The entertainment business is one of the most lucrative in the world. But talent, even intelligence, does not necessarily translate to investment savvy, and frankly money management is not an easy skill to learn. And there are always a number of scams and con artists ready to separate the newly wealthy from their money. Here are eight celebrities who are much better at making money than at keeping it.
One of the most recognizable names in movies has the reputation for taking any and every role that comes along, no matter how ridiculous — which makes sense since he has spent money on everything from fancy planes to dinosaur fossils. He lost his shirt during the 2008 real estate collapse when he had to unload five houses (including one formerly owned by Dean Martin and an allegedly haunted house in New Orleans) and three genuine castles. It’s estimated he burned through $15 million dollars per year for a whole decade.
A musician with more money than fiscal acumen, U2’s frontman Bono has seen his fortune come and go like the tide. His investment company, Elevation, made some great earnings at first, but one of his early investments was in Palm — which created the handheld personal assistant tablet the Pilot. Palm Pilots were everywhere, even before Blackberry took the same route, but all that changed when the smartphone was built, combining a cell phone with a PDA. Bono lost almost $450 million on the investment. He’s done better since, investing in Facebook and Forbes.