12 Extreme Celebrity Bankruptcies

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3. Burt Reynolds 

Burt Reynolds is not one of those multitalented celebrities, he is great only at one thing – acting. That is why he was a part of so many successful movies and TV show franchises over the years.

When it came to other things like money and love, Burt wasn’t so successful. Not only did he overpay for his Florida estate, Reynolds also made a terrible investment when starting a restaurant chain. The estate only produced giant expenses, the restaurant chain failed miserably, but Burt would still have been able to recover if it hadn’t been for his poor decisions when it came to love.

When his second wife Loni Anderson decided to end things with Reynolds, things went ugly. The break up didn’t only damage Burt’s public image, it ruined him financially. He tried to bounce back, but all he was able to do at the end was to admit defeat. Burt Reynolds declared bankruptcy in 1996 and it him took several years to recover. Even today, the former movie star finds it difficult to find enough money to live the life he wants to, even though his expenses aren’t close to what they used to be.

It is reasonable though, because everyone would have trouble adjusting their spending habits if they remember a time when they had the opportunity to become part-owners of their favorite NFL or racing team, just for the fun of it.

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