Burt Reynolds
Burt Reynolds is a well-known movie star. However, he fell deep into debt. Reynolds told Vanity Fair, “I’ve lost more money than is possible because I just haven’t watched it.” Starting with two bad ventures into chain restaurants in the ‘80s, he had a continuous line of failed investments.
Meanwhile, Reynolds was spending very heavily on a private jet, 150 horses, real estate, and over $100,000 in toupees. Reynolds experienced a costly divorce with his now ex-wife, Loni Anderson.
Due to his dwindling income and large costs, Reynolds wasn’t able to pay back a $3.7 million loan to CBS and, in 1996; he declared bankruptcy while he was $11.2 million in debt.
