The music industry can make you filthy rich and famous or break you forever. For many, signing a record deal is a life’s dream that quickly turned into a nightmare for countless artists who failed to read the small print before signing their life and royalties away.
Here are ten multi-platinum artists who went broke. Take a look. [bossip_ad_a]
TLC
T-Boz, Left Eye & Chilli are one of the best-selling female groups in music history (65 million worldwide) who filed for bankruptcy after being swindled out of millions by their filthy ex-manager Pebbles. [bossip_ad_a]
Toni Braxton
The Baritone-voiced starlet sold over 20 million albums in her prime and filed for bankruptcy twice because of horrible financial decisions/a predatory record deal with LaFace. [bossip_ad_a]
MC Hammer
Hammer was the first true Hip-Hop superstar who famously blew over $30 million on his 200-person entourage, lavish mansion and lifetime supply of shiny parachute pants.[bossip_ad_a]
Michael Jackson
The King of Pop signed a landmark record deal worth nearly a billi, sold a billion+ albums worldwide and (shockingly) filed for bankruptcy in 2007 after failing to pay back a $25 million loan on his Neverland Ranch.[bossip_ad_a]
DMX
The fertile trainwreck owes $1.24 million in child support for his 10 Kids (by 6 women) and recently admitted his brokeness after earning over $20 million during his career. [bossip_ad_a]
Marvin Gaye
The beloved Soul icon filed for bankruptcy in 1976 after extravagant spending on cars, booger sugar and houses, coupled with a nasty divorce. [bossip_ad_a]
Lil Kim
The Muppet-faced icon is the most successful female rapper of her era with THREE platinum albums and 15+ plastic surgeries gone wrong that lead to her filing for bankruptcy. [bossip_ad_a]
George Clinton
Everyone’s favorite Funk legend made pennies off his golden catalog because he didn’t own his publishing and was forced to file for bankruptcy in 1984. [bossip_ad_a]
Beanie Sigel
Beans’ squandered his star potential with terrible spending habits, tax evasion and countless bad decisions that left him broke and jailed. [bossip_ad_a]
Isaac Hayes
Widely considered one of the greatest songwriters/composers ever, he nearly lost everything after his record label folded. [bossip_ad_a]
