Where Did Our Money Go? (S3-E2)
The JabberGuys talk about backstories of the surprising number of musicians who have declared bankruptcy after experiencing huge success. Where did their money go?
Listen to the episode playlist on SPOTIFY
Meatloaf (Bat Out of Hell - 43 million albums sold)
Facing over 40 lawsuits, he was forced to claim bankruptcy
The Apprentice confrontation with Meatloaf and Gary Busey
Britney Spears (Hit Me Baby One More Time - rockets her to celebrity status)
Britney wins court battle in 2021
Ted Nugent claims bankruptcy in 1980, partly due to a mink farm… ?
Piers Morgan and Ted Nugent
Marvin Gaye - divorce, drugs, cars, expensive bad real estate… then bankruptcy.
(Felching radio segment “Armageddon!”)
MC Hammer - Success followed by extravagant spending and bankruptcy in 1996
Billy Joel’s brother-in-law/manager swindles approx. $90 million
Willie Nelson - Failed tax shelters by his accountants lead to $32 million in back taxes
Jerry Lee Lewis - Success on multiple charts, followed by scandal due to marriage to his 13 year-old cousin. The IRS hounded Lewis for back taxes in the late 78s and early 80s, ending up in bankruptcy in 1988.
Mick Fleetwood, from one of the best-selling bands of all time. Extravagant spending on cocaine, estimated to be about $8 million, and bad real estate… claiming bankruptcy in 1984.
Wayne Newton - ‘Mr. Las Vegas’ claims bankruptcy in 1992 and 2013.
Michael Jackson; it was estimated that he was $400-$500 million in debt when he died.
Harry Nilsson - His manager took all of his money, and left him with $300, and lots of outstanding debts. Died of heart failure a few months after claiming bankruptcy in 1994.
Dee Snider - (Twisted Sister): Huge success in the 80s, followed by a downturn, but Dee kept up his spending, leaving him flat broke in 1995.
Toni Braxton, Tom Petty, David Crosby
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Listen to the episode playlist on SPOTIFY
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