Kanye West & More Stars With Questionable Spending Habits!
Who else has their credit card number memorized after all the Black Friday damage that’s been done?
Well, we’re not feeling so bad after taking a look at some of the overwhelming money decisions some of the biggest Hollywood names have made. They take having expensive taste to another level — and maybe it’s partly problematic because not all of them are still raking in the dough. You’ll see that with our first example (below):
The name on everybody’s lips, unfortunately. Over the last couple of months, Kanye West has faced backlash over making beyond troubling antisemitic remarks, causing companies to cut their longtime partnerships with him. Hollywood’s top talent agencies refuse to work with him. Gap immediately pulled their collab, as did Balenciaga. Def Jam had cut ties with Ye’s GOOD Music label. And at long last, Adidas, which has its own founding Nazi ties crazily enough, finally axed the 45-year-old. While previously dubbed a billionaire, the drop of his Yeezy brand brought the musician back to a $400 million net worth.
It’s since been reported he’s flying through those dollars, too! As we’ve covered, Ye’s stream of income has been severely diminished, but he’s shown no signs of cutting back on his spending. One Page Six source claimed Kanye has mere “months” before he’s completely emptied out his pockets. They explained:
“It’s all about cash flow and if slash[ed] when he can revive it.”
Amid this tumultuous time, it’s also been said the Chicago native has been hopping from place to place with no set residency in place, and may as well be literally burning cash along the way.
To be totally blunt though, Kanye’s bank account has seen worse. Back in 2016, the star was $53 million in debt because of his businesses and spending habits. At the time, the father of four had gone on a long Twitter tirade revealing his massive deficit, even going so far as to ask Mark Zuckerberg to bail him out. For West to crawl back out from that disaster to Forbes naming a billionaire, it seems like this latest downfall could really be it. Especially now that billion dollar-making Kim Kardashian is no longer at his side.
Tori, Tori, Tori, Tori. Where to begin? The actress found success early on in her career most notably with Beverly Hills, 90210, but in the years that followed, Tori Spelling found herself racking up hundreds of thousands of dollars in debt. Despite being the daughter of famed TV and film producer Aaron Spelling, whose net worth was once estimated to be around $600 million before his death in 2006, she claimed she hardly saw a dime from his will. That’s if you can call $800K chump change — the only amount left for both her and her brother respectively. While promoting her new book Spelling It Like It Is back in 2013, Tori revealed plenty about her financial woes.
In one excerpt of her book, she wrote:
“It’s no mystery why I have money problems. I grew up rich beyond anyone’s dreams. Even when I try to embrace a simpler lifestyle, I can’t seem to let go of my expensive tastes. And then there’s my little shopping problem … I can’t afford to live like this anymore. Our circumstances have changed. They say admitting the problem is the first step… I look back at that girl who shopped at Gucci in my 20s, and I can’t even relate. I can’t believe I thought it was important.”
She also shared in her memoir:
“We’re in the entertainment business, and things change year to year. We don’t have a series on the air right now, so we have to be more restrictive of what we can spend, just like anyone who doesn’t currently have a steady job.”
The next year, Tori and Dean were hit with a $259,108.23 tax lien for failing to pay state taxes in 2014. But it seemed the debt only piled up from there. Her money problems were again put on display in 2016 when American Express first sued Spelling over a $37,981.97 unpaid bill and then a few months later was sued again for her nearly $88K outstanding bill. Separate from their AmEx bills, City National Bank came after the duo with a lawsuit after they failed to pay back their $400K loan. The bank only asked half that in the lawsuit – but it’s unclear if they’ve even been paid back to this day!
Kanye does want to dig himself into this hole! Really.
In 2020, California’s Franchise Tax Board took the actress to task, placing her and Dean on their Top 500 Delinquents list. Turns out, the couple owed the state a total $310,996.11! Obviously the parents are raising five children (Dean’s son Jack Montgomery McDermott from a previous marriage is 24), which is NOT cheap in El Lay, but something’s got to give.
It’s no wonder Nic Cage has been searching for National Treasure, he has a serious shopping addiction! Blessed with an impressive number of box office hits, the 58-year-old at one point had a net worth over $150 million. But damn, does he enjoy spending his money – you know, almost as much as he loves getting married! LOLz!
So not only does the actor blow through his bank account, but it’s on some of the most INSANE items. A tomb in New Orleans? Check. Over a dozen luxury estates? Check. A live octopus worth $150K? Check. Nothing about his taste is cheap, let’s just say. Unfortunately, that’s led to some pretty serious issues, like his infamous $13 million income tax debt, which quickly racked up between the years 2002-2007.
Earlier in 2022, Nic actually opened up to GQ in a very candid way about his finances, defending his numerous roles in straight-to-video films.
“I’ve got all these creditors and the IRS and I’m spending $20,000 a month trying to keep my mother [Joy Vogelsang] out of a mental institution, and I can’t. It was just all happening at once.”
A year and a half ago, he claimed he “finished paying off all his debts” – which is wild considering how far deep he got.
“It was like, ‘What do you mean we’re not doing ‘National Treasure 3?’ It’s been 14 years. Why not?’ Well, ‘Sorcerer’s Apprentice’ didn’t work, and ‘Ghost Rider’ didn’t really sell tickets. And ‘Drive Angry,’ that just came and went.”
Just to be clear, we would have paid to watch National Treasure 3. In a heartbeat.
Donald Trump and tax returns were two things that never really seemed to go hand-in-hand. In fact, there was really a period of time where we thought we’d never see them. Part of the reason people are so curious though, is because the people of America deserve to know if he’s been fraudulent or in violation in any way. His documents also revealed his surprising write-offs, like $70K in haircuts, some of which were during his time on The Apprentice. There was also more than $100K for a makeup artist and hair stylist, and even listing one of his personal homes as a business investment, allowing him to save $2.2 million in property taxes.
So while these payments aren’t so out there for a millionaire, it’s questionable that he’s been using his spending in what allegedly seems to be the name of greed.
Kim Basinger, who is now possibly best known as Alec Baldwin’s ex-wife and Ireland Baldwin’s mom, made her millions in the ‘80s and ‘90s as a supermodel and actress. And it was during her heyday that the Georgia native spent $20 million on a small town in her home state. She had full intentions of turning Braselton into a film studio or tourist attraction, but it never came to fruition before she lost it altogether. After backing out of the 1993 film Boxing Helena, Main Line Pictures demanded she pay them $8 million – a move which saw the star declare bankruptcy. Kim was forced to sell her dream town, and in the end, only had to pay the film studio $3.8 million.
Thankfully, the L.A. Confidential star bounced back years later after making a reported $10 million in earnings for her role in the 2000 movie, I Dreamed of Africa.
Cardi B had a really quick come-up! While she previously starred on VH1’s Love & Hip Hop: New York, the rapper made her first millions from sales of her debut album, Invasion of Privacy, and most notably, her hit single, Bodak Yellow.
Celebrating her success, the 30-year-old has been showering her loved ones with extravagant gifts, like really, really extravagant. Not only does she spend lavishly on husband Offset, like she did with a luxe home she bought him in the Dominican Republic, but she proudly goes all out for their daughter Kulture. For the 4-year-old’s last birthday, the couple gave the growing toddler a $50K stack of money! It may be hard for us peasants to understand that concept, since not many of us get to hold that much money in our hands. The same could be said about $150,000 worth of diamonds – which Kulture wore around her neck in a jewel-encrusted Minnie Mouse-inspired design. And don’t even get us started on the Hermés Birkin bag the Migos rapper bought the little one.
They’ve got money to burn apparently!
And that’s not too unlike Kim! Her family has continuously received backlash over their over-the-top birthday parties for their kids — and there are a lot. Since crossing over to billionaire status, the lifestyle mogul has not been trying to hide her wealth. Not only was she fined for excessively high water usage at her estate while California is in a drought, but the momma of four sparked even more controversy after flaunting her $150 million private jet. It’s an unfathomable amount of money to spend, especially on a purchase historically known for being monetarily and environmentally wasteful. But she also had the airplane outfitted with cashmere-covered seats, along with other comforts from home. LOLz! We laugh so we don’t cry. If only we could just get our asses up and work…
At least unlike her ex-husband though, Kimmy has money rolling in between The Kardashians series, as well as her businesses SKIMS, SKKN, and KKW Beauty. Hope we’re not forgetting one.
What are your thoughts, Perezcious readers?? Surprised to hear how some of these stars have been using their hard-earned dollars? What would be the first thing you’d buy after being dubbed a millionaire?
[Image via MEGA/WENN]