Rich and Not in Financial Control
Filed under: Celebs & Money, Fraud
Here today, gone tomorrow.
Even the rich and famous can't prevent money from slipping through their fingers.
In some cases, placing someone else in charge of controlling the purse strings made matters worse. This is what can happen when you are deemed mentally unfit or have serious issues with managing your money. The following seven people know exactly what it's like to have someone take over their finances, either voluntarily, by legal action or deviously.
1. Britney Spears
After two failed marriages, losing custody of her children, shaving her head, and a brazen umbrella attack on a car, Jamie Spears, Britney's father, felt that it would be in his daughter's best interest to force her into conservatorship – at least until she could return to a normal life, on her own. And at the start of 2012, it looked as though she had made that transition. Britney was on a straight and narrow path, and, she had a fiancé at her side, Jason Trawick. Not so fast, Britney. It looks like your money isn't solely your prerogative. This past April, a judge granted Trawick co-conservatorship of her financial affairs. Her father has been quoted as saying that he was "thrilled" with the decision.
2. Liliane Bettencourt
She is the second richest woman in the world and the heir to the world's biggest luxury cosmetic brand, L'Oreal. Those stats alone should have any man or woman sitting pretty. But at the age of 89, Bettencourt has lost her grip on her finances. The L'Oreal fortune, which is estimated to be worth $23.5 billion, is in the balance as she was one of Bernie Madoff's Ponzi scheme victims and was allegedly swindled out of 1 billion euros from a celebrity photographer. Her daughter, Francoise Bettencourt-Myers and shareholders believe that she is mentally unfit to control 31 per cent of company shares. So, earlier this year, a French court had declared that she suffers from 'moderately severe Alzheimer's' and is vulnerable to people who would take advantage of her wealth for their own personal gains. Liliane vehemently disagrees and swears she is prepared to go through 'nuclear war' with her daughter over the issue.
3. Gary Busey
You would think that after 70 Hollywood films an actor would be financially set for life. In the case of Gary Busey, this couldn't be further from the truth. In February of 2012, the 67-year-old actor had no other choice than to file for bankruptcy. His liabilities of $500,000 – $1,000,000 clearly overshadowed his assets of $50,000. How did this happen? For starters he owed money to the IRS, UCLA medical centre, and oh, was sued by Carla Loeffler for allegedly attacking her at Tulsa Airport in Oklahoma.
4. Mark Twain
Despite being one of history's most revered authors, Mark Twain, had a huge money problem. In 1894, he filed for bankruptcy after a series of unsuccessful technology investments and a failed publishing house left him broke. His wife, Olivia, had to stop the hemorrhaging and had the copyrights of his novels transferred into her name, to avoid creditors from taking them. Twain eventually got himself back in the black by giving lectures worldwide.
5. Emmanuel Lewis
Just because you're small and cute doesn't mean you won't encounter big money problems. According to court documents filed in Fayette County, GA, Lewis' Georgia home was sold at an auction for $56,000. Between 2007-2010, Lewis had been unable to pay his local tax bills.
6. Macaulay Culkin
Macaulay Culkin can go down in history as one of the richest child stars ever. In one particularly lucrative year, the young Macaulay raked in $18 million and landed himself on the Forbes list of richest celebrities. Unfortunately, in his case, more money meant more problems in the Culkin household. His parents eventually got divorced and battled over his trust fund. In 1998, after extensive court proceedings, Macaulay fired his parents Christopher Culkin and Patricia Brentrup and made the family accountant, Billy Breitner, responsible for the management of his fortune until Culkin reached the age of 18.
7. Gary Coleman
What you talking about, Dad? During the years Gary Coleman was riding the success of the popular television show Diff'rent Strokes, his parents were skimming a little off the top of his $8.9 million trust fund for themselves. How did they temporarily get away with this? They established a trust fund in his name, but documented themselves as paid employees. Coleman sued and won the case against his parents and managers and was awarded a reported $1.28 million settlement. However, it is claimed that he only received a fraction of that amount.
Even the rich and famous can't prevent money from slipping through their fingers.
In some cases, placing someone else in charge of controlling the purse strings made matters worse. This is what can happen when you are deemed mentally unfit or have serious issues with managing your money. The following seven people know exactly what it's like to have someone take over their finances, either voluntarily, by legal action or deviously.
CLICK ON PHOTO TO SEE WHO LOST CONTROL OF THEIR MONEY
1. Britney Spears
After two failed marriages, losing custody of her children, shaving her head, and a brazen umbrella attack on a car, Jamie Spears, Britney's father, felt that it would be in his daughter's best interest to force her into conservatorship – at least until she could return to a normal life, on her own. And at the start of 2012, it looked as though she had made that transition. Britney was on a straight and narrow path, and, she had a fiancé at her side, Jason Trawick. Not so fast, Britney. It looks like your money isn't solely your prerogative. This past April, a judge granted Trawick co-conservatorship of her financial affairs. Her father has been quoted as saying that he was "thrilled" with the decision.
2. Liliane Bettencourt
She is the second richest woman in the world and the heir to the world's biggest luxury cosmetic brand, L'Oreal. Those stats alone should have any man or woman sitting pretty. But at the age of 89, Bettencourt has lost her grip on her finances. The L'Oreal fortune, which is estimated to be worth $23.5 billion, is in the balance as she was one of Bernie Madoff's Ponzi scheme victims and was allegedly swindled out of 1 billion euros from a celebrity photographer. Her daughter, Francoise Bettencourt-Myers and shareholders believe that she is mentally unfit to control 31 per cent of company shares. So, earlier this year, a French court had declared that she suffers from 'moderately severe Alzheimer's' and is vulnerable to people who would take advantage of her wealth for their own personal gains. Liliane vehemently disagrees and swears she is prepared to go through 'nuclear war' with her daughter over the issue.
3. Gary Busey
You would think that after 70 Hollywood films an actor would be financially set for life. In the case of Gary Busey, this couldn't be further from the truth. In February of 2012, the 67-year-old actor had no other choice than to file for bankruptcy. His liabilities of $500,000 – $1,000,000 clearly overshadowed his assets of $50,000. How did this happen? For starters he owed money to the IRS, UCLA medical centre, and oh, was sued by Carla Loeffler for allegedly attacking her at Tulsa Airport in Oklahoma.
4. Mark Twain
Despite being one of history's most revered authors, Mark Twain, had a huge money problem. In 1894, he filed for bankruptcy after a series of unsuccessful technology investments and a failed publishing house left him broke. His wife, Olivia, had to stop the hemorrhaging and had the copyrights of his novels transferred into her name, to avoid creditors from taking them. Twain eventually got himself back in the black by giving lectures worldwide.
5. Emmanuel Lewis
Just because you're small and cute doesn't mean you won't encounter big money problems. According to court documents filed in Fayette County, GA, Lewis' Georgia home was sold at an auction for $56,000. Between 2007-2010, Lewis had been unable to pay his local tax bills.
6. Macaulay Culkin
Macaulay Culkin can go down in history as one of the richest child stars ever. In one particularly lucrative year, the young Macaulay raked in $18 million and landed himself on the Forbes list of richest celebrities. Unfortunately, in his case, more money meant more problems in the Culkin household. His parents eventually got divorced and battled over his trust fund. In 1998, after extensive court proceedings, Macaulay fired his parents Christopher Culkin and Patricia Brentrup and made the family accountant, Billy Breitner, responsible for the management of his fortune until Culkin reached the age of 18.
7. Gary Coleman
What you talking about, Dad? During the years Gary Coleman was riding the success of the popular television show Diff'rent Strokes, his parents were skimming a little off the top of his $8.9 million trust fund for themselves. How did they temporarily get away with this? They established a trust fund in his name, but documented themselves as paid employees. Coleman sued and won the case against his parents and managers and was awarded a reported $1.28 million settlement. However, it is claimed that he only received a fraction of that amount.
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good, www.somacw.com like it.
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