Other Celebrities with financial troubles similar to Lisa Marie Presley
The media is all abuzz about Lisa Marie's financial issues. Judging from the list below, Lisa is NOT alone! This happens to many celebrities. They PAY folks to MANAGE their money and trust those folks to do just that.
Have a look at the list below of JUST A FEW others this has happened to, some big names.
Recently, actor Johnny Depp believes he has been swindled in the Hollywood accounting shell game by his own business managers and lawyers. In a lawsuit filed today, the Pirates Of The Caribbean star is going after The Management Group for more than $25 million in a jury-seeking suit alleging fraud and several other claims.
Pop star Rihanna filed a lawsuit against Berdon LLP in 2012 for mismanagement of funds, improper tax filing and keeping an unfair percentage of profits. She also blamed Berdon LLP for not letting her know she was losing money on her 2010 “Last Girl on Earth” tour. Berdon LLP fired back that it was the singer’s exorbitant spending habits that were actually to blame for the tour’s failure, but ended up offering Rihanna a more than $10 million settlement.
Nicolas Cage, Lisa Marie's third husband
TMZ reported in 2012 that the actor and producer finally paid the government the $6,257,005 he owed from his federal income taxes for 2007. He blamed his business manager for the total $13 million he owed in 2002-2004.
Marc Anthony
The Latin actor, singer, and producer married to Jenifer Lopez paid the IRS $2.5 million on taxes and penalties in 2007 after neglecting to file his tax returns for 5 consecutive years according to the Washington Post.
Ozzy Osbourne
In 2011 the singer and songwriter paid off his $1.7 million debt. Billboard reported in 2011 that Sharon Osbourne, who manages her husband’s career, said “you have to be on top of your own business affairs. My fault...lesson learned.”
Burt Reynolds
Actor and Oscar nominee finally paid back his $225,000 taxes in 2010. He had owed the IRS since 1996 and is #247 on California’s biggest tax scofflaws says ABC News.
Pamela Anderson
Former “Baywatch” and Playboy star, Anderson was added to California’s list of 250 residents with the biggest tax debts in 2010 reported ABC News. After failing to pay her personal income taxes, she owed $493,144
Actor-comedian Redd Foxx's home and seven of his vehicles were seized by the Internal Revenue Service for alleged failure to pay income taxes from 1983 to 1986, authorities said.
The IRS filed liens on Foxx's property totaling $755,166.21. But authorities contend that the entertainer owes considerably more because of penalties and accumulated interest on the four years of unpaid taxes.
TMZ reported in 2012 that the actor and producer finally paid the government the $6,257,005 he owed from his federal income taxes for 2007. He blamed his business manager for the total $13 million he owed in 2002-2004.
Marc Anthony
The Latin actor, singer, and producer married to Jenifer Lopez paid the IRS $2.5 million on taxes and penalties in 2007 after neglecting to file his tax returns for 5 consecutive years according to the Washington Post.
Ozzy Osbourne
In 2011 the singer and songwriter paid off his $1.7 million debt. Billboard reported in 2011 that Sharon Osbourne, who manages her husband’s career, said “you have to be on top of your own business affairs. My fault...lesson learned.”
Burt Reynolds
Actor and Oscar nominee finally paid back his $225,000 taxes in 2010. He had owed the IRS since 1996 and is #247 on California’s biggest tax scofflaws says ABC News.
Pamela Anderson
Former “Baywatch” and Playboy star, Anderson was added to California’s list of 250 residents with the biggest tax debts in 2010 reported ABC News. After failing to pay her personal income taxes, she owed $493,144
Actor-comedian Redd Foxx's home and seven of his vehicles were seized by the Internal Revenue Service for alleged failure to pay income taxes from 1983 to 1986, authorities said.
The IRS filed liens on Foxx's property totaling $755,166.21. But authorities contend that the entertainer owes considerably more because of penalties and accumulated interest on the four years of unpaid taxes.
Elton John – lost $29 million
Many people know that Sir Elton John is a big spender but it is a shock that he lost $29 million due to mismanagement. John sued his management agency, Andrew Hadyon and Pricewaterhouse Coopers, in order to retrieve the money, but lack of evidence soon led to the dismissal of the case. To add salt to the wound, John had to pay $10 million in legal fees.
Many people know that Sir Elton John is a big spender but it is a shock that he lost $29 million due to mismanagement. John sued his management agency, Andrew Hadyon and Pricewaterhouse Coopers, in order to retrieve the money, but lack of evidence soon led to the dismissal of the case. To add salt to the wound, John had to pay $10 million in legal fees.
Billy Joel lost 90 million
Music legend Billy Joel may have his own share financial misfortunes, but losing $90 million by trusting his ex brother in law is just cruel. Joel worked with Frank Weber, who acted as his manager at one time and easily siphoned $90 million from Joel. The money was used to fund several investments that made Weber wealthy but were not in Joel’s best interests. The musician filed a series of lawsuits against Weber but only got $8 million back.
And who could forget:
Willie Nelson owed the IRS $16.7 million back in the 1990s. The IRS seized his possessions, and then cut a deal where the sales from his next studio album would go toward paying off his tax bill. The IRS Tapes: Who'll Buy My Memories? raised $3.6 million toward his tax bill.
And who could forget:
Willie Nelson owed the IRS $16.7 million back in the 1990s. The IRS seized his possessions, and then cut a deal where the sales from his next studio album would go toward paying off his tax bill. The IRS Tapes: Who'll Buy My Memories? raised $3.6 million toward his tax bill.
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