12 celebrities who went bankrupt

Anna Nicole Smith, model

The controversial former Playboy Playmate filed for bankruptcy following the death of her second husband, oil tycon J. Howard Marshall, in 1995. Marshall, who Smith married thirteen months before his death, had not included her in his will. Subsequent claims and court proceedings carried on for nearly 16 years, reaching the Supreme Court in 2011, four years after Smith died of a prescription drug overdose.

Burt Reynolds, actor

Once one of Hollywood's most bankable stars, Reynolds finances were hampered by messy romantic relationships and bad investments, leading to a bankruptcy filing in 1996. In 2011, Merrill Lynch foreclosed on his $1.2 million Florida home.

Vince McMahon, CEO, WWE

Iconic professional wrestling promoter Vince McMahon, along with his wife Linda, built WWF / WWE into the entertainment giant it is today, but earlier in their career, some bad bets, including an investment in a failed Evel Knievel stunt attempt, pushed them into bankruptcy.

Francis Ford Coppola, filmmaker

The acclaimed director of The Godfather, Apocalypse Now and The Conversation fell into financial ruin following the massive flop of glitzy 1982 musical One from the Heart. Coppola financed the film largely out of his own pocket, and spent the next 10 years trying to recover.

Wayne Newton, entertainer

"Mr. Entertainment" has been involved in several financial disputes over the last 20 years, including a 1992 filing for Chapter 11 bankruptcy protection to aid with the management of $20 million in debts. Earlier this year, his $50 million estate was padlocked and put up for sale, under authorization of the U.S. Bankruptcy Court.

Walt Disney, entertainer / animator

In 2012, the Walt Disney company brought in $42.8 billion in revenue, making it one of the largest media companies in the world. But in 1923, Disney was a struggling animator, living in his office at Laugh-O-Gram Studio, which eventually declared bankruptcy. He then bought a one-way ticket to Hollywood to give the whole entertainment career another try.

Larry King, radio/television host

As a Miami radio host in the 60s, King was getting by on a small salary and gradually amassing debt. Arrested in 1971 and accused of stealing from business partner Louis Wolfson (the chargers were later dropped), he lost his job and fell further into debt, eventually declaring bankruptcy in 1978. Not long after, he landed the radio job that would eventually turn into his iconic run on CNN.

MC Hammer, rapper

With his records relegated to dustbins, it's easy to overlook how successful MC Hammer was in the early 90s. His breakthrough album, Please Hammer, Don't Hurt 'Em became one of the most successful in rap history. He developed a huge entourage and lavish lifestyle, and when his follow-up albums failed to approach the sales of Please Hammer, he eventually filed for bankruptcy in 1996.