Shopping Obsessed: 10 Celebs Whose Spending Left Them Broke

In the 1980s and 1990s, mega popular singer MC Hammer made a huge fortune. And then he spent a lot of it on a huge mansion... not to mention a wardrobe full of "Hammer pants." Hammertime came to an end in 1996 when the rap star filed for bankruptcy.Source.

Michael Jackson's Neverland Ranch sure cost him a pretty penny. The King of Pop reportedly spent $35 million improving the property which included several amusement park rides, two railways, a fire department, and of course a zoo. MJ also owned 75 cars and famously bought Elizabeth Taylor a $637,000 necklace. Upon his death, Jackson was reportedly in $400 million worth of debt.Source.

In 2003, Mike Tyson, who was once worth over $300 million, filed for bankruptcy. Iron Mike spent his fortune on mansions, Bentleys, jewelry... and tigers. The Hangover anyone? Despite his financial woes, Tyson said, “I’m totally destitute and broke. But I have an awesome life, I have an awesome wife who cares about me…I had a lot of fun. It [losing all his money] just happened. I’m  very grateful. I don’t deserve the wife I have, I don’t deserve to have the kids I have, but I do, and I’m very grateful.” Positive outlook guy!Source.