Millionaire stars who’ve gone broke from iconic 90s singer to legendary footballer as Katie Price has bankruptcy wiped
KATIE Price was discharged from her second bankruptcy this week – and has now vowed to claw back her lost £100million fortune.
It brings to an end six years of financial hell for the 46-year-old model, and she has now been discharged from her second bankruptcy, relating to an unpaid tax bill of over £750,000.
The star thanked fans for their support following a Zoom call with her lawyer, telling The Sun: “I’m so happy. “I can finally move on and put these bankruptcies behind me and now only focus on the positive.
“Thank you to everyone that has supported me through this process.”
Once reported to have made £20million from her books, Katie has now unveiled plans to make £500MILLION in the next three years, and turn her financial situation around.
She declared: “New year’s resolution, if that’s the right word, is I want to make about 500 million in about three years.”
And Katie isn’t the only star to have found herself in financial difficulty over the years.
From an iconic 90s singer to an Oscar winning actress and legendary footballer, many names in the showbiz circuit have shared their money woes over the years, and here we take a look…
Toni Braxton
As the R&B queen of heartache songs, Toni Braxton has always been a diva to be reckoned with.
But while her career has been illustrious, her personal life has seen troubled times, including divorce, splits with managers and labels, and bankruptcy twice (in 1998 and 2010).
And in fact, Toni once considered modelling for Playboy to pay the bills.
She said: “The women are beautiful. I thought about it. The money was tempting, but I’m thinking, I have kids, I have a son, I have boys. What are their friends going to say? ‘I saw Denim and Diesel‘s mom’s knockers.’ That’s not a good thing.”
Despite $170 million in worldwide sales from her huge hits, Toni admitted she received just a $1,972 royalty check from her first recording contract.
A report from 2010 revealed she owed between $10 million and $50 million, and was hoping to sell some of her assets to pay off her tax debts.
Toni’s lawyer Debra Grassgreen said at the time: “After months of trying to work out an acceptable arrangement with her principal creditors, she determined that the only way to assure that she could meet her tax obligations and provide for her two small children was to commence these bankruptcy cases.”
Kim Basinger
Kim Basinger was once worth £4.1million.
But the actress filed for bankruptcy in 1993 after being sued by production company Main Line Pictures.
Kim had pulled out of the film Boxing Helena, and the company wanted £6.2million for breach of contract.
Kim and the studio eventually settled for £2.3million. Two years later, she struck gold in LA Confidential, winning a Golden Globe.
Films such as 8 Mile, The Nice Guys and most recently Fifty Shades Darker followed, and now she’s reportedly worth £30million. Kim-credible!
George Best
While he was one of the greatest footie stars of his generation, George Best went bankrupt twice.
George famously said he spent his money on “booze, birds, and fast cars,” and the rest he “just squandered.”
Dubbed the ‘fifth Beatle’, Best used his wealth and celebrity to pursue a lifestyle that saw him open his own nightclubs, restaurants and clothes shops.
And his son Calum Best, who is also in the spotlight, decided to put the record straight in a passionate post after his father’s death, after speculation that he is a ‘spoilt rich boy.’
He wrote: “Feel this was needed today just to put my stamp on it. Literally for as long as I can remember the assumption, mainly dudes I may add, is that I come from money.
“I will say first my life is deffo blessed and I have a name that if done right can help make a living, saying that it opens a door but I have to it keep it open with relentless hardwork and proving myself in a shadow larger than life.”
He continued: “My dad was bankrupt twice, I wasn’t left with a penny, was actually left with debt.
“So any dudes thinking I am a spoilt rich boy do you research, I f***ing graft hard to keep and earn respect and earn a living to pay for myself and my mother where I can.
“Not coming from adversity? Try coming back to being on top after you question your life when your dad dies from alcoholism at 24 and your alone with no other family then tell me about my spoiled life.”
Shane Filan
After shifting 50 million albums and selling out arenas around the world, the former Westlife singer ploughed his earnings into the Irish property market (as well as a helicopter, a Ferrari, a Porsche and an Aston Martin).
Shane was worth £7.5million, but the market collapsed around his ears.
In 2012, a month after the Irish-based property company he shared with his brother went into receivership, he filed for bankruptcy in the UK, where the penalties last for 12 months.
In his 2014 autobiography, he described that time as the “bottom of the barrel”.
Shane sold his family home in Sligo – worth £8.9million during the boom – for just £712,000.
Miquita Oliver
TV star Miquita Oliver was declared bankrupt in 2012, over an unpaid tax bill.
She once told OK!: “I lost everything but it was a real lesson in surrendering to a moment and being humbled, and then having to pick yourself back up and live differently.
“I did come out of that but then, a couple years later, I was finding things hard. But I stood up again and my life changed.
“It took me a good four years to reassess everything that had happened in the past decade.
“I learned a lot and one of those things was the importance of spending time on my own.”
She first graced out screens as presenter of Channel 4 show Popworld and continues to be a regular on the small screen.
She is the daughter of celebrity chef Andi Oliver.
Her career kick-started at the early age of 16 when she began presenting Popworld.
Since then she has presented various shows, appeared on numerous programmes and hosted on radio.
Kerry Katona
Kerry Katona has previously been declared bankrupt twice in five years – once in 2008, and again in 2013.
The Atomic Kitten singer first filed for bankruptcy in 2008 after reportedly failing to pay the final £86,000 of a £417,000 tax bill.
Five years later she was declared bankrupt for a second time.
Kerry shot to fame in 1999 when she was just 18 as part of pop group Atomic Kitten.
After she left the band in 2001, she tied the knot with Westlife star Brian McFadden and decided to focus on her TV career.
And the star certainly isn’t bankrupt anymore, and was turning her heartbreaking split into cash recently, and raking in six figure sums from huge deals.
A source told The Sun at the end of 2024: “She is in talks for many work projects and has already signed off three in the last week.
“She’ll make six figures, easily. She has used the pain and the heartbreak as power and is ready to concentrate on her career and to make a better future for herself and her children.”
Joe Swash
Joe Swash hit the headlines in 2009 when he was was declared bankrupt by London’s High Court after failing to pay a £20,000 tax bill.
The actor played the loveable rogue Mickey Miller in EastEnders from 2003, but was axed by BBC bosses in 2008.
Things went downhill for Joe in 2005 when he was diagnosed with meningitis and encephalitis – swelling of the brain – after becoming seriously ill.
“My illness had a massive impact on the job. When I came back I couldn’t find my feet,” he told The Sun.
“New producers came in and brought in new actors and I got lost down the pecking order.”
The following year, months after his I’m A Celeb victory, Joe was forced to declare himself bankrupt.
Katie Price's missing millions
At the peak of her career Katie had an estimated fortune of £45m, thanks to her lucrative modelling career, book deals, and TV appearances.
The cash-strapped mum-of-five was first declared bankrupt in 2019 over unpaid debts of £3.2 million.
In a podcast interview earlier this year, she blamed her exes who include Peter Andre, Alex Reid and Kieran Hayler and lawyers for her money woes.
She insisted that funding her exes’ lavish lifestyles with cars, watches, luxury holidays and homes left her finances in tatters.
She added: “I went through a breakdown, this is how mine started – lawyers and exes, that is my bankruptcy thing.
“And obviously a bit of HMRC.
“When I had my breakdown, if anyone has been depressed… I don’t know if you’ve ever had depression.
“It starts with depression and you just want to sleep all day and not talk to anyone, the phone would ring and you wouldn’t answer it.’
In March, Katie was declared bankrupt for a second time over an unpaid tax bill of £761,994.05.
The demand for payment was made by HMRC last October.
Katie was due to give evidence about her finances at the High Court but failed to turn up – holidaying in Cyprus with her new man JJ Slater instead.
Her Mucky Mansion was a bomb site for years after it was burgled, flooded and swamped by an overflowing septic tank.
She finally moved out at the end of May and is renting a four-bed mansion in Sussex.