Hollywood Stars Who Lost Their Fortunes: Kim Basinger, Kelly Rutherford, Burt Reynolds and More.
From million-dollar lawsuits to crushing divorces, even Hollywood’s biggest names have faced financial ruin.
The glitz and glamour of Hollywood often hides a harsher reality: some of its brightest stars have lost everything. Lavish spending, costly custody battles, and shocking lawsuits have pushed celebrities who once earned millions into bankruptcy court. While a few clawed their way back, others never fully recovered.
Here’s a closer look at the stars who lost their fortunes—and the stories behind their downfalls.
Kim Basinger: From Oscar Glory to Bankruptcy
At the height of her career, Batman star Kim Basinger was one of Hollywood’s most bankable leading ladies. But in 1993, she stunned fans by filing for bankruptcy after a disastrous legal battle.
The actress was sued by Main Line Pictures for pulling out of the erotic drama Boxing Helena—a move that cost her $8.1 million in damages. After years of courtroom drama, the case was eventually settled for less, but the financial strain lingered.
Basinger’s career comeback came in 1997 with L.A. Confidential, which earned her an Academy Award and reestablished her place in Hollywood. Today, her net worth is estimated at around $20 million, but her bankruptcy remains one of Hollywood’s most famous cautionary tales.
Larry King: A Debt That Almost Ended His Career
Long before Larry King Live became a CNN institution, the legendary talk show host was drowning in debt.
In 1971, King faced grand larceny charges after being accused of taking $5,000 from financier Louis Wolfson. Although the charges were dropped, his reputation took a major hit, leaving him unable to secure steady work for years.
By 1978, King had accumulated $352,000 in debt and filed for bankruptcy. Fate intervened when he was offered a late-night radio show in Washington, D.C.—a gig that transformed his career. He went on to become one of the most recognizable broadcasters in the world, leaving behind an estimated $50 million fortune when he died in 2021.
Burt Reynolds: Hollywood’s Biggest Spender
Few actors embodied 1970s stardom like Burt Reynolds, but fame came at a steep price.
Known for his charm, fast cars, and luxury lifestyle, Reynolds filed for Chapter 11 bankruptcy in 1996, revealing debts of more than $10 million. His downfall came from a mix of failed investments, overspending, and a high-profile divorce from actress Loni Anderson.
Reynolds later admitted: “I’ve lost more money than is possible because I just haven’t watched it.” Despite recovering financially at times, his money troubles persisted until his death in 2018. His legacy remains that of a Hollywood icon—one whose financial struggles were almost as famous as his movies.
Kelly Rutherford: The Gossip Girl Star Who Lost It All
On screen, Kelly Rutherford played Upper East Side socialite Lily van der Woodsen in Gossip Girl. Off screen, her financial life was far more turbulent.
In 2013, Rutherford filed for bankruptcy after spending nearly $2 million on legal fees during a brutal custody battle with ex-husband Daniel Giersch. The fight turned devastating when a judge ruled that their children, Hermes and Helena, would live with Giersch in Monaco after his U.S. visa was revoked.
Rutherford was forced to either relocate abroad or spend her life traveling to see her children. The emotional and financial toll was overwhelming. Today, Rutherford lives in Europe, focusing on family and personal healing. In 2024, she told People: “Sometimes we just need to retreat and be with our kids and just heal and take time for ourselves.”
More Stars Who Faced Financial Ruin
While Basinger, King, Reynolds, and Rutherford are some of the most famous cases, they’re far from the only ones. Hollywood history is filled with stars whose fortunes evaporated almost overnight:
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Sharon Stone revealed she was left with “zero money” after suffering a near-fatal stroke and losing millions in medical costs.
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Toni Braxton, despite Grammy-winning success, filed for bankruptcy twice due to debts tied to recording contracts and health struggles.
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Nicolas Cage reportedly blew through more than $150 million on exotic cars, private islands, and rare collectibles before clawing his way back with nonstop film roles.
The Price of Fame
These stories remind us that even in Hollywood, money doesn’t guarantee stability. Stardom can fade, contracts collapse, and personal lives can spiral into costly battles.
Some, like Kim Basinger, managed to rebuild. Others, like Burt Reynolds, struggled until the end. But all serve as reminders that in Hollywood, fortunes can be made—and lost—in the blink of an eye.
People Also Ask
Did Kim Basinger ever recover financially?
Yes. After her 1993 bankruptcy, Kim Basinger rebuilt her career with L.A. Confidential, which won her an Oscar. Today, her net worth is around $20 million.
Why did Larry King go bankrupt?
Larry King filed for bankruptcy in 1978 after debts of $352,000, following legal troubles and years of struggling to find steady work.
What caused Burt Reynolds to lose his fortune?
Lavish spending, failed investments, and his expensive divorce from Loni Anderson left Reynolds more than $10 million in debt.
Why did Kelly Rutherford file for bankruptcy?
Rutherford declared bankruptcy in 2013 after spending nearly $2 million in legal fees during her custody battle with ex-husband Daniel Giersch.
Which celebrities lost the most money in Hollywood history?
Some of the most famous cases include Nicolas Cage (who blew through $150 million), Burt Reynolds ($10 million in debt), and Kim Basinger ($8.1 million lawsuit).
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