Rockstars Who Had Really Bad Times With Money
Tom Petty interviewed for q on cbc - Youtube
Fame and fortune are the creams of the crop for many people, and there’s no need to explain why. To be famous and be able to afford luxurious things just because you can; that’s life’s one precious privilege. But, not all stars are twinkling with diamonds on their neck; some have to declare bankruptcy just to get out of a lousy contract, pay taxes, and have the fear of dealing with lawsuits per day. Here are some of the famous artists who went bankrupt for different reasons.
Numerous run-ins with the law, that’s what David Crosby’s life story is about. Aside from that depressing area of his life, that’s also one of the sole reasons why he had to get out of his house and live in a spare bedroom with borrowed clothes from a friend of his.
Twisted Sister’s royalties are “a joke,” as per Dee Snider’s opinion. But aside from that, ever since its beginning, money from Twisted Sister has always been a sensitive topic to deal with. When album sales flopped, thus affecting the life of Snider, he had to cut out the luxurious life and started to work on a minimum wage job. Thrift stores and coupons became his best friend during his downfall.
Courtney Love’s primary source of income was controlling the estate of his late husband, Kurt Cobain. But this doesn’t give her that much money, since, according to her, those “douchelords” were at it like vultures. But according to his daughter, Frances, Love was losing her mind uncovering frauds even though there were nonexistent.
Nugent has been controversial most of his life, but apart from that, he’s also had some trouble dealing with his finances. He tended to cut big paychecks to people and he also had failed ventures, including a mink farm.
Being the founder and one-time acting manager of one of the famous bands in history, it’s a great surprise that Mick Fleetwood has filed bankruptcy a lot more than what he can remember. This is due to Fleetwood’s lack of writing the band’s material and spending way too much money on properties that were commercial failures.
Jerry Lee Lewis
Jerry Lee Lewis hasn’t been too good with his money— he’s had some troubles with the IRS, and was also at one point had a debt of up to $3 million. But the bankruptcy gave the star a “new perspective of his life,” starting anew.
The Libertines founded by Pete Doherty is a successful band, but due to Doherty’s bad boy lifestyle, they had to let their founder go. Doherty’s Babyshambles post-Libertines also did well, but just like the first scenario, his numerous jail time and drug use prompted him to go bankrupt even to this day.
Goo Goo Dolls
Goo Goo Dolls have been commercially successful, but ask them any of the money they’ve received from their efforts and it’ll upset you. They even had to tour constantly for 2 years just to pay their bills.
Meat Loaf’s Bat Out of Hell is deemed extremely successful, no doubt. But due to his trouble with lawsuits, he had to give up most of his money and properties. It was shameful for him, and what’s worse— he had to give up his song’s rights just to pay for everything.
You wouldn’t believe that someone as successful like Tom Petty would even dare to file bankruptcy, but he did, for the reason that he wanted to get out of a lousy contract. The strategic approach of making his 3rd album and releasing it by himself led to a lawsuit, but the label didn’t want to be embarrassed more, so they’ve offered the singer a handsome record contract to stop the humiliation.