4. Toni Braxton: IRS Debt and Overspending
Singer and Grammy winner Tony Braxton is known for hits like “Breathe Again” and “Another Sad Love Song.” Financially, however, the music icon hasn’t had as much success as with her career. In fact, Braxton filed for bankruptcy not once, but twice—first in 1998 and again in 2010.
In 2010, she had a fortune worth $10 million, while her debts totaled as much as $50 million. We don’t know exactly how the singer ended up being so deeply in debt, but her bankruptcy documents made public a lengthy list of possible creditors. Among the lavish companies were Tiffany & Co., BMW Financial Services, and The Four Seasons Hotels.
In 2013, Braxton finally settled her second bankruptcy. Less than a year late, she purchased herself a mansion in the celeb-heavy California suburb of Calabasas, which reportedly was listed at $3 million.
She currently has a fortune of about $10 million, likely fueled by her reality show, “Braxton Family Values.”
