name after his performance in the classic 80s movie The Lost Boys. His on-screen success continued into the early 90s, with roles in flicks such as Dream a Little Dream (1989) and Fast Getaway (1994). By the mid-90s, however, Haim’s once promising career had started to decline due to his battle with drug addiction. The actor filed for Chapter 11 bankruptcy protection in 1997, listing debts for medical bills and revealing that he owed more than $200,000 ($381k today) in state and federal taxes. Haim, who passed away from pneumonia in 2010 at the age of 38, was so destitute at the time of his death that his family had to ask his fans to help cover his funeral costs.
Marvin Gaye achieved icon status with smash hits like Let’s Get It On and I Heard It Through The Grapevine. The so-called “Prince of Soul” released more than 20 studio albums throughout his epic career and is widely credited as one of the pioneers of the Motown music genre. Despite his legendary reputation, Gaye filed for bankruptcy in 1976 – and things would only get worse. In a horrific turn of events, Gaye was murdered by his own father on April 1 1984, the day before his 45th birthday. At the time of his death, the singer was $9.2 million (around $27m today) in debt, which included several million dollars of back taxes owed to the IRS. Depression, two failed marriages, and addiction issues were largely blamed for his money woes. The only assets he still had were his intellectual properties, such as song royalties, image rights, and life story rights, which he left to his three children – although his debts had to be paid off before his heirs could profit. Fortunately, savvy marketing of Gaye’s music rights eventually cleared his dues and today his estate is said to be worth a cool $5 million.
