Where Did Our Money Go? (# 032)

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?

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Tim Biebs?

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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